Categories: New York City, Openings
06.18.2014
Project developed by Phipps Houses with services from The Door
The fight to end homelessness in New York got a boost yesterday with the grand opening of a new supportive housing residence in lower Manhattan.
A gut-renovated, five-story residence developed by Phipps Houses, this building provides housing and support services to 44 very needy households. Once rent-up is complete, the residence will house formerly homeless young adults, formerly homeless young families and low-income members of the community.
Tenants have access to an array of on-site services provided by Network member The Door. Services will include job training, High School Equivalency (formerly “GED”) classes, health care, counseling, legal support and childcare support. The building will also include a 10,000 square-foot community center operated by Loisaida, Inc.
Yesterday’s opening included brief remarks from NYC Council Member Rosie Mendez and NYC Department of Housing Preservation Development (HPD) Commissioner Vicki Been as well as Michael Zisser, CEO of project partner University Settlement, and Raul Russi, CEO of Acacia Network, Loisaida's parent company.
“This development is a great example of how city agencies and development partners can work together to create affordable housing for those who need it most,” Commissioner Been said.
HPD served as the primary development funder.. The agency provided a $5.5 million HOME loan and $6.9 million in 9% Low-Income Housing Tax Credits. Bank of America acted as the tax credit investor and provided a bank loan of $4.1 million toward construction financing.
On the services side, the NYC Department of Health and Mental Hygiene (DOHMH) will fund the on-site services through the New York/New York III Supportive Housing Agreement. HPD will also fund the supportive services through project-based Section 8 funding.
As of now, 32 of the apartments have tenants or are in the process of being filled. The Door continues to process new applications with the hopes of having all 44 apartments occupied by the end of the summer.
We’d like to congratulate Phipps Houses, The Door, HPD and the future tenants at the fabulous new residence!