New York – (RealEstateRama) — New York State Homes and Community Renewal joined Selfhelp Community Services, Broadway Mosholu LLC, Enterprise Community Partners, local leaders and project partners to celebrate the ribbon-cutting of the $26.4 million Van Cortlandt Green, an affordable housing development for low and middle-income seniors in the Riverdale community of the Bronx.
The newly constructed 11-story building at 6469 Broadway contains 85 studio apartments that were designed to enable residents to live independently and with dignity. The scope of work included energy-efficient apartments with accessible kitchens and bathrooms, a rooftop community room, adjoining outdoor terrace, laundry facilities and on-site parking.
Sustainability was a priority during the development and the residence is designed to be certified as LEED Silver. The building includes 4,000 square feet of community facility space which will leased as a social adult dare care center.
“Van Cortlandt Green is another example of Governor Cuomo’s commitment to investing in high-quality housing that allows seniors to live independently in their own homes,” said HCR Commissioner James S. Rubin. “Congratulations and welcome home to the many residents who will enjoy the comfort and security of a safe, accessible home that they can afford, in a thriving, supportive community.”
Total development cost was approximately $26.4 million. Funding includes $13.2 million in mortgage financing in long and short term tax-exempt bonds through the New York State Housing Finance Agency. In addition, HFA provided$8.85 million in subordinated subsidy funding. Enterprise Community Investment provided a pre-development loan and syndicated Low Income Housing Tax Credits which will leverage $10.14 million of low income housing tax credit equity.