Construction is now complete at Park Avenue Apartments, a mixed-income affordable housing property in Claremont, The Bronx. Located at 3500 Park Avenue, the seven-story building comprises 115 units of affordable housing, including 69 units with supportive services funded through the Empire State Supportive Housing Initiative.
A large portion of available homes are reserved for elderly and disabled residents, veterans with disabilities, and adults with mental illness. A total of 45 apartments are reserved for low-income families and seniors. Amenities include a multi-purpose room with a warming kitchen, a laundry room, a computer lab, and a children’s playroom. Outdoor recreational space offers access to a community garden and a walking path.
“Too many New Yorkers experiencing homelessness in the city are often facing multiple problems that are contributing to their housing instability,” said Governor Kathy Hochul. “Projects like the Park Avenue Apartments are essential to eliminating homelessness by providing housing and assisting New Yorkers with the supportive services they need, allowing them to live in independent settings.”
Park Avenue Apartments is the latest project from The Bridge, an award-winning non-profit housing developer with a focus on low-income properties. Total construction costs hover around $48 million.
Financing for the development includes $6.5 million provided by the Homeless Housing and Assistance Program, which was administered by the state Office of Temporary Assistance. The state Office of Mental Health is providing $1.7 million in annual funding for services and rent subsidies for the supportive housing units through the Empire State Supportive Housing Initiative, as well as $195,500 in program development grant funding for the 23 apartments serving residents living with mental illness.
Further funding is sourced from the New York Homes and Community Renewal and includes $6.5 million in tax-exempt bonds, $7 million through its New York City 100-percent affordable program, and an allocation of federal low-income housing tax credits that will generate $17.7 million for the development. The New York City Department of Housing Preservation and Development also provided $7.4 million in financing.
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