The former brownfield location at 92 West Tremont Avenue in the Bronx has been transformed into energy-efficient, affordable homes for 60 low-income and moderate-income senior households.
Bronx, New York – September 25, 2015 – (RealEstateRama) — New York State Homes and Community Renewal (HCR), the New York City Department of Housing Preservation and Development (HPD), the New York City Office of Environmental Remediation (OER) joins the Acacia Network, the Community Preservation Corporation (CPC), and partners to announce the opening of 92 West Tremont Avenue in the Bronx. The newly constructed six-story development will serve as a safe and affordable home for 60 senior citizen households, age 55 or older. Each resident will have access to amenities in this energy-efficient new development, and supportive services provided by the Acacia Network in partnership with the CenterLight Health System.
“We owe it to our seniors— who helped build this City and make it the dynamic place it is today— to make sure they can age in dignity in the homes and neighborhoods that mean so much to them,” said HPD Commissioner Vicki Been. This project not only reclaimed a brownfield site, it leveraged city-owned land to secure safe, supportive, energy-efficient housing for 60 senior households. I would like to thank our partners in New York State at HCR, the Acacia Network, CPC, and all of our development partners for making this development possible, and giving these residents a place to call home.”
“The new, energy efficient and safe West Tremont Senior Residences is a prime example of Governor Cuomo’s priority to provide affordable housing opportunities to older New Yorkers of modest means,” said HCR Commissioner/CEO James S. Rubin. “This development provides a supportive environment that will greatly enhance the quality of life for its residents, while strengthening a vital community.”
“Senior citizens are one of the fastest growing populations in the City, but many face a difficult reality of living on a fixed income while struggling to keep pace with the rising costs of rent and other necessities,” said Rafael E. Cestero, President and CEO of CPC. “We’re proud to invest in projects like the West Tremont Residence that bring a resource of affordable senior housing to the community, while also providing seniors with the services and care they need to age in place and enjoy their golden years. My thanks to Acacia, HPD, and HCR, and our lending partners SONYMA and NYCRS for sharing a commitment to expanding affordable housing options for seniors and other New Yorkers in need.”
“Acacia’s vision of healthy communities is deeply connected to quality housing for all our residents,” stated Raul Russi, CEO of Acacia Network. “We are especially pleased to provide these well designed units for the seniors in our communities. Given the over 40,000 applications for the available units, we know we are addressing a critical need for our growing senior populations. This West Tremont project is our premier affordable housing development project for seniors and, as in all our projects, we will link its residents to our comprehensive healthcare, social services, and economic development projects.”
The approximately 37,000 square foot residential building was constructed on a former brownfield location once owned by the City of New York. The land was conveyed to the developer at the nominal cost of $1 per tax lot in exchange for the commitment to construct affordable housing. The site was once occupied by a dry cleaning facility, which led to slight soil contamination. The site underwent environmental remediation through OER’s NYC Brownfield Cleanup Program to remove any hazardous compounds prior to construction. The new building is energy-efficient and meets the environmentally sustainable New York State Energy Research and Development Authority (NYSERDA) Multi-Family Performance program and the standards as described in the Enterprise Green Communities criteria.
“The Mayor’s Office of Environmental Remediation (OER) is proud to support this vital affordable housing project”, said Dr. Daniel Walsh, Director of OER. “By participating in the city Voluntary Cleanup Program, Acacia Network has earned the NYC Green Property Certification and assured that this building will be one of the environmentally safest places in NYC to live and work.”
The project is affordable to extremely low-, very low-, and low-income senior citizens earning as little as $15,237 in annual income. All the residents will be able to receive long-term healthcare services through Acacia’s network providers and may be assessed for eligibility for a program offered through its partnership with CenterLight Health System. Residents will also have access to a landscaped recreational space in the backyard, a ground floor storage room, and a lounge.
“The West Tremont Senior Residence is an incredible success story of a Bronx based non-profit developer creating a valuable resource for seniors in the Community. It was a challenging site to say the least and Acacia’s perseverance in getting this done deserves to be applauded,” said Sam Ganeshan, Managing Director of Hudson Housing Capital. “Hudson Housing Capital congratulates The Acacia Network, as well as all the funders and the Community for the completion and opening of the West Tremont Senior Residence.”
“Capital One Bank is proud to be involved with the great partners developing West Tremont Senior Residences,” said Fabian Ramirez, Senior Vice President, Community Finance, Capital One Bank. “We believe investing in affordable housing is about more than financing renovation or new construction. It’s about investing in the quality of life for our seniors, their families and the Bronx.”
The total development cost for 92 West Tremont Avenue is $17,487,463. HCR will provide Low-Income Housing Tax Credits and $1.7 million in funding toward permanent financing. Hudson Housing Capital will act as tax credit syndicator. CPC provided $3.4 million in permanent financing through a State of New York Mortgage Agency (SONYMA) insured loan to be purchased by New York Commercial Real Estate Services (NYCRS). TD Bank and Capital One will act as lenders. The project also received $111,000 in funding from NYSERDA, and a grant of $100,000 from OER’s NYC Brownfield Cleanup Program.
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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 via www.facebook.com/nychpd and www.twitter.com/nychousing.
About New York State Homes and Community Renewal (HCR)
New York State Homes and Community Renewal (HCR) agencies include the Affordable Housing Corporation, the Division of Housing and Community Renewal, the Housing Finance Agency, State of New York Mortgage Agency, Housing Trust Fund Corporation and others. In 2014, HCR boasted a record year, financing the creation or preservation of 9,407 affordable housing units, including affordable home ownership opportunities for more than one thousand families. 2015 marks the third year of Governor Cuomo’s $1 billion statewide House NY program, whose goal is to create or preserve 14,300 affordable units by 2018. As the largest investment in New York State’s affordable housing stock in at least 15 years, House NY investments will keep thousands of low- and moderate-income Mitchell-Lama units affordable for another 40 years. The House NY initiative works in tandem with HCR’s vigorous efforts to protect more than two million rent-regulated tenants thanks to the greatest strengthening of the State’s rent laws in 30 years, and the creation of HCR’s Tenant Protection Unit which proactively audits and investigates landlord wrongdoing and has returned more than 40,000 units to rent regulation.
About Community Preservation Corporation, Inc. (CPC)
CPC is a non-profit lender providing reliable capital to underserved neighborhoods throughout New York State since 1974. A nationally recognized leader in affordable housing finance, CPC is committed to delivering financing and technical expertise, and to working with community partners to create and preserve affordable housing. To date, CPC has invested more than $9 billion in over 159,000 units of housing. For more information, please visit www.communityp.com.
CONTACT:Juliet Morris (HPD), morrisj (at) hpd.nyc (dot) gov
