Categories: New York City, Openings
11.18.2014
Jericho Project is proud to announce the opening of beautiful new Utica Place affordable housing development for low income families and U.S. veterans.
Cutting the ribbon at Utica Place, in Crown Heights, Brooklyn.
Jericho Project is proud to announce the opening of beautiful new Utica Place affordable housing development for low income families and U.S. veterans. The development includes two buildings: a spacious 12-story affordable rental building with a roof garden and a four-story commercial building that has community space, a church, and a daycare center.
At the November 20, 2014 ribbon cutting, Department of Housing Preservation and Development (HPD) Commissioner Vicki Been said, “too often, veterans and their families struggle to find a safe, affordable place to call home upon their return. We thank our partners at L+M Development and Jericho Project for their commitment to meeting the deep need for affordable housing for this vulnerable community.”
The residential building offers 87 units of new affordable housing to low-income New Yorkers – 26 of these units are reserved for veterans, who will receive on-site services from Jericho Project. Of the units reserved for veterans, 18 will go to veterans with income at 40% AMI, and 8 units are VASH units reserved for homeless vets (project-based vouchers for homeless veterans provided by the U.S. Dept. of Housing and Urban Development and referred by the U.S. Dept. of Veterans Affairs).
Gary Rodney, President of the Housing Development Corporation (HDC), reminded the gathering, “the City is committed to the national goal to end homelessness among veterans by 2015.” Jericho’s Executive Director Tori Lyon shared her gratitude, “thanks to L+M Development Partners and Bell Urban LLC, Utica Place will enable veterans to have the stability and support they so richly deserve. This is a unique partnership between a supportive housing provider and an affordable housing developer to meet the needs of veterans who may not qualify for supportive housing but who still need affordable housing with more ‘light touch’ supportive services.”
The total development cost for Utica Place is $26.5 million. HPD provided $1.2 million in City Capital and $2.3 million in HOME Funds. HDC provided $13.3 million in Tax-Exempt Bonds and $5.6 million in subsidy from its corporate reserves. Bank of America acted as the lender. Private financing came from Goldman Sachs, LIIF, Dudley Ventures, and the NYC Housing Partnership. Michael Gelfand of MHG Architects was the architect.