Kingsbridge Heights Apartments
May 22, 2019

HCR, NYC HPD and Partners Announce Opening of $70.5 Million Affordable and Supportive Housing Development in the Bronx

HCR, NYC HPD and Partners Announce Opening of $70.5 Million Affordable and Supportive Housing Development in the Bronx

 40 Apartments Reserved for Formerly Homeless Families

May 22, 2019 – New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas, Deputy Mayor Vicki Been, New York City Department of Housing Preservation and Development Commissioner Louise Carroll, B&B Urban, L+M Development Partners and the Center for Urban Community Services today announced the opening of Kingsbridge Heights Apartments, a $70.5 million affordable housing development along the Jerome Avenue corridor in the Kingsbridge Heights neighborhood of the Bronx. The development includes 135 apartments for families and individuals with 40 apartments reserved for formerly homeless families in need of support services. The building also includes over 1,200 square feet of ground floor retail space.

HCR Commissioner RuthAnne Visnauskas said, “Kingsbridge Heights Apartments is giving formerly homeless families the opportunity and support they need to get back on their feet. By reducing homelessness, providing safe, affordable homes for families, and adding new ground floor retail space, we are building a stronger community and more robust economy in the Bronx.” 

The Governor'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. The plan is a comprehensive approach to statewide housing issues and includes multifamily and single-family housing and community development. Since 2011, New York State Homes and Community Renewal has invested more than $1 billion in the Bronx that has created or preserved affordable housing for more than 39,000 people.

Located at 2700 Jerome Avenue, Kingsbridge Heights Apartments is a newly constructed 13-story building with 32 studios, 35 one-bedroom apartments, 45 two-bedroom apartments and 24 three-bedroom apartments. Most of the apartments are affordable to households earning at or below 60 percent of the area median income with 25 reserved for households earning at or below 90 percent of the area median income. There is one apartment reserved for a building superintendent. 

Forty apartments are reserved for formerly homeless families. Support services for these households will be provided by the Center for Urban Community Services and include individual case management, mental health and substance abuse management as well as educational and workforce development services.

Amenities at the Kingsbridge Heights Apartments include a 24-hour attended lobby, a community room equipped with computers and children’s library, a fitness room, laundry facilities and landscaped rear yard with a children’s playground, all of which afford residents furnishings more commonly found in market-rate projects. The building also includes 17 parking spaces for residents.

The building is a short walk from multiple subway stations and the Metro North Fordham Road station. Residents will have easy access to several nearby parks, Lehman College, Fordham University, the James A. Peters VA Medical Center, the New York Botanical Garden and the Bronx Zoo. It is also near Fordham Road, one of the Bronx’s major commercial corridors.

The development was designed to comply with the New York State Energy Research and Development Authority’s Multifamily Performance Program guidelines.  Energy efficient features include EnergyStar appliances, LED lighting and low-flow water fixtures throughout the building, and 165 rooftop solar panel modules with a total capacity of 56.9 kW.

The Kingsbridge Heights Apartments was financed with support from City and State agencies. State financing for the $70.5 million project includes $10.75 million in permanent tax-exempt bonds, federal Low-Income Housing Tax Credits, State Low-Income Housing Tax Credits and Federal Solar Tax Credit that generated $27.2 million in equity, and an additional $15.5 million in subsidy from New York State Homes and Community Renewal. NYSERDA awarded approximately $160,000. The New York City Department of Housing Preservation Development provided $10.9 million in capital financing through its Extremely Low & Low-Income Affordability Program. Citi Community Capital provided credit enhancement for the tax-exempt bonds and Raymond James is the tax credit syndicator. The project was developed by B&B Urban in partnership with L+M Development Partners and CuCS. 

Alicia Barton, President and CEO, NYSERDA, said, “NYSERDA is proud to help provide safe, affordable spaces for vulnerable New Yorkers through measures that meet the state’s energy and climate goals under Governor Cuomo. Energy efficiency measures at Kingsbridge Heights will help residents enjoy comfortable and quality living spaces along with access to valuable support services.

NYC Deputy Mayor Vicki Been said, “Through Housing New York, the affordable housing we are producing at record pace is serving more of the city’s most vulnerable. This dynamic new development provides 135 households, including 40 formerly homeless families and individuals the opportunity and supportive services they need to thrive. I want to thank B&B Urban, L+M Development Partners, Center for Urban Community Services, and all our partners and elected officials for their commitment to making New York a fairer and more inclusive city. Most importantly, I want to offer a warm 'welcome home' to the residents of Kingsbridge Heights Apartments.”

HPD Commissioner Louise Carroll said, “Through Housing New York, we are working to reach more of the lowest income New Yorkers as well as households struggling with homelessness. With the opening of Kingsbridge Heights Apartments, 136 families, including 40 formerly homeless New Yorkers, now have the stability and opportunity that an affordable home represents. I’d like to thank HCR, L+M Development Partners, B+B Supportive, CUCS, and all our partners for making this dynamic new development possible.”

Senator Gustavo Rivera said, "The Kingsbridge Heights Apartments will be a welcome addition towards our effort to build more affordable housing in The Bronx. This $70.5 million energy efficient housing project will provide low-income families with an affordable place to live and formerly homeless families with the housing and supportive services they need to successfully achieve long-term stability. I commend the City and State agencies involved and the Center for Urban Community Services for working to help some of the most vulnerable New Yorkers thrive."

NYC Council Member Fernando Cabrera said, “Today is a great day in New York City for affordable housing. The new Kingsbridge Heights Apartments is a stunning example of what we can accomplish when the city, state and private sector work together to end homelessness and provide quality affordable housing for New Yorkers. With a mix of unit sizes, and 30% of the apartments allocated to formerly homeless families, this new development features, energy and water conserving technology, as well as supportive services, play area, parking and retail for residents.  It has been well planned to be accessible to public transit, retail, parks, and other amenities.  I’m proud to have this development in my district.”

Alan Bell, Principal at B+B Urban, said, “The completion of the mixed income Kingsbridge Heights Apartments demonstrates that the City’s most urgent housing needs can be addressed – providing new housing for formerly homeless families – while also addressing the broader needs of the local community for affordable housing for low and middle income households. And sound planning principles have been followed by locating this much needed housing close to vibrant retail and community services, subways, schools and parks.”

Ron Moelis, CEO and Co-founder of L+M Development Partners, said, "The Kingsbridge Heights Apartments is a true example of the power and benefits of public-private partnership, as 135 families--including 40 formerly homeless families--will now have a quality home in a great neighborhood. With supportive services provided on-site by CUCS, the Kingsbridge Heights Apartments will be a welcoming place for those who have hit recent struggles. We thank NYSHCR and NYC HPD, as well as our non-profit partners for their tremendous efforts on this project and for helping us reach this milestone."

Tony Hannigan, CEO and Founder, said, “This development achieves many ideals, including an admirable tenant mix of formerly homeless, very low-income and moderate-income families. CUCS is proud to be a partner in the project and have the opportunity to help families reclaim stability and be healthy.”

Matthew Bissonette, Director at Citi Community Capital, said, “Citi is proud to be part of the financing team.  One of the most encouraging aspects of Kingsbridge Heights Apartments is the number of units set aside for formerly homeless families.  It is our hope that the structure developed here by B&B and our governmental partners will serve as a template to provide for many more such units across the city and state to address the critical needs of these families.”