RELEASE: The Doe Fund Reaches Construction Milestone in the Bronx

68 New Supportive and Affordable Units at 3188 Villa Avenue Topped Out

 

NEW YORK, NY— The Doe Fund announced that it recently reached a key construction milestone for 3188 Villa Avenue in the Bedford Park section of the Bronx. Mega Contracting hosted a small ceremony and luncheon to celebrate the last beam placed on the 10-story building.

 

The project, known as Villa House, is a $36.7 million new construction development that will create 68 new affordable and supportive units utilizing multiple public and private sources.

 

Designed by DeLaCourFerrara and Church Architects, the building will include 60 studio units and eight one-bedroom apartments. Sixty percent of the units (41 units) will be reserved for formerly homeless individuals; the remaining 40 percent (27 units) will be leased to seniors and two person families that qualify for affordable housing. The project will receive Section 8 vouchers from the New York City Housing Authority, (“NYCHA”) and tenant social services will be paid through a contract secured through New York State.

 

The site is close to the Mosholu Parkway subway station serviced by the 4 train. It’s a five minute walk south to the Bedford Park Boulevard station serviced by the B and D trains. Each apartment will have a private bathroom, an energy efficient kitchen, and access to a large community room and landscaped outdoor space. Laundry facilities, a computer room and bike storage will be on-site as well as offices for program staff. Additionally, 24 hour front desk professional security will be provided.

 

The development will help Mayor de Blasio achieve the historic goals of Housing New York 2.0. – 300,000 new affordable homes by 2026. Financing included an permanent and construction loan through the New York State Employees Retirement System (“NYCERS”) with a letter of credit by JP Morgan Chase and Santander Bank, a loan through New York City’s Department of Housing and Preservation (“HPD”) Supportive Housing Loan Program, (“SHLP”), an allocation of 9% tax credits from HPD and tax-credit equity raised through Hudson Housing Capital for Santander Bank.

 

The Doe Fund will provide supportive services such as substance abuse counseling, comprehensive case management and help in accessing career options and educational training. The Doe Fund will be involved in every aspect of the lease-up process and marketing activities. In an effort to maintain resident satisfaction and adherence to underwriting requirements, the project will be managed by the nonprofit’s growing real estate portfolio.

 

The Doe Fund Founder and President George T. McDonald said: “The topping out of our new Villa House will bring 68 affordable and supportive homes to Bronx residents and the services they need to achieve stable and healthy lives. We are grateful to our partners at HPD, NYCHA, HRA and the Corporation for Supportive Housing for collaborating with us on this building. We applaud Mayor de Blasio for his farsighted vision to address homelessness in New York City. The Doe Fund is proud of the positive impact its newest residence will have on the Bedford Park community.”

 

“Beyond needed affordable housing, Villa House residents will also have access to supportive services that are vital to helping improve peoples’ lives,” said Marcus Randolph, Vice President, Community Development Banking, Chase. “Through our ongoing work with The Doe Fund, we’re committed to supporting projects like this that help make a difference in the local community.”

 

Villa House is scheduled to complete construction in late 2020.

Share This Post

About Author: The Doe Fund