A Look Back at Our 2019 Capital Investments in New York
Each year, Enterprise invests resources to support our mission of creating and preserving quality affordable homes, and we feel privileged to do so in collaboration with our committed partners in government, housing development, finance, philanthropy, and more.
In 2019, Enterprise New York joined our partners to celebrate three openings and two groundbreakings for new or rehabilitated developments, representing a total of 438 more affordable homes in New York City. Below is a look at these exciting new projects.
Corona Senior Residence, Queens
On May 29, we joined several elected officials, including U.S. Rep. Alexandria Ocasio-Cortez, along with partners HANAC, Inc. and Chase, to celebrate the opening of The HANAC Corona Senior Residence in Corona, Queens. The eight-story affordable development includes 67 studio and one-bedroom apartments, with 21 units reserved for formerly homeless seniors. The development also includes an onsite preschool administered by the NYC School Construction Authority, serving nearly 60 children.
Enterprise’s Role: Originated predevelopment loan; syndicated $12.8 million in LIHTC equity
On October 24, we joined Bronx Pro Group, Fortune Society, and the United Methodist City Society for a blessing ceremony at 1080 Washington Ave in the Morrisania section of the Bronx. The site, formerly home to United Methodist City Society’s Trinity Church, will include 154 affordable homes for formerly homeless and justice-involved seniors. Fortune Society will operate a social services space on the building’s ground floor.
Enterprise’s Role: Originated acquisition/predevelopment loan; syndicated $32 million in LIHTC equity
Jerome Court, Bronx
On October 25, we marked the groundbreaking at Jerome Court in the Mt. Hope section of the Bronx with Bronx Pro Group and Services for the UnderServed. Construction on the 16 story, 175 unit affordable development, with units reserved for formerly homeless individuals, is expected to be completed by December 2021.
Enterprise’s Role: Syndicated $34.6 million in LIHTC equity; contributed $3 million Enterprise grant to project costs
The Jennings, Bronx
On November 6, we celebrated the opening of The Jennings, 42 service-enriched affordable units at 902 Jennings Street in the Crotona Park East section of Bronx. New Destiny Housing Corp. is developing the project, which will include 23 units set aside for formerly homeless survivors of domestic violence.
Enterprise’s Role: Syndicated $14 million in LIHTC equity
East Village Homes, Manhattan
On November 15, we joined Asian Americans for Equality (AAFE ) to celebrate the groundbreaking for the East Village Homes, a mixed-use 14 story development with 44 residential units.
Enterprise’s Role: Provided construction and predevelopment loans; syndicated $10.2 million in LIHTC equity