Dunn Development Corp. announced the closing of financing for Austin 147, a residential new construction building that will feature 80 units of supportive and affordable rental housing for low and moderate-income families.
Located at 880 East 147th Street at the corner of Austin Place in the Mott Haven section of the Bronx, the 11-story Austin 147 broke ground last week, with completion anticipated in Summer 2021.
The $37 million project is funded through a variety of public and private financing sources, including a bank construction loan from JP Morgan Chase with participation from Capital One.
Tax credit equity funding comes from the New York State Homes and Community Renewal’s Low Income Housing Credits and State Low Income Housing Credits through an investment from Capital One syndicated by Hudson Housing Capital.
New York State Homes and Community Renewal will provide a subordinate loan under its Supportive Housing Opportunity Program.
Additional operating subsidies for the property’s 40 supportive housing units is provided by the New York State Office of Mental Health through a contract with CAMBA, the nonprofit support services provider for the supportive housing units, through the Empire State Supportive Housing Initiative (ESSHI).
The project also benefited from a rezoning that allowed for increased density under New York City’s Mandatory Inclusionary Housing program and a real estate tax exemption under the 420-c program, each implemented by the New York City Department of Housing Preservation and Development.
“Austin 147 will not only provide deeply and broadly affordable housing along with on-site support services, but the building will be a beautiful and highly visible addition to the Bronx skyline,” said Martin Dunn, president of Dunn Development Corp.
Austin 147 will contain 40 units dedicated to formerly homeless adults and families with special needs and tenant amenity spaces including a community room, computer room/library, exercise room, outdoor garden, patio, children’s play area and a landscaped roof terrace, as well as on-site social services offices and 24-hour staffing provided by CAMBA.
The building design by SLCE Architects will feature a ten-story mural on the façade facing the Bruckner Expressway.