Nearly one-third of the units will be reserved for formerly-homeless households, half of which will be permanently affordable
Bronx, N.Y. – (RealEstateRama) — Representatives from the New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC) joined Omni New York LLC and project partners to celebrate the start of construction on the Morris II affordable housing development located at 2956 Park Avenue in the Melrose neighborhood of the Bronx.
“Today we are laying the foundations for a better future for more than 150 households in the South Bronx,” said HDC President Eric Enderlin. “True to the vision of the Mayor’s Housing New York plan, the Morris II development will serve individuals and families at a range of incomes, including New Yorkers at risk of homelessness. I want to thank our partners at HPD, Omni New York, Mill Plain Properties, Reliant Realty Services, Monadnock Construction, Alliant Capital, and Bank of America for their partnership in creating affordable housing opportunities that add to the fabric of the neighborhood.”
“Today we celebrate the creation of 154 deeply affordable homes that will be designed to meet the highest standards of energy efficiency. Thanks to the hard work and dedication of our partners, 46 formerly homeless households and 108 very low-, low- and moderate-income households will have the opportunity to live in safe, new homes,” said HPD Commissioner Maria Torres-Springer. “I want to thank our sister agency HDC, our partners at Omni, Monadnock, and Curtis + Ginsburg. We will continue to work together to build a more affordable New York that is accessible to all New Yorkers.”
Once completed, Morris II Apartments will be a 154-unit, 15-story building with approximately 4,000 square-feet of ground floor community facility space.
Approximately thirty percent of the units (46 units) at Morris II will be reserved for formerly homeless households, half of which (23 units) will be permanently affordable. The remaining units will be affordable to very low-, low- and moderate-income households with maximum income limits ranging from $31,750 and up to $63,500 for an individual and from $45,300 up to $90,600 for a family of four. One unit will be set aside for an on-site superintendent.
“It gives me great pleasure to welcome a new affordable housing opportunity into the Bronx,” said Assembly Member Carmen E. Arroyo. “I’d like to thank HPD and every organization that made this project possible. It is important that we continue this type of development in our communities to better assist in the tireless fight against homelessness.”
This development includes various green features to create an energy-efficient, healthy, and sustainable community for its residents. Designed to PHIUS passive building standards, Morris II is currently one of the largest such passive house developments under construction in the United States. The building will be designed with an airtight building envelope, continuous insulation, high performance windows, and energy recovery ventilation units (ERVs) to minimize the effects of outdoor temperatures on the building’s indoor temperature and energy needs. Other features include water saving fixtures for showers, sinks and water closets, energy efficient appliances and light fixtures in apartments and all common areas, recycling and a bicycle storage room, and an extensive DVR-security camera system. The sustainable construction of this building will include the installation of a cogeneration system that will reduce costs as well as the building’s dependency on electricity.
“We at Omni are excited to start the construction of a building that is designed to Passive Housing Standards,” said Eugene Schneur, Managing Director and co-founder of Omni. “This building will adhere to the leading standards in energy efficient construction in this country. We are also very proud that this building will provide quality affordable housing options for New Yorkers. I would like to thank HPD, HDC and Bank of America for working with us on Morris II Apartments.”
The total development cost for Morris II Apartments is approximately $67.73 million. This development was financed under HDC and HPD’s Extremely Low and Low-Income Affordability Program (ELLA) and HPD’s Our Space Initiative. HDC provided $29.61 million in tax exempt bonds and $10.01 million in Corporate Reserves. HPD is providing $10.28 million under the ELLA Program and $9.2 million through the City’s Our Space Initiative. HPD is also providing 4% Low-Income Housing Tax Credits resulting in a total $28.57 million in tax credit equity. Alliant Capital, Ltd. serves as the project’s tax credit syndicator and Bank of America is the Letter of Credit provider.
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 the 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.