NEW YORK CITY-A trio of Bronx housing developments totaling nine buildings will receive $163 million in funding through New York State Housing Finance Agency issuance of $156 million in bonds and $7 million of low-income housing tax credits. As part of the refinancing, which will fund maintenance and capital improvements, the properties will remain in the state's Mitchell-Lama affordable housing program for 40 more years.
The funding is part of the Cuomo administration's House New York initiative, which Gov. Andrew Cuomo has called “the state's largest investment in affordable housing in over a decade.” Via the initiative, $1 billion in state funds will go toward building and maintaining affordable housing across the Empire State.
The three projects are Bronx Park Phase I South East, Bronx Park Phase II South West and Bronx Park Phase III North West. Among them, the three complexes total 1,276 apartments.
Earlier this year, Cuomo announced the transfer of the Empire State Development Corp.'s 8,628-unit Mitchell-Lama portfolio to the state Division of Homes and Community Renewal. “HCR is well-equipped to manage this important asset, and can now begin the task of preserving affordability and transforming aging Mitchell-Lama units back into safe homes that will continue to serve the needs of middle-class families and communities for generations to come,” the governor said at the time.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
