The existing building at 1880 Boston Road in the Bronx will be built upon to create 168 affordable housing opportunities for low-income and formerly homeless seniors
This project is one of the first to benefit from the city’s Zoning for Quality and Affordability (ZQA) amendment and the first to trigger the Affordable Independent Residences for Seniors (AIRS) provision
Bronx, New York – (RealEstateRama) — New York City Department of Housing Preservation and Development (HPD) Commissioner Maria Torres-Springer, New York City Housing Development Corporation (HDC) President Eric Enderlin, and New York City Council Member Rafael Salamanca today joined Foxy Management, Hebrew Home at Riverdale, Alembic Community Development, and other project partners to celebrate the start of construction of 168 units of affordable senior housing at 1880 Boston Road in the West Farms neighborhood of the Bronx. This project is one of the first to benefit from the city’s Zoning for Quality and Affordability (ZQA) amendment and the first to trigger the Affordable Independent Residences for Seniors (AIRS) provision. ZQA and the Mandatory Inclusionary Housing amendments passed in March 2016. The change represents one of the most significant updates to the New York City Zoning Resolution in decades and allows for the creation of more affordable housing and higher quality buildings.
“HPD is looking to leverage all its tools to meet the affordable housing needs of our city. With 1880 Boston Road, we are seeing the promise of Zoning for Quality and Affordability — the most significant zoning overhaul in 55 years — bear fruit. This innovative new development will create 167 affordable apartments for extremely-low income seniors at less cost and in less time because of the flexibility achieved through ZQA,” said HPD Commissioner Maria Torres-Springer. “We are grateful to Councilmember Salamanca, Foxy Management, Alembic Community Development, and all our partners for their commitment to ensuring our city’s seniors have quality, affordable homes, with the services and support they need to thrive.”
HDC President Eric Enderlin said, “Too many of New York City’s seniors struggle to find safe, quality, affordable housing. Thanks to the dedication of our project partners and elected officials, the 167 affordable homes at 1880 Boston Road Senior Apartments will provide greater economic security to seniors with very low and extremely low incomes, including many who have faced the challenge of homelessness. Beyond its affordability, these new homes will be located in a high quality development that features an energy-efficient design, a host of amenities and recreational space, and on-site supportive social services that our seniors both need and deserve.”
“I am pleased to be here today as we break ground on a fantastic new senior housing development,” said Councilmember Rafael Salamanca, Jr. “This building demonstrates the commitment we all share in this community in bringing quality affordable housing to all seniors, and I was proud to help shape this development.”
“I’m delighted to see this much-needed project moving forward in West Farms, whose senior citizens are in serious need of quality affordable housing. Not only will they have a wonderful, secure, environmentally sound living space, but also on-site services provided by the outstanding Hebrew Home at Riverdale, as well as links to off-site medical, dental, mental health, recreation and social services. Having worked diligently and closely with senior constituents to help connect them to such support services, I applaud the planning that went into this project,” said New York State Assembly Member Luis Sepulveda.
New York State Senator Rev Ruben Diaz said, “As the Ranking Member of the Senate Aging Committee, I am glad to see that the collaborative efforts of many groups and individuals will finally result in this groundbreaking so there will be more affordable apartments available for our senior citizens. I am very proud of the exceptional work that Council Member Rafael Salamanca has done with this project, and I will continue to work side-by-side with my colleagues in government to bring more services to our senior citizens.”
1880 Boston Road is currently occupied by a health and wellness center, which is leased and operated by United Cerebral Palsy Associations of New York State. The affordable senior housing development will total approximately 123,000 square feet, adding eight stories to the existing building at the site. Thanks to the AIRS provision in ZQA, the affordable senior housing development was not required to include parking and avoided the significant delays and expenses the project would have incurred otherwise.
Jeff Fox, Principal of Foxy Management, said: “This extraordinarily unique project is our proudest achievement to date. As we ‘break ground’ on 168 units of affordable housing for our community’s seniors, we are humbled by the show of support, with HPD Commissioner Torres-Springer, HDC President Enderlin, and Councilmember Rafael Salamanca, all in attendance. It is also our great pleasure to add another collaboration with Alembic Community Development, and to have forged such wonderful relationships with our new friends, the Hebrew Home at Riverdale. Together with our private funding partners at TD Bank and Raymond James Tax Credit Funds, and with the Section 8 rental subsidy provided by NYCHA, we have collaborated on a project that will ultimately bring great joy and comfort to its residents and to our community.”
