$120 Million Transit-Oriented Development Builds on Governor’s Long-Term Strategy to Increase New York’s Housing Supply
River Avenue Includes 148 Homes for Individuals and Families Experiencing Homelessness
Governor Kathy Hochul today announced the completion of River Avenue, a 245-unit affordable and supportive housing development in the Concourse section of the Bronx. The transit-oriented development includes over 20,000 square feet of commercial space and offers on-site supportive services for families and individuals experiencing homelessness.
“River Avenue will provide a safe, modern, and affordable place for individuals and families to call home and will be nothing short of transformative for those experiencing homelessness,” Governor Hochul said. “My administration is dedicated to increasing the supply of housing in the Bronx and throughout the state so that everyone has the chance they deserve to live in a stable home in a thriving neighborhood.
In the last five years, New York State Homes and Community Renewal has created or preserved over 14,500 affordable homes in the Bronx. River Avenue continues this effort and complements Governor Hochul's $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
River Avenue is affordable to households earning at or below 80 percent of the Area Median Income. The building is a short walk from the 4 train and is just a few blocks from the B and D trains, multiple bus lines, Yankee Stadium, and the Reverend T. Wendell Foster Park and Pool.
Amenities include 24-hour security, an exercise room, laundry room, computer room, community room, tenant and bike storage areas, lounges, and a commercial kitchen.
The development was designed to meet Enterprise Green Communities Standards and Energy Star's Multi-Family High Rise standards and includes such energy-efficient features as Energy Star appliances and water conserving low-flow fixtures.
There are 148 apartments reserved for individuals and families experiencing homelessness. On-site supportive services and rental subsidies are funded through the Empire State Supportive Housing Initiative and administered by the New York State Office of Mental Health. Services include counseling, group activities, health and wellness workshops, harm reduction services, linkages with health care providers, crisis intervention, money management, and educational, vocational and employment referrals.
The ESSHI program provides operating funding for supportive service providers serving homeless veterans and their families; survivors of domestic and gender-based violence; older adults who are disabled or frail; young adults with a history of incarceration, homelessness, or foster care; chronically homeless individuals and families; individuals with intellectual or developmental disabilities; individuals reentering the community from prison; and those living with HIV or AIDS, serious mental illness and/or substance use disorders. OMH serves as the lead procurement agency for the funding, which is dispersed by an interagency workgroup of eight state agencies serving vulnerable New Yorkers.
State financing for the $120 million River Avenue includes $25 million in permanent tax-exempt bonds, $41 million in Low Income Housing Tax Credits and $16 million in subsidy from New York State Homes and Community Renewal. OMH is providing more than $3 million annually in operating funding through the ESSHI program, as well as approximately $915,000 to cover start-up costs of the supportive housing units. The New York City Department of Housing Preservation and Development provided $26 million through the Supportive Housing Loan Program.
The development team consists of Community Access, Inc. and J. Equities II, LLC, an affiliate of affordable housing developer Madd Equities. Community Access is also the supportive service provider.
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