Nonprofit developer Westhab has secured needed financing to build the Dayspring Commons Campus in Yonkers, N.Y.
The $35.3 million financing from TD Bank will help the organization address homelessness and affordable housing needs in the community. The bank announced that its commercial real estate business is providing a $19.5 million letter of credit as well as a $15.8 million in low-income housing tax credit equity to develop the six-story, 63-unit residential building and community center.
The adjacent lot will provide the community with a food pantry, child care, a kitchen for cooking lessons, a fitness room, a library, and additional amenities.
The residential building includes 37 units for formerly homeless, special-needs individuals, who will receive on-site supportive services. These apartments will receive rental assistance via the New York State Office of Temporary and Disability Assistance through the governor's Empire State Supportive Housing Initiative. The remaining apartments will be rented to individuals earning up to 50% of the area median income.
"Dayspring Commons will bring affordable housing and supportive services to formerly homeless families and individuals in Westchester County," said Phyllis Reich, vice president of TD Bank Community Capital Group, in a statement. "The resources provided will help integrate these residents into the community successfully."
Westhab has created 912 units of affordable housing since its founding in 1981. It helps communities with underserved seniors, young adults, veterans, people with disabilities, and the formerly incarcerated.
"TD Bank's investment in Dayspring is helping our vision become a reality," said Richard Nightingale, president and CEO of Westhab. "The Dayspring campus will become both a central community anchor as well as a catalyst for additional investment in this neighborhood.”