Tishman Speyer’s TS Communities has announced that construction will begin in July on a 13-story, 100% affordable apartment building at Edgemere Commons in Far Rockaway, Queens. The building will feature 237 apartments ranging from studios to 3-bedrooms with 201 units designated as affordable for households earning between 30% and 80% of Area Median Income (AMI). Additionally, 36 apartments are set aside for supportive housing for formerly homeless individuals. The project also includes neighborhood-serving retail and community facility space.
The building is expected to be completed by 2025 which marks the second of eleven all-affordable multifamily buildings planned for Edgemere Commons with a total of 2,050 apartments upon completion. Financing sources include tax exempt bonds, construction debt loans and subsidies along with low income housing tax credits to fund the project.
Tishman Speyer’s TS Communities have started work on their second all affordable residential development at Far Rockaway’s Edgemere Commons featuring 237 studio through three bedroom units plus 36 supportive housing residences when complete in 2025 alongside other amenities such as neighborhood serving retail stores and community facilities spaces funded by various sources including tax exempt bonds, construction debt loans & subsidies along with low income housing tax credits .
