NEW YORK CITY—Construction has begun on The Grand, three multifamily rental buildings with 138 affordable apartments. Forty-one of the apartments placed within the buildings will be set aside for formerly homeless adults with histories of serious mental illness, and will be permanently supported by rental subsidies and support services. This will be funded by the governor's housing plan, administered by the state's Office of Mental Health. Eight units will receive Section 8 rental assistance administered through the city's Housing Preservation and Development department.
It is the largest ground-up, low cost, tax-exempt bond deal developed by a minority-owned firm since Gov. Cuomo took office. The developer is the Manhattan-based Thorobird Companies. The Association for Rehabilitative Case Management & Housing, Inc., a non-profit supportive housing provider, is also a partner in the project.
The Grand consists of a 52-unit, 43,403 square-foot building at 220 E. 178th St., a 37-unit, 33,601 square-foot building at 225 E. 179th St., and a 49-unit, 51,933 square-foot building at 2195 Morris Ave., all located in the Bronx, according to Thorobird's managing member, Thomas R. Campbell.
“The Grand is the first step to providing one of the city's most economically challenged areas with quality affordable homes,” says Campbell. “We are not in the business of building cinder blocks. We want to create attractive spaces where residents can truly feel a sense of pride and ownership about where they call home.”
“The Bronx is a thriving model for New York and the rest of the country of how safe and decent affordable housing can change lives while enriching neighborhoods,” says Gov. Cuomo.
The total development cost for the project is $65 million. More than $46 million is coming from New York State Homes and Community Renewal, including $32.6 million in tax-exempt, private activity bonds. HCR's Supportive Housing Opportunity Program and Middle Income Housing Program are also providing financing.
The City of New York Department of Housing Preservation and Development is providing $14.5 million. Bronx Borough President Ruben Diaz Jr. is adding $500,000 to the funding, and Councilman Fernando Cabrera and Councilman Ritchie Torres, are both supporting the project with $250,000 each, tapping into the New York City Council Reso A funds.
The Grand is part of Gov. Cuomo's $20 billion, five-year plan to provide permanent and supportive housing, which the administration launched in 2017. It aims to construct and rehabilitate 100,000 units of affordable housing and 6,000 units of supportive housing.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
