“It has been deeply gratifying to work on the deployment of capital on a project that allows homeless families to live in dignity,” says Mathew Wambua, EVP at Merchants Capital. “Projects like 267 Rogers allow the Merchants Capital team to be creative and innovative in solving problems and seeking new financial strategies and structures to solve those problems while serving an immediate need right here in our community.”

The property was originally built as a 165-unit multifamily development with the 80 (market-rate)/20 (affordable) structure. However, instead of renting 80% of the units to market-rate tenants, with the Department of Homeless Services and Samaritan Daytop Village the entire facility will provide affordable housing. Of all units, 80% are reserved for transitional housing and the remaining 20% are set aside for families earning 60% of the area medium income or below.

In April 2016, Mayor Bill de Blasio restructured administrative offices, placing the Department of Homeless Services and the Human Resources Administration under the commissioner of the Department of Social Services.

In addressing homelessness, the mayor plans to replace the 360 scattered apartment sites and commercial hotel facilities with approximately 90 new multifamily, transitional housing shelters. New York City plans to open approximately 20 such facilities each year over the next five years, launching about 90 new shelters. The 267 Rogers development is one of the first multifamily transitional housing developments created as part of the mayor's plan.