984 Woodycrest Avenue in the Bronx will be home to 48 extremely low- and very low-income households with a preference for formerly homeless veterans.
HELP USA will provide onsite supportive services to all residents of this new development.
Bronx, NY – (RealEstateRama) — The New York City Department of Housing Preservation and Development (HPD) Commissioner Vicki Been, New York City Council Speaker Melissa Mark-Viverito, and Bronx Borough President Ruben Diaz, Jr. joins HELP USA and CMC Development, LLC to celebrate the start of the construction of 984 Woodycrest Avenue in the Highbridge section of the Bronx. The new development will contain 48 affordable studio apartments, 29 of which will serve formerly homeless households with a preference for homeless veterans. The remaining apartments will serve very low-income individuals. The building will also feature onsite HELP USA offices which will provide supportive services to all residents. The Bronx Borough President’s Veteran Advisory Council also joined the celebration.
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“Too often members of our military return home to find themselves in difficult situations. Ensuring that they have a safe and secure place to call home is the least we can do to give veterans the stable footing needed to begin again,” said HPD Commissioner Vicki Been. “I want to commend HELP USA and CMC Development for their dedication to members of our military and very low-income residents in need of a home. Thank you all for your efforts as we all work together to make New York City more affordable.”
“It’s important to show serious commitment to New York’s large and diverse veteran community,” said Council Speaker Melissa Mark-Viverito. “Our brave men and women of the armed forces have put themselves on the line for all of us, and now it’s our turn to help them out. I’d like to thank Help USA, HPD and CMC Development for their commitment to veterans and for locating a veterans’ affordable housing development in my Council District.”
“HELP USA has always been committed to helping New Yorkers find and keep safe, affordable housing.” said Tom Hameline, President and CEO of HELP USA. “We have expanded significantly since 1986, but the core belief of our organization has always been the same: every person, regardless of circumstance, deserves a place to call home. That’s why we are so proud to be standing here with our partners and beginning construction on an apartment building that will soon be home to 48 low-income and homeless veterans.”
The financing of this new building was made possible through Mayor Bill de Blasio’s Housing New York: A Five-Borough Ten-Year Plan. The plan aims to build and preserve 200,000 affordable apartments over the next decade to support New Yorkers with a range of incomes, from the very lowest to those in the middle class.
Once completed, 984 Woodycrest Avenue will be a six-story building with a total of 28,762 gross square feet. The building will have a total of 48 studio apartments. The ground floor will contain office spaces that will house program services for tenants, and a shared community space for resident use. Services administered by HELP USA are expected to include comprehensive case management, counseling, and other services. Residents will also have access to a rooftop terrace, exercise facilities, and garden area.
All apartments in the building will be affordable to formerly homeless, very low- and extremely low-income households. Twenty-nine apartments will be reserved for formerly homeless with a preference for homeless veterans. The remaining apartments will be affordable to households earning no more than $30,250 for an individual, or $38,850 for a family of three. The above incomes are equivalent to 50 percent of the Area Median Income (AMI) according to the U.S. Department of Housing and Urban Development’s (HUD) 2015 calculations.
The total development cost for this project is approximately $16,610,352. Local Initiatives Support Corporation (LISC) will act as the lender for this development. HPD will provide Low-Income Housing Tax Credits. Raymond James will be tax credit syndicator. HPD will also provide federally funded HOME Funds in the amount of $6 million. The New York State Energy Research and Development Authority (NYSERDA) will provide $48,000 in financing. The remaining funding source will be a private bank loan.
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About New York City Department of Housing Preservation and Development (HPD):
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 HELP USA:
HELP USA is a national homeless service provider and low-income housing developer serving at-risk populations including families, veterans, and victims of domestic violence. HELP USA currently serves more than 8,000 people every day at 51 programs and residences across five states. Since its founding in 1986, HELP USA has served more than 350,000 men, women, and children, and developed in excess of 2,275 units of housing. For more information visit: www.helpusa.org
About CMC Development Group:
CMC Development Group is a NYS Certified MBE developer of affordable and market rate real estate in urban markets. Our mission is to promote the preservation and development of emerging communities and improve the economic and environmental conditions of underserved markets throughout the New York Metropolitan area. CMC has 400 units in its pipeline and the development of 984 Woodycrest Avenue, a project of affordable housing for our Nation’s Military Veterans is both an honor and a testament of our public and private partnerships.
CONTACT: Juliet Pierre-Antoine (HPD), morrisj (at) hpd.nyc (dot) gov
Stephen Mott (HELP USA), smott (at) helpusa (dot) org
