$48 Million Supportive Housing Development in Bronx Completed
Real Estate In-Depth | November 4, 2021
NEW YORK—New York Gov. Kathy Hochul announced on Nov. 3 the completion of a $47.9-million supportive and affordable housing complex in the Claremont Village section of the Bronx that will serve individuals experiencing chronic homelessness, including those with a serious mental illness, veterans with disabilities, and the elderly.
Supported with $6.5 million through the Homeless Housing and Assistance Program, the Park Avenue Apartments provide 115 units of affordable housing, including 69 units with supportive services funded through the Empire State Supportive Housing Initiative.
“Too many New Yorkers experiencing homelessness in the city are often facing multiple problems that are contributing to their housing instability,” Gov. Hochul said. “Projects like the Park Avenue Apartments are essential to eliminating homelessness by providing housing and assisting New Yorkers with the supportive services they need, allowing them to live in independent settings.”
The Bridge, which sponsored the project, reserved 23 units for elderly individuals that are frail or disabled, 23 units for veterans with disabilities, and 23 units for adults with mental illnesses. The remaining 45 apartments are reserved for low-income families and seniors from the community.
The development includes a multi-purpose room with a warming kitchen, a laundry room, computer lab, a playroom and outdoor recreational space with access to a community garden and a walking path. The seven-story building was constructed over a vacant lot in the Claremont Village area of the Bronx.
Administered by the state Office of Temporary Assistance, the New York State Office of Mental Health is providing $1.7 million in annual funding for services and rent subsidies for the supportive housing units through the Empire State Supportive Housing Initiative and an additional $195,500 in program development grant funding for the 23 apartments serving people living with mental illness.
New York Homes and Community Renewal financed the project with $6.5 million in tax-exempt bonds, $7 million through its New York City 100% affordable program, and an allocation of federal low-income housing tax credits that will generate $17.7 million for the development. The New York City Department of Housing Preservation and Development also provided $7.4 million in financing.
Office of Temporary and Disability Assistance Executive Deputy Commissioner Barbara C. Guinn said, “Developments like the Park Avenue are central to our efforts to address homelessness in New York State because they provide both stable housing and the services that vulnerable New Yorkers can rely on to address the issues that contribute to their housing insecurity.”
Homes and Community Renewal Commissioner RuthAnne Visnauskas added, “All New Yorkers deserve the dignity and security of a good home. Thanks to The Bridge and the investment of our state and local partners, the Park Avenue Apartments will provide critical services that help individuals age in place safely and break patterns of housing insecurity. With 115 apartments, this is a transformative development for Claremont Village aimed at ensuring that the Bronx remains a place where everyone has the opportunity to live and thrive—especially those servicemen and women who served our country with honor.”