“I am thrilled to be here today to celebrate the start of construction on 1880 Boston Road,” said Mike McCarthy, Director, Alembic Community Development. “This is Alembic Community Development’s fourth collaboration with Foxy Management, and we salute them and Hebrew Home at Riverside for their perseverance and dedication in bringing us to this point. As one of the first developments to benefit from the city’s ZQA amendment and the first to trigger the AIRS provision, this is truly a milestone development. Thanks as well to the many financing partners — public and private — who have made the development possible — HPD, HDC, TD Bank and Raymond James. I am looking forward to the grand opening and welcoming 1880 Boston Road’s new tenants.”
“For one hundred years, the Hebrew Home at Riverdale has provided shelter and essential quality of life programs and services to New York City’s older adults. We are proud to partner with Foxy Management and Alembic Community Development to continue this tradition, as it is needed now more than ever,” said Daniel Reingold, President and CEO of RiverSpring Health featuring the Hebrew Home at Riverdale.
Once complete, the project will include 167 affordable apartments including 66 studios and 101 one-bedrooms. One additional unit will be reserved for an onsite superintendent. The project is designed to meet Enterprise Green Communities criteria, with a host of planned sustainable features including EnergyStar appliances, and high-efficiency boilers and hot water heating systems.
The Hebrew Home at Riverdale will provide on-site social services to all residents. Services will include case management, counseling, and linkages to off-site medical, dental, mental health recreation and social services. Service funding was received from the Empire State Supportive Housing Initiative (ESSHI).The residents will have access to approximately 3,500 square feet of climate-controlled community space, including a lounge/library, multi-purpose room, recreation room, yoga/exercise room, arts and crafts room and office space for social services. The building will also include a 700 square foot outdoor recreational space for the residents.
1880 Boston Road received financing under HDC’s Extremely Low- and Low-income Affordability (ELLA) program, and HPD’s Senior Affordable Rental Apartments (SARA) program. All apartments will be available to seniors 62 years of age and over, earning a maximum of $31,750 annually. Each resident will only be required to pay a third of their monthly income towards rent. The remaining rent cost will be subsidized by a New York City Housing Authority (NYCHA) Housing Assistance Payment (HAP) contract funded by the U.S. Department of Housing and Urban Development (HUD).
The total development cost of the project is $77.8 million. The project was financed with $37.8 million of tax-exempt bonds. Financing also includes $9.24 million of HDC corporate reserves and $12.4 million of HPD facilitated Federal HOME funds. New York City Council Member Rafael Salamanca provided $728,000 in Reso A funds. Raymond James acted as the tax credit syndicator and TD Bank acted as the provider of the stand-by bank letter-of-credit.
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About The New York City Department of Housing Preservation and Development (HPD)
The New York City Department of Housing Preservation and Development (HPD) is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked with fulfilling Mayor de Blasio’s Housing New York: A Five-Borough Ten-Year Plan to create and preserve 200,000 affordable units for New Yorkers at the very lowest incomes to those in the middle class. For more information visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us on Facebook, Twitter, and Instagram @NYCHousing.
About New York City Housing Development Corporation (HDC)
HDC is the nation’s largest municipal Housing Finance Agency and is charged with helping to finance the creation or preservation of affordable housing under Mayor Bill de Blasio’s Housing New York plan. Since 2003, HDC has financed more than 120,000 housing units using over $13.7 billion in bonds, and provided in excess of $1.6 billion in subsidy from corporate reserves. HDC ranks among the nation’s top issuers of mortgage revenue bonds for affordable multi-family housing on Thomson Reuter’s annual list of multi-family bond issuers. In each of the last four consecutive years, HDC’s annual bond issuance has surpassed $1 billion. For additional information, visit: http://www.nychdc.com
About Foxy Management
Foxy Management is a Bronx-based development and property management company. Foxy has successfully co-developed and/or preserved over 1,000 units of affordable and supportive housing, working together with various City and State agencies, global financial institutions, and both for-profit and not-for-profit development partners. In its ongoing role as property manager, Foxy ensures the long-term operational and financial well-being of its projects. For more information, visit www.foxymanagement.com.
About The Hebrew Home at Riverdale
The Hebrew Home at Riverdale, part of RiverSpring Health, has provided outstanding care to older New Yorkers for a century. Recognized as one of the best nursing homes in the country, it is located on a sprawling 32-acre campus along the Hudson and features innovative programs and services to help its residents live full lives. RiverSpring Health provides a full range of care solutions to over 12,000 New Yorkers including managed long-term care, assisted living, senior housing and specialized services such as elder abuse prevention, memory care and LGBT programs.
About Alembic Community Development:
Alembic Community Development invests in long-term partnerships in underserved neighborhoods through real estate development, organizational capacity building and community-based planning initiatives. Alembic Community Development offers a full continuum of planning and development services to nonprofit organizations, neighborhoods and cities. For more information, please visit www.alembiccommunity.com.
