Enterprise Syndicates $32 Million for Senior Housing in the Bronx
Enterprise is proud to partner with New York State Homes and Community Renewal (HCR), the New York City Department of Housing Preservation and Development (HPD), the Fortune Society, Bronx Pro Group, and the United Methodist City Society (UMCS) on a new $82 million deal to create affordable and supportive housing for seniors in the Bronx.
The 12-story building will be located at 1080 Washington Avenue in the Morrisania neighborhood of the Bronx on church land that has been owned by UMCS since 1890. The development will include 57 studio units for formerly homeless seniors with criminal justice involvement and 96 apartments reserved for households earning 50% of the area median income or less.
Bronx Pro Group will be responsible for the development, construction, and management of property. The Fortune Society will operate a social services space in the building and provide support for the formerly homeless, justice-involved seniors, including on-site counseling, peer support to assist with re-entry and recovery, and case managers to help tenants remain stably housed and healthy. The building will also be designed to meet the Enterprise Green Communities Criteria and the guidelines set by the ENERGY STAR Multifamily High Rise Program.
To finance the development, Enterprise syndicated $32 million in equity through the Low-Income Housing Tax Credit (LIHTC). New York State Homes and Community Renewal provided $16 million in permanent tax-exempt bonds and $13.6 million in subsidy. Additional funding was provided through HPD’s Senior Affordable Rental Apartments (SARA) program. Supportive service funding will be provided by the New York State Office of Temporary and Disability Assistance through the Governor’s Empire State Supportive Housing Initiative (ESSHI).