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Douglaston Secures Financing for Phase 2 of Bronx Affordable Development

Douglaston Secures Financing for Phase 2 of Bronx Affordable Development

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.

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