City and state officials announced the opening of the Morris Avenue Apartments, a new 11-story, 94-unit mixed-income affordable housing development with supportive services in the University Heights neighborhood of the Bronx. The $47-million project at 2264 Morris Ave. was co-developed by Services for the UnderServed and Bronx Pro Group.
Financing for the project came from a variety of city, state and federal sources, including federal Low Income Housing Tax Credits that generated $15.9 million in equity. The Corporation for Supportive Housing provided the pre-development funds for the project, and Chase provided the letter of credit.
“Providing an affordable and supportive place to live is vital to building sustainable communities, and 2264 Morris Ave. will have a positive impact in the Bronx,” said Jane E. Silverman, executive director of community development banking at Chase. “We’re honored to work with key industry players and continue our support in the local community.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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