Norwood Terrace Provides 115 Apartments for Homeless and Low-Income New Yorkers
New York – (RealEstateRama) — Governor Andrew M. Cuomo today announced the opening of the $36 million Norwood Terrace supportive housing development in the Bronx. The 115-unit housing project, operated by Concern for Independent Living, includes supportive services for homeless adults with psychiatric disabilities, along with affordable housing for low-income individuals and families.
“This new development will provide those suffering with mental illness with safe, decent housing along with treatment options in the same building, while also creating affordable apartments for low-income families in the Bronx,” Governor Cuomo said. “Affordable housing is fundamental to helping hardworking families and individuals build a solid foundation for a better tomorrow.”
The newly-constructed, eight-story building is located in the Norwood section of the Bronx. The development includes 58 units of permanent supportive housing for formerly homeless individuals with mental illness. Support services will be provided on-site, helping residents to live healthy and productive lives. The New York State Office of Mental Health will provide more than $900,000 annually in operating funding for the supportive units. The remaining units are affordable housing for low-income New Yorkers.
Funding includes $7.2 million from the Governor’s Medicaid Redesign Team, $5.7 million from the New York State Office of Temporary and Disability Assistance’s Homeless Housing and Assistance Program, $17.5 million through tax exempt bonds from the New York State Housing Finance Agency, $13.8 million in Low Income Housing Tax Credit equity via New York State Homes and Community Renewal and $138,000 from NYSERDA.
Office of Temporary and Disability Assistance Commissioner Samuel D. Roberts said, “The Governor has directed state agencies to work together to address the challenges we face in overcoming homelessness and the lack of affordable housing and developments like this are a direct result those efforts. Supportive housing provides stability along with the services that individuals need to address the issues that may have contributed to their homelessness.”
Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Norwood Terrace Apartments is another example of Governor Cuomo’s commitment to addressing the acute shortage of affordable and supportive housing. We are proud to work with our partners in government and the private sector on behalf of our fellow New Yorkers who have the opportunity to live independently as part of a strong and vibrant community.”
NYSERDA Commissioner John B. Rhodes said, “Governor Cuomo has made it a priority to provide affordable housing to help those who are most vulnerable to rising costs. This project enables the homeless and low-income residents to receive critical housing and support services in a setting that offers comfort, saves money, and delivers environmental benefits for the surrounding community.”
Office of Mental Health Commissioner Dr. Ann Sullivan said, “Supportive housing has been shown to help vulnerable people maintain stable housing and avoid institutionalization and emergency health services. Norwood Terrace is another example of Governor Cuomo’s commitment to providing supportive housing opportunities to people recovering from mental illness, allowing them to live full and productive lives in their communities.”
Congressman Adriano Espaillat said, “Affordable housing is critical to our residents and to the vitality of our community. I commend each of the organizers and developers who played a role in the development and completion of Norwood Terrace. As elected officials and community leaders, we each have a role to play in our efforts to ensure all residents, especially homeless persons with disabilities and families in need, have access to affordable housing and shelter.”
Senator Jamaal Bailey said, “Every New Yorker should have access to affordable housing. The opening of Norwood Terrace is a step in the right direction to help those most in need like homeless New Yorkers with mental disabilities and low income families. The whole community will benefit and thrive when our most basic need of shelter is met. I commend Governor Cuomo for his leadership on this matter, as well as all the state agencies, organizations, and community partners involved in making this a reality for Norwood residents”
Councilman Andrew Cohen said, “With the addition of the new Norwood Terrace in the Bronx, we create a great opportunity to provide lower income families with a safe and affordable place to live. I thank the Governor for his continued investment in supportive and affordable housing and I look forward to the positive impact that this new development will have on our community.”
HPD Commissioner Maria Torres-Springer said, “At a time when finding a stable, affordable home is increasingly a source of stress and anxiety for families across our city, projects like Norwood Terrace offer an essential lifeline. HPD is proud to have joined forces with our state and federal partners to transform this abandoned site into an energy-efficient, supportive housing development for some of our most vulnerable New Yorkers. I want to thank Concern for Independent Living and all of our project partners for making a safe home a reality, and an opportunity, for 115 households.”
Ralph Fasano, Executive Director of Concern for Independent Living, Inc. said, “We so much appreciate the opportunity to work with B&B Urban, our Government partners and our Nongovernment funding sources to help create this very much needed supportive and affordable housing. This housing represents the solution to homelessness, high Medicaid costs and dilapidated structures that bring down a community.”
José R. González, president and CEO of the Federal Home Loan Bank of New York said, “Norwood Terrace will bring much-needed affordable and supportive housing to the Bronx. We are proud to partner with our member, Astoria Bank, to help fund this important development.”
Todd Gomez, Community Development Banking Market Executive at Bank of America Merrill Lynch said, “Norwood Terrace is a great example of the positive results public and private collaboration can have on communities. The bank provided a $18.1 million construction period letter of credit and a $13.5MM in tax credit equity investment to assist our partners at Concern for Independent Living and B and B Urban LLC create safe affordable and supportive housing for individuals and families in the South Bronx. We are committed to supporting developments like Norwood Terrace to make a positive and lasting impact on the community.”