Formerly homeless New Yorkers have a place to call home at Crotona Park in the Bronx.
The affordable and supportive housing development features 60 apartments for extremely low-income individuals. Rents will be kept at or below 30% of the area median income, which is $22,040 a year for a single individual.
Thirty-six apartments are serving formerly homeless individuals with chronic conditions, and 24 are reserved for seniors from the New York City Housing Authority’s (NYCHA’s) wait list.
“We couldn’t be more proud to celebrate this wonderful development, Crotona Park,” says developer George McDonald, founder and president of The Doe Fund. “Our partners in the government and private sectors have been with us every step of the way to bring more affordable and supportive housing to this vibrant and diverse part of the Bronx. Thanks to their collaboration and commitment to improving the lives of New Yorkers in need, residents of Crotona Park can enjoy healthier, happier, and more stable lives.”
Officials recently held a ribbon-cutting ceremony for the $21.1 million development, which was financed largely with low-income housing tax credits (LIHTCs). The New York City Department of Housing Preservation and Development (HPD) provided a $2 million loan and awarded the LIHTCs, which will generate $13.9 million in equity for the development. Raymond James Tax Credit Funds syndicated the housing credits.
Citi Community Capital provided a $16 million loan toward construction financing and a $5 million loan toward permanent financing. NYCHA provided Sec. 8 project-based vouchers for the entire project.
A regulatory agreement with HPD will keep Crotona Park affordable for at least the next 60 years.
The eight-story development has a NY/NY III services contract from a division of the New York City Human Resources Administration, enabling The Doe Fund to provide on-site services, including comprehensive case management, linkages to health care, and other services as needed such as job preparedness, employment training, and drug/alcohol prevention services.
“Affordable and supportive housing units like Crotona Park are a vital part of the fight against poverty and income inequality in New York City,” says Steven Banks, commissioner of the city Department of Social Services. “Stable housing is essential to mental and physical health, and supportive housing services are a proven way to help those who otherwise would be homeless or at-risk of homelessness.”
Designed by DeLaCour, Ferrara & Church Architects, Crotona Park joins the existing portfolio of supportive and affordable housing developments operated by The Doe Fund throughout New York City.
The Doe Fund develops and operates several affordable and supportive housing initiatives for diverse individuals, including low-income seniors and families, people with disabilities, formerly homeless individuals, and those at risk of becoming homeless.
