Rockabill Consulting has closed on an $89 million financial package to facilitate completion of 671 Tinton Avenue, a new affordable housing property in the South Bronx. The development, known as St. Anselm Apartments, is located in the Woodstock neighborhood and will comprise 126 apartments, including 63 supportive housing units.
Renderings from ESKW/A, the project architect, depict a 12-story brick building with ornamental archways on the ground floor, a standard punched window system and a full-height window wall between the brick elements.
When complete, the mix of income-restricted units will include eight set aside for households at or below 40 percent Area Median Income (AMI), 71 units at or below 50 percent AMI, 25 units at or below 60 percent AMI, and 21 units at or below 70 percent AMI. There will also be one superintendent’s apartment.
Supportive services will be provided by local non-profit company Nazareth Housing and will include case management, legal and medical referrals, assistance with employment and job readiness, counseling, education, children’s programming, and benefits assistance.
“We are pleased to have secured financing that will allow Catholic Homes and the Archdiocese to create new affordable homes and provide social services in this high-need area of the Bronx,” said Niall Murray, managing principal and founder of Rockabill Consulting. “Rockabill is deeply appreciative of our continued partnership with Catholic Homes, HCR, OTDA, TD Bank and Richman Housing Resources, all of whom share our commitment to improving the housing safety net and helping communities and families thrive.”
Financing for St. Anselm’s includes $39.2 million in Federal Low-Income Housing Tax Credits and $22.6 million in subsidy from New York State Housing Finance Agency. The project also will receive an award from the Empire State Supportive Housing Initiative from the Office of Temporary and Disability Assistance for rental assistance for the supportive units. TD Bank provided a $47.4 million construction loan and Richman Housing Resources is the tax credit syndicator.
No comments:
Post a Comment