Categories: New York City, Groundbreakings
06.24.2016
The eleven story, 94 unit residence will provide homes to 14 moderate income families, 48 low income individuals and families as well as 31 apartments for a mix of formerly homeless individuals and young adults exiting residential treatment.
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Breaking ground at Morris Avenue Apartments.
On May 17, Bronx Pro and Services for the UnderServed (SUS) broke ground on an innovative new project -- Morris Avenue Apartments, a mixed use affordable apartment building in the University Heights neighborhood of the Bronx. The eleven story, 94 unit residence will provide homes to 14 moderate income families, 48 low income individuals and families as well as 31 apartments for a mix of formerly homeless individuals and young adults exiting residential treatment. There will be community rooms with computers, multiple outdoor recreation areas, and access for tenants to a 15-space parking lot. On-site supportive services will be provided by SUS.
Bronx community leaders, city officials, and University Heights residents came together for the event, which featured words from SUS’s Donna Colonna, Bronx Pro’s Peter Magistro, NYS HCR’s Charni Sochet, NYS OMH’s Caren Abate, NYS DOH’s Emily Engel, NYC HPD’s Susan Kensky, Red Stone Equity’s Richard Roberts, and City Council Member Fernando Cabrera. The audience also included NYS Assembly Member Victor Pichardo, Bronx Borough President Ruben Diaz Jr., Bronx Community Board 5 Chair Bola Omotosho.
“This project is one of the first housing developments that incorporates supportive, low- and moderate-income housing,” said Ms. Colonna. “In many ways we believe this integration makes for the best and healthiest communities. SUS is pleased to be at the forefront of this new mixed housing model that is so closely aligned with our own values and mission.”
The project is financed by BNY Mellon and JP Morgan Chase and is expected to be completed by December 2017. Capital funding for the project came from NYS OMH, NYS HCR, NYS DOH, NYC HPD, and a loan from Homes for Working Families Loan (HWF). HUD provided Section 8 rental vouchers. CSH provided acquisition and predevelopment funding. OMH will pay for onsite services. Chase will act as the bond letter of credit provider and Red Stone Equity Partners LLC as tax credit investor. The syndicator is Red Stone Equity Partners LLC who sold the tax credits to the project investor, BNY Mellon. The construction lender and provider of the letter of credit is JP Morgan Chase. The architect is Robert Santoriello and the contractor is Notias Construction.