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October 18, 2022

Governor Hochul Announces Completion of $51 Million Affordable Housing Development in the Bronx

Governor Hochul Announces Completion of $51 Million Affordable Housing Development in the Bronx
Tremont Residences Brings 119 New Affordable Apartments to West Farms, Including 71 Residences with Support Services

Governor Kathy Hochul today announced the completion of Tremont Residences, a $50.6 million affordable housing development in the West Farms area of the Bronx. The new 119-apartment development offers onsite services for people experiencing homelessness who need support to live independently.

"The completion of this 119-unit development means that dozens of Bronx residents and families will have a safe, stable place to call home and the wraparound services they need to thrive," Governor Hochul said. "This project complements our $25 billion housing plan by not only providing high-quality affordable housing but also creating strong, vibrant, and resilient communities."

Tremont Residences complements Governor Hochul's sweeping plans to make housing more affordable, equitable, and stable. In the FY 2023 State Budget, the Governor introduced and successfully secured a new $25 billion, five-year, comprehensive housing plan will increase housing supply by creating or preserving 100,000 affordable homes across New York including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.

Tremont Residences has 95 studio, 14 one-bedroom, and 10 two-bedroom apartments that are affordable to households with incomes between 30 and 60 percent of the Area Median Income.

The developers, Camber Property Group and Slate Property Group, partnered with Westhab, Inc. to provide on-site support services for 71 households funded through an Empire State Supportive Housing Initiative award administered by the New York State Office of Mental Health. Services include case management, job readiness, placement, retention, referrals, and mental health services. Rental subsidies for the units are also included under the Empire State Supportive Housing Initiative funding from the Office of Mental Health.

A vacant single-story retail building was demolished to make way for the 11-story new building. The development's amenities include a social services office suite for residents, landscaped outdoor recreational space, full-time security, a 1,300-square-foot community room, fitness center, computer lab, reading lounge, bike storage, and laundry rooms on each floor.

The ground floor houses a 6,500-square-foot commercial space that is owned by a third party and is currently available for rent. The project is in a mixed-use, transit-rich area, near medical facilities, schools, shopping, and within walking distance of Crotona Park and Bronx Park, the Botanical Garden, and Fordham University.

Tremont Residences meets Enterprise Green Communities Standards and includes Energy Star appliances, solar panels, water conserving fixtures, low-VOC finishes, and coated windows. Insulation and roof coating and materials are designed to be energy efficient.

State financing for Tremont Residences includes $8.4 million in permanent tax-exempt bonds, Federal Low-Income Tax Credits that will generate $17.3 million in equity, and $20.5 million in subsidy from New York State Homes and Community Renewal. OMH Is providing nearly $1.8 million in annual ESSHI operating funding for the supportive housing and a total of $479,544 in Program Development Grant funding.

In the last five years, New York State Homes and Community Renewal has invested more than $1 billion to create or preserve nearly 7,500 affordable apartments in multifamily buildings in the Bronx.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "The new $51 million Tremont Residences with its 119 affordable apartments is proof of the state's ongoing commitment to improving quality of life in the Bronx. Every development that we invest in through Governor Hochul's housing plan revives and strengthens neighborhoods and provides new opportunities for residents to live in affordably in the borough they call home. Thanks to our partners, the Tremont Residences offers supportive services to 71 individuals who are no longer facing homelessness and are instead on a path to a more stable and rewarding future."

New York State Office of Mental Health Commissioner Ann Sullivan said, "The 71 supportive housing units in Tremont Residences will provide a welcoming home, stability and security to individuals living with mental illness. In addition to providing mental health services, trained staff will help residents find and retain employment, manage their finances, connect with support groups, and further their education. In short, residents will be given the opportunity to live full and productive lives their community. OMH is very proud to partner with HCR and provide our support to Tremont Residences."

State Senator Luis R. Sepulveda said, "Every new home in our Bronx community brings us happiness. Tremont Residences is not just housing, it is not just a building. Today I was present at their ribbon cutting ceremony and heard from some of their residents the same phrase, 'Now I have a home.' As a Senator I can explain all that the process of having these developments represents, I can explain how important and how it changes our communities for the better, but there is no better explanation of my joy and the impact this has on the life of a person when they say they have a home. I thank all those responsible for making this dream a reality, government offices and the private sector, and most particularly New York State Homes and Community Renewal."

Assemblymember Karines Reyes said, "Tremont Residences is a prime example of the type of housing we need more of in this city. Providing permanent and affordable housing for the formerly homeless is a vital lifeline that not enough people have access to. Camber Property Group, Slate Property Group and Westhab have created an incredible community where residents of Tremont can feel at home. As an advocate for affordable housing, I strongly believe a home, in our borough and in our city, should be a standard not a privilege."

Bronx Borough President Vanessa L. Gibson said, "Every New Yorker has a right to affordable, quality, and safe housing that enhances their lives and builds strong communities. As we work to combat our current homelessness crisis, I am grateful that the Tremont Residences will provide mixed-use supportive housing, wrap-around services, and amenities to meet the needs of our most vulnerable residents. I want to thank Governor Hochul, New York State Homes and Community Renewal, the New York State Office of Mental Health, Camber Property Group, Slate Property Group, and Westhab, Inc. for their commitment to reducing housing insecurity in our borough."

New York City Councilmember Rafael Salamanca said, "At a time when the city's need for permanent housing for the formerly homeless has reached a critical juncture, the news that the Tremont Residences will be opening its doors to vulnerable New Yorkers and low-income families is greatly welcomed by the community. With units being marketed at under 60 percent AMI and wrap-around services for those residents who need extra assistance, Tremont Residences will be an oasis for New Yorkers. I thank Camber Property Group, Slate Property Group and Westhab, Inc., for their continued partnership in building dignified affordable housing for those individuals and families who need it most."

David Schwartz, Co-Founder and Principal of Slate Property Group, said, "For New Yorkers to thrive, we need to make sure they have access to the high-quality affordable housing they deserve and the supportive services and resources that can help our most vulnerable neighbors succeed. The Tremont Residences is an impressive example of that vision. We deeply appreciate Westhab, Camber Property Group, our government partners and all the local leaders who helped make these new homes and services a reality. We're especially grateful to the new residents of Tremont Residences who embody everything that makes the Bronx a vibrant, resilient community — welcome home."

Rick Gropper, Principal at Camber Property Group, said, "Tremont Residences is a remarkable collaboration of civic-minded developers and service providers that delivers much-needed affordable housing and wraparound supportive services to residents who need it the most," said. "Every corner of our city must be part of the solution to the housing crisis, and I am proud to have worked with Slate, Westhab, HCR, elected officials and other community stakeholders to bring so many new affordable homes to The Bronx."

Richard Nightingale, President and CEO of Westhab, Inc., said, "Westhab is proud to be a part of the Tremont Residences development team that is delivering 119 units of high-quality permanent affordable housing to the community, including 71 units of fully integrated supportive housing for formerly homeless households. Westhab is excited to deliver ongoing support services to the tenants to ensure that all of our residents thrive in permanent housing."