Bronx, New York – The New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corporation (HDC) and the New York City Housing Authority (NYCHA) today joined Foxy Management, Hebrew Home at Riverdale, Alembic Community Development, and project partners to celebrate the completion of 1880 Boston Road, a 168-unit affordable senior development in the West Farms neighborhood of the Bronx.
The affordable senior housing development added eight stories to an existing building that includes community facility space occupied by Cerebral Palsy of New York State and Metro Community Health Center, in addition to retail space and below grade parking. The newly constructed residential addition contains 167 affordable apartments for low-income and formerly homeless seniors, with a mix of studios and one-bedrooms, plus one superintendent’s unit. The project was designed to meet Enterprise Green Communities criteria with sustainable features including EnergyStar appliances, a rooftop solar panel array, and high-efficiency boilers and hot water heating systems.
“As this city grows, we have to make sure that New Yorkers can grow along with it. Recognizing the staying power that affordable housing provides New Yorkers is central to achieving that goal,” said HPD Commissioner Louise Carroll. “Our work to make New York City more equitable and affordable can only succeed if we continue to put those who are most in need at the top of the list, this includes seniors like those who reside at 1880 Boston Road. I want to thank our partners at Alembic and Foxy Management for their collaboration as we make strides in our mission to create 300,000 affordable homes by 2026.”
“Today we welcome home 167 seniors, many of whom have overcome the hardships of homelessness,” said HDC President Eric Enderlin. “Thanks to the commitments of our partners and elected officials, this energy-efficient affordable development includes social services, as well as community and recreational space, creating a support system that our seniors need and deserve.”
“I am thrilled to see this exciting and much-needed development open and housing aging New Yorkers," said Michael McCarthy, Director, New York Office, Alembic Community Development. "As with many affordable and supportive housing developments, 1880 Boston Road required many financing partners and a creative financing structure. Thanks go to the many financing partners who stepped up and committed to this development – HPD, HDC, NYCHA, NYS DOH, Councilmember Salamanca, TD Bank, Raymond James, and others. Their steadfast and essential support are a key reason we are standing here today. Alembic looks forward to our future collaborations with Foxy Management, Hebrew Home and all who made today possible.”
Jeff Fox, Principal of Foxy Management, added: “This project exemplifies the successful collaboration between government, the non-profit sector and private business to serve a major need in the community – housing and caring for low-income and homeless seniors, a group that is all-too-often left behind in the City’s frenetic pace and ever-increasing cost of living. I am proud to call the Hebrew Home and Alembic my partners and good friends, as they continually demonstrate the highest level of compassion and professionalism. Special thanks to the financing team – HDC, HPD, Councilmember Salamanca, NYCHA, DOH, Raymond James and TD Bank – your efforts and dedication to our mission is awe-inspiring.”
The Hebrew Home at Riverdale will provide on-site social services to all residents, including case management, counseling, and referrals to off-site medical, dental, mental health recreation and social services. Service funding was received from the Empire State Supportive Housing Initiative (ESSHI). Additionally, the residents will have access to 3,500 square feet of community space, including a lounge/library, multi-purpose room, recreation room, yoga/exercise room, arts and crafts room and office space for social services. The building also includes a 3,000 square-foot outdoor recreational space for the residents, which is furnished with a generous grant from the Lendlease Foundation, and further adorned by a colorful mural sponsored by Foxy Management’s Foxy Wall Project.
“1880 Boston Road reflects the Hebrew Home’s mission of care – helping older adults to age with dignity, community and safety. We are excited to see these residents thrive in their new homes and discover that with age, there is an abundance of possibility,” said Daniel Reingold, President and CEO of RiverSpring Health.”
All apartments at 1880 Boston Road are available to extremely low-income senior households with at least one person 62 years of age and over. Each resident is required to pay only thirty percent of their monthly income towards rent with the remaining rent cost subsidized by a New York City Housing Authority (NYCHA) Housing Assistance Payment (HAP) contract funded by the U.S. Department of Housing and Urban Development (HUD).
“With the completion of 1880 Boston Road, not only are we adding 167 units of 100% deeply affordable housing within the South Bronx, we are addressing the critical need for housing for our most vulnerable population; seniors on a fixed-income and those who are formerly homeless,” stated Council Member Rafael Salamanca. “I am proud to have allocated over $700,000 in funding to facilitate the completion of this development, and I thank Foxy Management, Hebrew Home of Riverdale, NYC HPD and HDC for their commitment to building much-needed senior housing.”
