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$126M Supportive Housing Complex Breaks Ground in South Bronx
City and state housing officials recently announced the start of construction on 1159 River Ave., a $126-million development that will bring 245 homes to the South Bronx. The 19-story building will offer 148 apartments specifically for individuals and families who have previously been homeless, including those in need of supportive services.
The development team consists of Community Access, Inc. and J. Equities II, LLC, an affiliate of affordable housing developer Maddd Equities. The 19-story building will have art, exercise, laundry and computer rooms. The ground floor will have 20,500 square feet of commercial space.
Financing for the project includes $25 million in permanent tax-exempt bonds, Low-Income Housing Tax Credits that will generate $43 million in equity and $16 million in subsidy. The New York City Department of Housing Preservation and Development is providing an additional $26 million of subsidy through its Supportive Housing Loan Program.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
