NYCHA, HPD and HDC collaborate on $214 million project, the City’s largest use of the “Transfer of Assistance” program to date
Eighty homes reserved for NYCHA residents and 68 for formerly homeless older New Yorkers
Rendering of Sol on Park. Credit: Magnusson Architecture and Planning, P.C.
Mayor Zohran Kwame Mamdani announced the financial closing for Sol on Park, a new affordable housing development that will create 229 affordable homes for older New Yorkers on the New York City Housing Authority’s (NYCHA) Morris Houses campus in the Bronx.
Developed through a partnership among NYCHA, the Department of Housing Preservation and Development (HPD) and the Housing Development Corporation (HDC), the $214 million project demonstrates how public land, public investment and innovative financing can work together to deliver desperately needed affordable housing.
The project is the City’s largest use to date of the Transfer of Assistance program, an innovative financing tool that the Mamdani administration plans to expand through its Block by Block housing plan.
Sol on Park will include 80 apartments reserved for current NYCHA residents living at Morris I and II, 68 supportive homes for formerly homeless seniors and 80 homes available through the Housing Connect lottery for low- and middle-income seniors. The project will also feature community facility space, a new pedestrian plaza and will be built to LEED Platinum and Passive House standards. Construction by the NRP Group, Selfhelp Realty Group and Foxy Management will begin following the closing, with residents to move in during early 2029.
“New Yorkers need housing relief, and we’re using every tool at our disposal to deliver it. Sol on Park project will create more than 200 permanently affordable homes for older New Yorkers while strengthening the Morris Houses community. This project shows what is possible when City agencies work together to put public land and public investment to work for the people of this city. We are building affordable homes, creating opportunities for NYCHA residents and proving that government can act with the urgency this housing crisis demands,” said Mayor Mamdani.
“Sol on Park is a win for all New Yorkers, providing brand-new affordable senior housing for both NYCHA residents and new neighbors. Projects like these show how we can use innovative financing models and public land to build the housing that New Yorkers need. This is a success story for the Transfer of Assistance tool and proof of concept for similar projects across the five boroughs,” said Leila Bozorg, Deputy Mayor for Housing and Planning. “Congratulations to the NYCHA, HPD, HDC, and development teams, and the current and future Morris Houses and Sol on Park residents on this milestone!”
“We are thrilled to reach this important milestone and close on the financing for Sol on Park,” said NYCHA Chief Executive Officer Lisa Bova-Hiatt. “With this achievement, we are one step closer to delivering a truly remarkable and dignified living experience to hundreds of low- to moderate-income seniors in the Bronx. Through NYCHA's largest Transfer of Assistance transaction to date, we will provide new homes for 80 existing residents from Morris I and II while helping to create much-needed affordable housing for seniors, including those who had previously experienced homelessness. We are deeply grateful to our partners at City Hall, HPD, and HDC for their collaboration and unwavering commitment to expanding meaningful affordable housing opportunities in New York City.”
“Sol on Park responds to the growing housing needs of New York City’s aging population while simultaneously strengthening the community of NYCHA’s Morris Houses in the Bronx,” said HDC President Eric Enderlin. “HDC looks forward to working with all of our public and private partners to bring more than 220 deeply affordable senior homes to the Morrisania community.”
“As we strive to ensure safe, affordable housing for all New Yorkers, we must also make sure that our most vulnerable residents are cared for,” said HPD Commissioner Dina Levy. “The Sol on Park project will not only create more than 200 homes for low- to middle-income seniors, it will also provide social services to its residents, as well a health and wellness center and career training opportunities for the local community. Sol on Park represents our commitment to building housing that contributes positively to local neighborhoods, while providing seniors with stable, dignified homes.”
NYCHA began engaging Morris Houses residents on the project in 2019, conducting years of community outreach that helped shape the development’s design. That engagement led to the introduction of the Transfer of Assistance model, allowing current Morris Houses residents the opportunity to move into Sol on Park while creating a brand-new, approximately 1,400 square-foot, fully accessible home for the Morris Houses Resident Association.
When complete, Sol on Park will feature a health-focused design and robust on-site services, including partnerships with the Union Community Health Center and Green Bronx Machine’s National Health & Wellness Center. Residents will also have access to bicycle storage, laundry facilities, exercise rooms and computer labs.
Expanding the use of Transfer of Assistance is one part of the Mamdani administration’s broader commitment to public housing. Through Block by Block, the administration is making the largest capital investment in NYCHA in recent history while restoring NYCHA’s role as a public developer. Those investments include comprehensive building repairs, bringing vacant apartments back online, repairing elevators, remediating mold and expanding opportunities for resident leadership through stronger Resident Associations, “NYCHA in Your Neighborhood” events and deeper tenant participation following Permanent Affordability Commitment Together (PACT) conversions.
Block by Block, the Mamdani administration’s comprehensive housing strategy, outlines a path to build 200,000 affordable homes and preserve another 200,000 over the next decade. The plan also strengthens tenant protections — including an overhaul of how the City responds to building code complaints — expands pathways to homeownership, supports the workers who build housing and streamlines the production of new affordable homes.
“Sol on Park marks an exciting new chapter at NYCHA of leveraging every tool in our toolbox to create new housing opportunities for both our existing residents and low-income New Yorkers citywide,” said NYCHA Interim Chief Real Estate Officer Heather Beck. “With this project, in partnership with our sister agencies and development partners, we are building 100 percent permanently affordable senior housing on NYCHA land, with homes for Morris Houses residents through Transfer of Assistance, and a brand-new space for the Morris Houses Resident Association. I want to thank and congratulate the Morris Houses community for participating in this planning process with us over many years where your ideas and input helped to shape this great project in your community.”
No comments:
Post a Comment