Real Estate Weekly
Image default
Construction & Design Debt & Equity Featured

NYCHA bangs out another affordable housing deal with private developer

The New York City Housing Authority (NYCHA), New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC) announced today the closing of Twin Parks Terrace, a 182-units affordable housing development in the Bronx on NYCHA-owned land.

Construction is anticipated to start in January 2021.

Twin Parks Terrace is a new construction project which will consist of 181 affordable rental units and one superintendent unit on Webster Avenue between East 183rd Street and East 184th Street in the Fordham Heights section of the Bronx.

The project site is currently a parking lot adjacent to the Twin Parks West Houses development, which underwent a conversion in 2018 through NYCHA’s Permanent Affordability Commitment Together (PACT) program.

“Today’s announcement is just the latest example of the Authority’s commitment to creating affordable housing at a time when communities across New York City have a dire need for it,” said NYCHA Executive Vice President for Real Estate Development Jonathan Gouveia. “We look forward to working with our many partners to make this exciting project a reality.”

The 14–story, 182–unit Twin Parks Terrace project was designed by Danois Architects and will be developed by Settlement Housing Fund and Joy Construction.

The project includes 41 studio apartments, 77 one-bedroom apartments, 56 two-bedroom apartments, and 7 three-bedroom apartments as well as one superintendent unit. Additionally, there is 10,489 gross square feet of commercial space and 1,883 gross square feet of community facility space. Social services will be provided by BronxWorks.

Rendering via Danois Architects

The residential units will be affordable to residents from 30% to 80% of the Area Median Income (AMI) for a period of 99 years, with 46 units set aside for homeless households. NYCHA residents will be given preference for 34 of the total units available.

Amenities include a laundry room, outdoor playground, meeting rooms, children’s playroom, recreation room, fitness room, and bike storage. Solar photovoltaic panels will be positioned on the roof. The project also boasts a mural partnership with Groundswell, a group that implements a community process to design a mural focused on a social justice issue with a local artist. The mural will be painted by neighborhood children. The development team will work with BronxWorks to train NYCHA residents in relevant construction skills and hire residents throughout the construction process.

Financing for this $81 million Low Income Housing Tax Credit (LIHTC) project includes bond financing from HDC, $15.6 million in subsidy from HPD’s Extremely Low & Low-Income Affordability (ELLA) program, and Reso A funds in the amount of $1 million from Council Member Ritchie Torres and $500,000 from Bronx Borough President Ruben Diaz Jr.

NYCHA has been churning out projects under the its Permanent Affordability Commitment Together (PACT) program to repair and preserve more than 4,400 units in Brooklyn, Manhattan, and the Bronx.

By allowing developers to build on its land, the Authority is aiming to unlock the funds necessary to address critical repairs and social service needs for more than 10,000 residents living at NYCHA campuses across the three boroughs. NYCHA enters into ground leases with the developers, who become the property managers responsible for all maintenance and upgrades while the property remains affordable.

(Visited 1 times, 4 visits today)

Related posts

JLL arranges $60M refi’ for Jersey apartment tower

REW

JLL thinking inside the box when it comes to new office normal

REW

New CEO takes reins at Mack-Cali

REW