Nine affordable housing developments in Brooklyn and the Bronx have been selected to receive $14.5 million in low-income housing tax credits reservations from the New York City Department of Housing Preservation and Development (HPD).
The six new construction developments and three preservation projects will create or preserve nearly 800 affordable apartments for New Yorkers throughout the two boroughs. Of the new construction projects, three will be developed with supportive housing set aside to serve formerly homeless families.
“The affordable housing crisis isn’t just an urban problem, it is a national problem that requires solutions at all levels of government, “ said HPD commissioner Maria Torres-Springer in a statement. “The low-income housing tax credit is one of the most powerful tools we have in this country to build and preserve affordable housing, like those dynamic projects that were just awarded 9% credits, as well as thousands of affordable homes financed in New York City through 4 % and 9% credits every year.”
The tax reform plan being negotiated in Washington, D.C., could pose significant threats to the LIHTC program and tax-exempt private-activity bonds, noted city officials. Nationally, the housing credit and bonds are responsible for 90% of all affordable housing developments—supporting more than 90,000 affordable homes and nearly 100,000 jobs every year.
The latest New York City developments to receive LIHTC awards are:
Brooklyn:
· 1921 Cortelyou Road: This new construction project will be developed by Mutual Housing Association of New York (MHANY) in Community Board 14. This project will provide 75 units of affordable housing to the neighborhood. Of those 75 units, 46 will be rented to formerly homeless families. The annual allocation is approximately $1.45 million in 2018 credits;
· Debevoise Apartments: This new construction project will be developed by Arker Cos. in Community Board 1.This project will provide 64 units of affordable housing to the neighborhood. The annual allocation is approximately $1.17 million in 2018 credits;
Bronx:
· Ryer Avenue Apartments: This new construction project will be developed by ACMH, Inc. in Community Board 5. This project will provide 85 units of affordable housing to the neighborhood. Of those units, 52 will be rented to formerly homeless families with mental illness. The annual allocation is approximately $2.6 million in 2018 credits;
· Villa House: This new construction project will be developed by The Doe Fund in Community Board 7. This project will provide 68 units of affordable housing to the neighborhood. Of those 68 units, 41 will be rented to formerly homeless families. The annual allocation is approximately $1.4 million in 2018 credits;
· Mount Hope Preservation Apartments 2A: This preservation project will be rehabilitated by Notias Development and The Mt. Hope Housing Co. in Community Board 5.This project will provide 125 units of affordable housing to the neighborhood. The annual allocation is approximately $1.6 million in 2018 credits;
· Aquinas Apartments: This preservation project will be rehabilitated by the Aquinas Housing Corp. in Community Board 6. This project will provide 86 units of affordable housing to the neighborhood. The annual allocation is approximately $875,000 in 2018 credits;
· Phoenix Estates II: This new construction project will be developed by MHANY in Community Board 2. This project will provide 107 units of affordable housing to the neighborhood. The annual allocation is approximately $2.16 million in 2018 credits;
· Union Avenue Cluster: This preservation project will be rehabilitated by Banana Kelly in Community Board 2 and 3. This project will provide 120 units of affordable housing to the neighborhood. The annual allocation is approximately $750,000 in 2018 credits; and
· Bronxview at Serviam: This new construction project will be developed by Fordham Bedford in Community Board 7. This project will provide 57 units of affordable housing to the neighborhood. The annual allocation is approximately $2.5 million in 2018 credits.
HPD awards housing credits to qualified low-income housing projects in New York City. To be eligible, developments must be substantial rehabilitation or new construction with at least 20% of apartments reserved for low-income households. Low-income is defined as a household with an annual income not more than 60% of the area median income (AMI), or $48,960 per year for a family of three earning. Eligible household incomes may be set lower than 60% of the AMI, depending on the individual project.
"Every person — no matter their age, income, or health status — deserves a safe, stable place to call home. Affordable housing is the key to a happier, healthier life and the cornerstone of a thriving, vibrant community,” said George McDonald, founder and president of The Doe Fund. “We are so proud to work alongside HPD and our development partners to bring more affordable housing to the Bronx and to realize Mayor de Blasio’s vision of a more fair and equitable city for all."
These new projects are being developed under Mayor Bill de Blasio’s accelerated housing plan, Housing New York 2.0, which aims to finance 200,000 affordable homes by 2022 and 300,000 by 2026, enough to house the entire population of Boston.
