HDC and HPD Join Omni New York to Celebrate the Completion of a New 154-Unit Affordable Housing Passive House Development in the Bronx
The 15-story new construction is the second phase of the Morris Avenue development located in the Melrose neighborhood of the Bronx
46 of the units are dedicated to formerly homeless households, half of which will be permanently affordable
Bronx, NY – The New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC) joined Omni New York and others today to celebrate the completion of Park Avenue Green, a new 154-unit affordable passive house development in the Melrose neighborhood of the Bronx.
“Through the Mayor’s ambitious housing plan, we’re building for the city of tomorrow, harnessing cutting-edge Passive House standards to ensure homes aren’t just affordable but sustainable far into the future. Park Avenue Green brings 154 beautiful new beautiful homes that are affordable to low and extremely low-income households, including formerly homeless families,” said HPD Commissioner Maria Torres-Springer. “I want to congratulate HDC, Omni, and all our partners on a job well done, and wish a warm welcome home to the new residents at Park Avenue Green.”
“I am proud to celebrate the completion of Park Avenue Green, a Passive House development that truly embodies the spirit of the Mayor’s plan to create a more equitable and sustainable city,” said HDC President Eric Enderlin. “Congratulations to Omni and all our project partners for bringing 154 new affordable homes to the Melrose community so that New Yorkers at a range of incomes, including 46 formerly homeless households, will have greater security and opportunity for years to come.”
“Lack of access to affordable housing continues to be a challenge in the Bronx. This important project will make available more than a hundred affordable housing units to low-income and homeless families in the Melrose neighborhood of the Bronx. I applaud Mayor de Blasio for his continued effort to expand access to affordable housing in the Bronx and the rest of New York City,” said Congressman Serrano.
Park Avenue Green includes a mix of studios, one, two and three bedroom units with rents affordable to very low and low income households. In addition, there are 46 units reserved for formerly homeless households - half of which are permanently affordable.
The mixed-income development located at 2980 Park Avenue is the second and final phase of Omni New York’s Morris Avenue affordable housing development. The first phase of development is located on an adjacent tax lot at 655 Morris Avenue and completed construction in 2016, offering 175 low and moderate income affordable homes including housing for formerly homeless veterans.
“We want to thank the teams at HDC and HPD for their ongoing support of this project. It is their hard work and dedication which makes it possible to provide much needed affordable housing to the residents of New York City,” said Eugene Schneur, Managing Director of Omni New York LLC.
Maurice Coleman, Senior Client Manager for Community Development Banking at Bank of America Merrill Lynch, said, "We're very pleased to have provided $58.6 million in debt financing and tax credit equity investment to Omni New York for the construction of its 154 unit affordable and supportive housing development in the Bronx, NY. Bank of America has made a 10-year, $1.5 trillion commitment to community development lending. This project is yet another example of our involvement in helping to create affordable housing while revitalizing neighborhoods."
Park Avenue Green was designed, using sustainable materials throughout, to Passive House standards incorporating, among other things, an Energy Recovery Ventilation System, a Variable Refrigerant Flow HVAC System, solar panels and a Co-gensystem to efficiently generate heat and electricity on-site. Additionally, all units include water saving energy efficient appliances and light fixtures which will result in significant savings in operating costs. The building also includes an approximately 4,600 square foot community facility space which has been leased to Spaceworks NYC, Inc., serving the needs of local artists. The facility contains 15 solo practice art studios, a community project space and an exhibition space. Park Avenue Green also includes recycling and bicycle rooms and a state of the art security camera system.
The project was financed through more than $67.73 million in public and private investment utilizing HDC and HPD’s Extremely Low and Low-Income Affordability Program (ELLA) and HPD’s OurSpace Initiative. HDC provided $29.61 million in tax-exempt bonds and $10.01 million in corporate reserves. HPD provided approximately $19.5 million in City subsidy. The project benefits from low-income housing tax credits (LIHTC) resulting in a total of $28.57 million in tax credit equity. Bank of America was the tax-credit investor and provided the letter of credit. Alliant Capital served as tax credit syndicator.
The New York City Housing Development Corporation (HDC) The New York City Housing Development Corporation (HDC) is the nation’s largest municipal Housing Finance Agency and is charged with helping to finance the creation or preservation of affordable housing under Mayor Bill de Blasio’s Housing New York plan. Since 2003, HDC has financed more than 150,000 housing units using over $21.2 billion in bonds and other debt obligations, and provided in excess of $1.9 billion in subsidy from corporate reserves. HDC ranks among the nation’s top issuers of mortgage revenue bonds for affordable multi-family housing on Thomson Reuter’s annual list of multi-family bond issuers. In each of the last five consecutive years, HDC’s annual bond issuance has surpassed $1 billion. For additional information, visit: http://www.nychdc.com
The New York City Department of Housing Preservation and Development (HPD) is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked with fulfilling Mayor de Blasio’s Housing New York Plan which was recently expanded and accelerated through Housing New York 2.0 to complete the initial goal of 200,000 homes two years ahead of schedule—by 2022, and achieve an additional 100,000 homes over the following four years, for a total of 300,000 homes by 2026. For full details visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us on Facebook, Twitter, and Instagram @NYCHousing.