Artsbridge will be 100 percent affordable, provide homes for 61 low-income seniors and new community space for Highbridge Voices
De Blasio administration projects reaching 16,000 affordable units by December 31 toward Housing New York plan
Mayor Bill de Blasio and Timothy Cardinal Dolan today joined officials, clergy and community partners in Highbridge to break ground on the Artsbridge senior housing complex. When completed in 2016, the seven-story development will be 100 percent affordable, providing apartments for 61 low-income seniors and a 19,000 square-foot community space that will be the permanent home of Highbridge Voices.
Financing for the project was completed in August, adding these affordable apartments to the 16,000 units the de Blasio administration projects to close and move forward in calendar year 2014. As the administration’s first year draws to a close, it has implemented New York City’s first-ever mandatory affordable housing requirement at Astoria Cove, launched a community-driven planning process to protect and expand affordable housing in East New York, spurred major new affordable housing development at the Domino and Atlantic Yards sites, and brought together private investors and public pension funds to finance hundreds of millions of dollars in affordable housing rehabilitation.
“This is a great day for Highbridge, and it’s possible because of the extraordinary partnership we’ve forged between the City and the Archdiocese. We all jointly committed to confronting inequality and ensuring all New Yorkers can live in dignity in their neighborhoods. That mission is at the center of our plan to build and preserve 200,000 affordable units of housing. Artsbridge exemplifies the kind of ground-up planning that can lift up seniors and families across the five boroughs,” said Mayor Bill de Blasio.
“The archdiocese has been a leader in working with the City, State, and Federal government to provide affordable housing to people of all faiths. Housing is a basic human right, and the need for quality affordable housing may never have been greater than it is right now, particularly for seniors and those with special needs. We renew our commitment to not only invest our resources, but also to deliver services – like those provided by Catholic Charities and ArchCare, our health care ministry – in developing housing for those who need it, ” said Timothy Cardinal Dolan.
“All New Yorkers deserve a safe and affordable place to live, and we are committed to strengthening communities with projects that drive safe, fair housing and healthier living for New Yorkers in all corners of the state. Through New York State’s new Community Investment Fund, Artsbridge will provide a space for our children to grow and expand their opportunities. I want to thank our local partners helping us redevelop and revitalize communities – for our seniors, for our families and for our children,” said Governor Andrew M. Cuomo.
“This project is another major component of the ‘New Bronx,’ and I am proud to have provided this project with $3 million in capital funding. This is an innovative new development that works for all New Yorkers, and I thank Mayor de Blasio and Cardinal Dolan, the administration and the archdiocese, for creating a strong model for future housing development in our city,” said Bronx Borough President Ruben Diaz Jr.
“As we move forward with this our latest project, ArtsBridge Senior Housing, we are excited to be a part of the Mayor’s initiatives to make affordable housing available for all New Yorkers. It is because of the extraordinary support of the Archdioceses of New York, Mayor de Blasio, and all our state and federal partners that we are able to bring projects like ArtsBridge to life,” said the Highbridge Community Development Corporation.
Artsbridge is made possible through funding and support by numerous agencies and partners. The NYC Department of Housing Preservation and Development is providing $1.3 million in federal HOME funds and $3 million in financing dedicated by Bronx Borough President Ruben Diaz Jr. and administered through HPD’s Senior Housing New Construction program. HPD also worked with the City Council to approve a 40-year tax exemption. The land is formerly owned by the City and is being developed Highbridge Community Development Corporation with lending provided by Enterprise Community Partners.
New York State’s investment through Homes and Community Renewal, includes: $13.65 million in tax exempt bond financing; $1.08 million in an annual allocation of 4 percent Low Income Housing Tax Credits; and $750,000 in Community Investment Funds. The state’s Community Investment Fund supports mixed-use community development by providing funding for commercial, retail or community facilities within affordable housing projects.
This development will also benefit from HUD’s Section 202 Project Rental Assistance Contract. Under this contract, residents will be responsible for paying 30 percent of the household’s monthly adjusted income toward rent. Individual seniors living at Artsbridge will earn no more than $29,000 per year.
