Catholic Charities Progress of Peoples Development Corporation has started construction on the new Bishop Valero Residence, a $62 million development to provide 102 units of affordable apartments for low-income seniors and formerly homeless adults with supportive services in Astoria, Queens.
The project will be built on the former parking lot of the current Catholic Charities Catherine Sheridan Senior Housing, which is located directly across the street on 31stRoad in the Astoria community of Queens. It includes a six-story, 84,900 sq. ft. building with on-site supportive social services for residents featuring a 6,400 sq. ft., 200-seat capacity community senior center on the ground floor.
Dattner Architects designed the structure, which is being built by general contractor Monadnock Construction, Inc. Other key project team members include: KOW/ARMA Consultants, owner’s representative; Bright Power, Inc., sustainability consultant; and A. Larovere Consulting, development consultant.
The project is financed with a $3.1 million annual allocation of 9 percent Low-Income Housing Tax Credits (LIHTC) from the New York City Department of Housing Preservation and Development (HPD), which leverages $30.8 million in tax credit equity over 15 years. Bank of America will provide construction lending, Richman Housing Resources will syndicate tax credits, and Barings will provide permanent debt for the project over the next 30 years.
Closing for the Bishop Valero Residence was initially scheduled in March 2020, but when the pandemic hit, the deal was thrown in flux, along with nearly all aspects of New York City life. “However, emphasizing the specific need for a project such as Bishop Valero Apartments, and utilizing the expertise of a strong financial and legal team, the deal was able to move forward,” the statement said.
“More than ever, western Queens is in need of quality senior affordable housing,” said Costa Constantinides, Council Member, District 22. “We lead the city in seniors awaiting appropriate housing that matches their financial means. They deserve to remain in the neighborhoods where they built a family and retired with dignity. I was proud to work closely with Catholic Charities to ensure we got the maximum amount of affordability on this site that replaced an underutilized parking lot. Thank you to Catholic Charities for their partnership and leadership on the Bishop Valero Residence.”
“We are advancing the projects that best meet the urgency of the moment by serving the most vulnerable New Yorkers,” said HPD Commissioner Louis Carroll. “Projects like the Bishop Valero Residence that will bring affordable homes to seniors, homeless seniors and provide services to the city’s most at-risk adults, will help New York City emerge from the crisis stronger.”
