202 Aufgang Rendering
January 13, 2021

HCR, NYC Department Of Housing Preservation And Development, And Camba Housing Ventures Announce Closing Of Construction Financing For $164 Million Affordable And Supportive Housing Development In The Bronx

HCR, NYC Department Of Housing Preservation And Development, And Camba Housing Ventures Announce Closing Of Construction Financing For $164 Million Affordable And Supportive Housing Development In The Bronx
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CHV 202nd and 203rd Street Will Create 323 New Sustainable Homes in Bedford Park Neighborhood for Families, Formerly Homeless Households and Seniors

New York State Homes and Community Renewal, New York City Department of Housing Preservation and Development, and CAMBA Housing Ventures today announced the closing of construction financing for a $164 million affordable and supportive housing development to be built in the Bedford Park neighborhood of the Bronx. Known as CHV 202nd and 203rd Street, the pair of buildings will offer 323 homes for families, households experiencing homelessness and seniors in need of supportive services.

HCR Commissioner RuthAnne Visnauskas said, “Despite the challenges brought about by the pandemic, HCR continues to advance Governor Cuomo’s aggressive Housing Plan to provide affordable and supportive housing opportunities and help formerly homeless households live with independence and dignity. We are proud to work with CAMBA Housing Ventures and HPD on a pair of buildings that will provide 323 new energy-efficient apartments in the Bronx. Future residents will benefit from this transit-oriented development that is accessible to health care services and other amenities in the Bedford Park community.”

HPD Commissioner Louise Carroll said “Home has never been more important to the health and well-being of vulnerable New Yorkers, and developments like these, which are affordable, sustainable, and supportive, will improve quality of life for more than 300 low-income households, including the formerly homeless. It’s exciting to see that financial, educational, and psychological social services will be offered to all residents, and I want to thank CAMBA Housing Ventures and all of our partners for making this project possible.”

Joanne M. Oplustil, President and CEO of CAMBA/CHV, said, “The pandemic and economic crisis have shown the world the importance of access to affordable housing. We are extremely grateful to work with our funders, the City, the State, and an industrious development team that understands the urgency to bring more affordable housing to New York. A place to call home is foundational to a healthy, productive life and this idea has been a core principle of CHV’s work since we started developing affordable housing in 2005. We are thrilled to bring our signature mix of high-quality, affordable homes and community social services to the Bronx with CHV 202nd and 203rd Street.”

The two 11-story buildings will be located at 261 East 202nd Street and 270 East 203rd Street. The project is being developed by CAMBA Housing Ventures, an affiliate of CAMBA, Inc., who together provide affordable, sustainable housing and on-site services connecting New Yorkers with opportunities to enhance their quality of life.

Renderings of each building are attached, titled by their street name (203, with pedestrians in front, refers to 270 E. 203rd St., and 202, with no pedestrians, refers to 261 E. 202nd St.).

The new development will provide 194 homes with supportive services for seniors, veterans and individuals and families experiencing homelessness and living with mental illness. There are 129 apartments for families earning between 30 and 80 percent of the Area Median Income.

Ninety-seven households will benefit from an Empire State Supportive Housing Initiative award through a contract with the New York State Office of Mental Health. An additional 97 households will benefit from the New York City 15/15 Congregate Supportive Housing Services Program under a contract with the New York City Human Resources Administration.

On-site social services will be available to all residents and include economic development services, education and youth development programming, family counseling and support, nutrition services, independent living skills, mental health care, substance abuse services and financial workshops.

In addition to access to CAMBA’s comprehensive continuum of social services, tenants at CHV 202nd and 203rd Street will enjoy a landscaped courtyard, 24/7 front desk security, local art and sculptures, six tenant parking spaces, and access to a computer room, resident teaching kitchen, laundry and fitness rooms. Designed by Aufgang Architects, the buildings will meet the standards of the ENERGY STAR Multifamily High-Rise Program and LEED Gold and will be equipped with energy efficient light fixtures and appliances to reduce energy consumption and tenants’ utility costs. Located near public transportation, medical, social service and educational facilities, the development will contribute to the overall revitalization efforts in Bedford Park

Support for the $164 million development includes $25.8 million in permanent tax-exempt bonds. Low-Income Housing Tax Credits that will generate $55.6 million in equity, and $30.6 million in subsidy from New York State Homes and Community Renewal.  The New York State Office of Temporary Disability Assistance is providing about $8.2 million from the Homeless Housing Assistance Program. New York City’s Department of Housing Preservation and Development is providing $30.6 million from the Supportive Housing Loan Program.  Financing for the project also includes $13.8 million in other sources, including developer equity. The Letter of Credit and Tax Credit equity is provided by Bank of New York Mellon and RBC Community Investments is the Tax Credit Syndicator.

Construction is projected to be completed in early 2023. CHV, CAMBA, Bolivar Builders, and the entire development team are committed to identifying local hiring opportunities and ensuring the development has a positive local economic impact during and after the construction period.

Governor Cuomo’s commitment to providing all New Yorkers with access to safe, affordable housing is reflected in the state’s unprecedented $20 billion, five-year Housing Plan. The plan makes housing accessible and combats homelessness by building or preserving more than 100,000 affordable homes and 6,000 with supportive services. Since 2011, New York State Homes and Community Renewal has invested more than $1.3 billion that has created or preserved more than 15,200 affordable homes in the Bronx.

Office of Temporary and Disability Assistance Commissioner Mike Hein said,"Supportive housing is a key component in our efforts to ensure those who experience homelessness can achieve and maintain stable homes. When completed, the CAMBA Housing Ventures project will provide homes and supportive services to individuals and families in the Bedford Park area of the Bronx, including the elderly and those who suffer from serious mental illness. This funding --among the largest awarded from the Homeless Housing and Assistance Program --is a reaffirmation of Governor Cuomo's strong commitment to ensuring all New Yorkers have a safe, stable place to live."

Senator Jamaal Bailey said, “Access to affordable housing is an ongoing crisis across the state. Projects like these are crucial in order to allow more New Yorkers access to a safe and habitable place to live. I would like to thank New York State Homes and Community Renewal, New York City Department of Housing Preservation and Development and CAMBA Housing Ventures for the construction of this affordable and supportive housing development.”

Assembly Member Jose Rivera said, “This is a prime example of the benefits to our community when the state, city and private sector focuses their energy on affordable housing and reducing homelessness. I congratulate the dedicated professionals and will be glad when the application process opens for what will be an opportunity to remain in the neighborhood they know and love.”

Bronx Borough President Ruben Diaz Jr. said, "Keeping the Bronx affordable, and the development of new affordable housing units, has been a priority of mine from the day I first took office. The closing of construction financing for this $164 million affordable and supportive housing development in the Bedford Park neighborhood is a tremendous step in the right direction. I want to thank those who made this possible, and I look forward to the day many Bronx residents will have a new place they can call home."