Categories: Press, Member News
07.31.2013
Creston Ave. marks the first residence ever developed by a state using Medicaid funding
Tax Credit Advisor ran a piece on Creston Avenue Residence, a supportive housing residence in development in the Bronx, in its August 2013 issue. The article includes a quote from Network Executive Director Ted Houghton. The magazine has kindly allowed us to post the story here. You'll find the first few paragraphs below. Follow this link to download a PDF of the article. See here to subscribe to Tax Credit Advisor.
Creston Avenue Residence, a new low-income housing tax credit (LIHTC) development under construction in the Fordham section of the Bronx, is writing a new chapter in the history of supportive housing.
The infill development is the first permanent supportive housing project funded under a New York initiative designed to reduce the state’s annual expenditures for Medicaid while improving the lives of high-cost and high-need Medicaid recipients. Medicaid is the federal-state program that pays for health care costs for extremely low-income households. The federal government and state government usually share the costs 50/50. In New York, however, the state and localities, such as New York City, split the state’s share.
Creston Avenue Residence, set for completion in September 2014, is being developed by a partnership formed by Volunteers of America-Greater New York (VOA), a nonprofit, and The Housing Collaborative, LLC, a White Plains, N.Y. for-profit developer that partners with nonprofit organizations to produce service-enriched affordable housing.
“It’s a great project,” says Ted Houghton, Executive Director of the Supportive Housing Network of New York, a nonprofit organization whose 220 members develop service-enriched housing in the state.
Caption: Partners gather for the groundbreaking of the Creston Ave. Residence on January 25, 2013.