Construction financing has been secured for a new affordable housing development in the Bedford Park neighborhood of the Bronx. The project, located at 2868 Webster Ave., is a joint effort between The New York City Housing Development Corporation (HDC), The New York City Department of Housing Preservation and Development (HPD), and Douglaston Development. This 12-story, 277-unit multifamily building will cover approximately 250,000 square feet.
This development marks the second phase of an affordable housing project that also includes another building at 2850 Webster Ave., which opened last fall with 188 units for seniors. According to Jeffrey Levine, founder and chairman of Douglaston Development, this new phase will continue to address the need for affordable housing in the community.
Funding for this project comes from various sources including $83.4 million in tax-exempt bond financing and $17.4 million allocated by HDC as subsidies. HPD has also contributed with a subsidy worth $52.6 million through their Extremely Low- and Low-Income Affordability Program while Wells Fargo is providing Low-Income Housing Tax Credits as well as a letter of credit.
The Stephen B.Jacobs Group has provided renderings showcasing what can be expected from this upcoming development.
