The Doe Fund Awarded New York State Tax Credits for New Housing in The Bronx
82 Units of Affordable and Supportive Housing to be Developed on Webster Avenue
NEW YORK — Following Governor Andrew Cuomo’s announcement of $141 million in low-interest loans, grants, and tax credits to support the development of affordable housing throughout New York, nonprofit organization The Doe Fund announced today that the organization is one of only nine groups in New York City to receive a tax credit award from the state.
The tax credits were availed for the development of 82 units of affordable and supportive housing at 3100 Webster Avenue at 204th street in The Bronx.
The funding, received through the New York State Homes and Community Renewal’s competitive Unified Funding Application, represents $4.5 million in Medicaid Redesign Team funds and $13.342 million in low income housing credit equity. The credits complement a recent $6.5 million capital funding award from the New York State Office of Temporary and Disability Assistance’s Homeless Housing and Assistance Program (HHAP) and a portfolio of private and public agency support already committed to the project.
The seven story development (pictured) has a total capital budget of $32.25 million and will be completed for occupancy Fall of 2017.