TD Bank announced it has closed on an $18.4 million construction loan to help build housing for low-income seniors and very low- and moderate-income families in New York City.
The 111,000-square-foot building is being developed by MHANY Management (MHANY) and We Stay/Nos Quedamos (Nos Quedamos) and is the second phase of Phoenix Estates, a new eight-story, mixed-use building in the Hunts Point neighborhood of the Bronx.
The latest 180-unit phase will include a common laundry area, a garden, a bicycle storage, and recreation space. The first floor will be a dedicated community facility, which will be used to host classes, including financial literacy programs, for residents.
While the building will replace Bedrock Park, an underutilized park, several thousand feet of open space will be preserved and rebuilt for passive recreational resident use, according to officials.
“TD Bank is proud to collaborate with MHANY and Nos Quedamos on this very important development that will provide much-needed affordable housing for the most vulnerable in our society,” said Gloribel Cruz, vice president at TD Bank. “This development will be more than a building and public park—it will be a space where the community can continue to develop and thrive, and it will contribute to a larger initiative to revitalize this neighborhood and enhance its economic growth.”
The housing development is also receiving a $14 million investment from the city of New York. Construction has started and is expected to be completed by 2020.
MHANY is a nonprofit community and housing organization committed to promoting, developing, and managing affordable housing throughout New York City.
“TD Bank has been a financial supporter of MHANY for more than 10 years, promoting our mission to increase affordable housing opportunities for low- and moderate-income seniors and families in New York,” said Ismene Speliotis, MHANY executive director. “This is more than building affordable housing units. For us, this is about building community and creating and supporting a place that offers comprehensive services with culturally rich programming that will benefit local residents and nourish the community for generations to come.”
Formed by a coalition of Bronx residents and business owners, Nos Quedamos is a nonprofit community development corporation that has been a leader in the engagement of community residents in the design and implementation of projects and strategies to support sustainable growth and development, both in terms of infrastructure, supportive services, and advocating for low-income families in the South Bronx for the past 25 years.
“We want to see the South Bronx continue to flourish and this housing development will create new affordable homes and recreational space for over one hundred seniors and local families,” said Jessica Clemente, Nos Quedamos president and CEO.
This project also reinforces TD Bank’s recent launch of The Ready Commitment, a multi-year program designed to open doors and create a more inclusive place through community giving in four areas— financial security, vibrant planet, connected communities, and better health.
