The New York City Housing Authority is moving forward on its goal to bring 10,000 new affordable housing units to New York City, signing a $60 million deal for a development in the Bronx.
The development in Mott Haven will be at the corner of East 146th Street and Willis Avenue, where a vacant retail building was demolished last year. In its place will rise the Betances Family Apartments, a 101-unit development, according to Real Estate Weekly.
NYCHA and the New York City Department of Housing Preservation and Development were parties on the transaction for the 15-story building along with Lemle & Wolff Development. Think! Architecture, which designed the building, and The Bridge, a supportive housing group, are also partnering on the project — with the latter providing on-site support for residents, including case management, benefits counseling, and help accessing local mental health, dental, and substance abuse services.
Financing for the deal came from several sources, including $24 million in Low-Income Housing Tax credits. Another $14.7 million came from HPD ELLA funding, while $9.2 million came from a mortgage with Sterling National Bank.
When completed, the 101-unit development will include 70 units for extremely low- and low-income residents, along with 30 units for households that were previously homeless (the remaining unit will be for the building superintendent).
Once completed, the Betances Family Apartments will have 19 studio apartments, 44 one-bedroom apartments, 24 two-bedroom apartments and 13 three-bedroom apartments.
Residents will also be able to take advantage of several amenities, including a children’s playroom and an outdoor green roof terrace, in addition to bike storage.
The development will also include 10,000 square feet of commercial space.
Affordable housing has been in the news in the Bronx this week. In a larger deal, Joel Gluck’s Spencer Equity sold an affordable housing complex in the South Bronx to Phoenix Realty Group for $91 million. The eight-building development has 469 units of Section 8 housing.
[REW] — Holden Walter-Warner