The Doe Fund has started construction on a development that will bring 151 affordable and supportive housing units to New York City. The $71.4 million joint venture with Bolivar Development utilizes state, city, and local funds.
The longtime nonprofit’s latest project is a block away from the Simpson Street station and served by two subway lines. The cellar and first floor will have a combined 28,000 square feet of commercial space that will be separately financed and managed. The remaining six floors will contain 47 studio, 64 one-, 22 two-, and 17 three-bedroom units. There will also be an apartment for a live-in superintendent.
Residents of 980 Westchester Avenue will have access to a large community room and a landscaped outdoor terrace. Laundry facilities, a computer room, and bike storage will be on-site as well as offices for program staff. Additionally, 24-hour front desk security will be provided. A range of affordable income levels will be served.
“Affordable housing provides a vitally needed continuum of care to New Yorkers struggling to escape cycles of homelessness and poverty and to those facing physical and mental disability,” said George McDonald, founder and president of The Doe Fund. “With comprehensive, on-site social services, tenants will have access to the support they need to live with dignity and stability. 980 Westchester also speaks to The Doe Fund’s belief in the power of place. The Bronx needs and deserves safe and aesthetically beautiful housing that serves as a resource to tenants and the surrounding community. We are grateful to our partners, especially council member Rafael Salamanca Jr. for championing the development of affordable housing in his district.”
The development is supported by multiple funding sources, including federally tax-exempt bonds issued by New York City’s Housing Development Corp. (HDC) and a second mortgage from HDC’s corporate reserves through the Extremely Low & Low Income Affordability program.
The New York City Department of Housing and Preservation Development provided 4% low-income housing tax credits, which generated equity from Boston Financial Investment Management and its investor, Sterling National Bank. Chase and Sterling National Bank also provided construction loans.
Other funding was provided by the Federal Home Loan Bank of New York, Bronx councilman Salamanca, and council speaker Corey Johnson. Supportive tenant rents and program expenses were secured by an award from the state’s Empire State Supportive Housing Initiative.
The Doe Fund will provide supportive services, such as substance abuse counseling, comprehensive case management, and help in accessing career options and educational training to residents in 31 units. Residents for these units will come from the city’s Health and Resource Administration client referral system. The balance of the units will be rented through a lottery.
The estimated construction completion date is April 2021. The Doe Fund will be involved in every aspect of the lease-up process and marketing activities. In an effort to maintain resident satisfaction and adherence to underwriting requirements, the project will be managed by The Doe Fund’s real estate group. Upon completion, the project will seek LEED Gold certification.
