The New York City Department of Housing Preservation and Development (HPD) and other city agencies joined Breaking Ground and project partners to break ground on 152 units of affordable and supportive housing in the Mott Haven neighborhood of the South Bronx. Betances Residence will include new community facility space, landscaped terrace and courtyard.
The 152 apartments at Betances Residence will serve formerly homeless and low-income senior households. The project will be Breaking Ground’s first Passive House development, and among only a handful of supportive residences in the City to embrace this energy use standard.
The development is being financed with approximately $84 million in tax-exempt bonds and other funding from city agencies, and approximately $39 million in equity generated from the sale of Low-Income Housing Tax Credits. Wells Fargo is serving as the tax credit investor and provided a letter of credit. The Corporation for Supportive Housing provided pre-development funds.
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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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