Construction has started at a massive $126 million affordable housing project in the South Bronx.
The 19-story structure at 1159 River Avenue will have 245 units, of which 148 will be specifically for individuals and families who have previously been homeless, including those in need of supportive services.
“We continue to make unprecedented investments in affordable housing that will help tackle the dual inequality and homelessness crises,” Gov. Andrew Cuomo said in an Oct. 30 statement. “New developments like this project demonstrate our ongoing efforts to provide Bronx residents with high-quality, energy-efficient homes with supportive services for the most vulnerable among us.”
The development team consists of Community Access, Inc. and J. Equities II, LLC, an affiliate of affordable housing developer Maddd Equities, the governor’s statement said.
Earlier, The Real Deal reported that Maddd Equities and Joy Construction had received a roughly $64 million construction loan from Wells Fargo for the Bronx affordable housing project, according to Joy Construction’s Eli Weiss.
“The money will go towards the firms’ projects at 1159 and 1184 River Avenue, The Real Deal said, adding that “the project at 1184 River Avenue will span about 548,000 square feet with 500 residential units, along with retail and community space.”
The development will meet Enterprise Green Communities Standards and Energy Star’s Multi-Family High Rise standards and will include such energy-efficient features as Energy Star appliances and water conserving low-flow fixtures.
The building will have art, exercise, laundry and computer rooms. The ground floor will have 20,500 sq. ft. of commercial space.
Financing for the project includes $25 million in permanent tax-exempt bonds, Low-Income Housing Tax Credits that will generate $43 million in equity and $16 million in subsidy. The New York City Department of Housing Preservation and Development is providing an additional $26 million of subsidy through its Supportive Housing Loan Program.