Work has gotten underway on 1755 Watson, a new affordable housing development that will bring 326 new affordable apartments to the Soundview neighborhood of the Bronx.
The New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC) joined officials from Azimuth Development, Hudson Housing Capital, Citi Community Capital, Joy Construction, and the Bronx Pentecostal Deliverance Center to celebrate the start of construction last week.
“Through unprecedented investment and innovative new policies, this administration is producing new affordable housing at record pace, and ensuring that more of that housing serves the lowest income New Yorkers,” said HPD Commissioner Maria Torres-Springer.
“In partnership with the Bronx Pentecostal Deliverance Center, this dynamic new development will bring 326 new affordable homes – forty percent of which will be permanently affordable — as well as community and retail space to the Soundview neighborhood of the Bronx.
“I congratulate all our partners on this important milestone, and look forward to bringing this project across the finish line so even more New Yorkers have access to a quality, affordable home.”
Once complete, the development will include a range of studio to three-bedroom homes across three buildings, and two superintendent’s units.
The financing agreement guarantees permanent affordability on 131 apartments, approximately 40 percent of the total units, with 82 of these made possible under the City’s Mandatory Inclusionary Housing (MIH) program and the remainder under the Regulatory Agreement.
Making use of land formerly occupied by the Bronx Pentecostal Deliverance Center, this project will create affordable housing serving a wide range of household incomes from formerly homeless to extremely-low, very-low, and low-income households, as well as more moderate income individuals and families.
The project will also include approximately 16,500 s/f of commercial space, in addition to 125 new parking spaces that will be available to rent by both residents and the general public.
The church will also be constructing a brand new church facility at a separate and adjacent site.
The project is made possible through more than $131 million in public and private investment and financed under the City’s ELLA Program.
HPD contributed more than $45 million in City subsidy and HDC provided approximately $46 million in tax-exempt bonds, in addition to $15 million in corporate reserves.
The project also benefits from Low Income Housing Tax Credits, which generated $33 million in tax credit equity.
Hudson Housing Capital acted as the tax credit syndicator and Citi provided a standby letter of credit.