Construction financing has been secured by The New York City Housing Development Corporation (HDC), The New York City Department of Housing Preservation and Development (HPD), and Douglaston Development for a 12-story, 277-unit affordable housing complex at 2868 Webster Ave. in the Bedford Park neighborhood of the Bronx. This development, spanning over 250,000 square feet, is the second phase of a two-part project that also includes an affordable senior housing development at 2850 Webster Ave., which opened last fall.
According to Jeffrey Levine, founder and chairman of Douglaston Development: “Following the success of our first project on Webster Avenue that provided much-needed affordable senior housing in this community, we are excited to continue this progress with our next phase aimed towards families.”
The funding for this project includes $83.4 million in tax-exempt bond financing and $17.4 million in subsidies from HDC. HPD has also contributed a subsidy worth $52.6 million through its Extremely Low- and Low-Income Affordability Program while Wells Fargo is providing Low-Income Housing Tax Credits as well as a letter of credit for the development.
Rendering courtesy: Stephen B.Jacobs Group.