This project is one of the first to benefit from the city’s Zoning for Quality and Affordability (ZQA) amendment and the Affordable Independent Residences for Seniors (AIRS) provision. ZQA and the Mandatory Inclusionary Housing amendments passed in March 2016. The change represents one of the most significant updates to the New York City Zoning Resolution in decades and allows for the creation of more affordable housing and higher quality buildings.
The development was financed under HPD’s Senior Affordable Rental Apartments (SARA) and HDC’s Extremely Low and Low-Income Affordability (ELLA) Program. HDC provided $37.8 million of tax-exempt bonds and $9.24 million in corporate reserves. HPD provided $12.4 million in Federal HOME funds. New York City Council Member Rafael Salamanca provided $728,000 in Reso A funds. Raymond James acted as the tax credit syndicator and provided a combined investment of $34.8 million in federal tax credit equity and TD Bank provided a $38 million credit enhancement for the tax-exempt bonds through its Commercial Real Estate Group.
"We're very pleased to see the opening of this important project that will allow low-income and homeless seniors to have a place they can call home," said Matthew Schatz, Vice President at TD Bank. "This was our first project with Foxy Management and we were incredibly proud to work with such a great partner to provide top-quality affordable housing for the senior residents of the West Farms neighborhood in the Bronx. We're invested in making a positive impact, because this is part of what makes TD Bank different."
Darryl Seavey, Managing Director Northeast Region for Raymond James Tax Credit Funds, Inc. said, “Raymond James is thrilled to have partnered with Foxy Management, Hebrew Home at Riverdale and Alembic Community Development as the equity investor in the 1880 Boston Road senior housing development. The newly completed 1880 Boston Road is an extraordinarily well designed project that helps bring high quality affordable housing opportunities to residents of the Bronx. The Hebrew Home at Riverdale will provide high quality social services to residents of the building, demonstrating their unwavering commitment to help ensure a greater quality of life for some of the city’s most vulnerable citizens. We congratulate Foxy Management on the superb execution of this sophisticated project, as well as the Hebrew Home at Riverdale and Alembic Community Development on the successful completion of this remarkable new housing community.”
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About New York City Department of Housing Preservation and Development (HPD):
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: A Five-Borough Ten-Year Plan to create and preserve 200,000 affordable units for New Yorkers at the very lowest incomes to those in the middle class. For more information visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us on Facebook, Twitter, and Instagram @NYCHousing.
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 180,000 housing units using over $23.5 billion in bonds and other debt obligations, and provided in excess of $2.9 billion in subsidy. 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 seven consecutive years, HDC’s annual bond issuance has surpassed $1 billion. For additional information, visit: http://www.nychdc.com.
About the New York City Housing Authority
NYCHA’s mission is to increase opportunities for low- and moderate-income New Yorkers by providing safe, affordable housing and facilitating access to social and community services. Over 390,000 New Yorkers reside in NYCHA’s 316 public housing developments and PACT/RAD developments formerly managed by NYCHA around the five boroughs. Over 190,000 receive subsidized rental assistance in private homes through the NYCHA-administered Section 8 Leased Housing Program. For more information, visit www.nyc.gov/nycha, and for regular updates on NYCHA news and services, connect with us via www.facebook.com/NYCHA and www.twitter.com/NYCHA
About the Hebrew Home at Riverdale
The Hebrew Home at Riverdale, an internationally recognized non-profit leader in senior care, is transforming the landscape of healthy aging, helping older adults live the fullest lives they can. The Hebrew Home is part of RiverSpring Health, which serves older adults of all faiths through compassionate care and vibrant community engagement. RiverSpring Health provides a full-range of care solutions including nursing home care, managed-long term care, assisted living programs, senior housing, rehabilitation services and specialized services such as elder justice and memory care. Collectively, RiverSpring Health empowers over 18,000 older adults every day.
About Foxy Management
Foxy Management is a Bronx-based development and property management company. Foxy has developed and/or preserved nearly 1,200 units of affordable and supportive housing at total development cost of approximately $350 million. Working together with various City and State agencies, global financial institutions, and both for-profit and not-for-profit development partners, Foxy finds creative solutions to bring high-quality housing to the communities it serves. In its ongoing role as property manager, Foxy ensures the long-term operational and financial well-being of its projects. For more information, visit www.foxymanagement.com and www.foxywallproject.com.
About Alembic Community Development:
Alembic Community Development invests in long-term partnerships in underserved neighborhoods through real estate development, organizational capacity building and community-based planning initiatives. Alembic Community Development offers a full continuum of planning and development services to nonprofit organizations, neighborhoods and cities. For more information, please visit www.alembiccommunity.com.
