Affordable-Housing Community Breaks Ground with Major Funding from State and Private Sector

Affordable-Housing Community Breaks Ground with Major Funding from State and Private Sector

BRONX, NY - Community leaders, affordable-housing advocates and key investment partners toured a new 68-unit affordable-housing development under construction in the Bronx that will integrate high-quality affordable housing with supportive services.

Located at 450-458 Gouverneur Place, the seven-story affordable-housing community will feature a mix of studios and 1-, 2- and 3-bedroom units, including a superintendent’s unit. Fifty of the units will be set aside for individuals with mental health disabilities, thanks to funding from the New York State Office of Mental Health (OMH). All units will be affordable to families earning up to 60 percent of Area Median Income (AMI). Amenities will include a computer lounge, community room, onsite supportive services, laundry room, storage for bikes and other tenant property, and an outdoor recreation area.

Westhab, Inc., the largest nonprofit provider of affordable housing and supportive services in Westchester County, is the developer and will manage the property when completed in July 2016.

“Gouverneur Place is an important public-private partnership that will bring new, affordable housing for individuals and families in need to the Bronx,” said Richard Nightingale, president & CEO of Westhab, Inc. “When completed next year, this new community will bring hope and opportunity for the people who will call Gouverneur Place their home.”

The State of New York and UnitedHealthcare are the two major investors of the $20.7 million development.

The OMH and the Dormitory Authority of the State of New York (DASNY) have awarded $11.7 million in capital funds and bonds for the project. OMH will also provide subsidies to support operating and supportive services costs once the building is open. New York State Homes and Community Renewal provided the 4 percent tax credits for the project.

“As one of the largest issuers of tax-exempt debt in the nation, DASNY understands the value that these funds provide to the development of critical social infrastructure projects across the state,” said Gerrard P. Bushell, DASNY president & CEO. “The Gouverneur Place project is a great example of how public-private partnerships can successfully advance our social goals.”

“Safe, secure, and affordable housing helps individuals with mental illness find recovery and build the resiliency they need to live happy and healthy lives in their home communities,” said Office of Mental Health Commissioner Ann Marie T. Sullivan, M.D. “To date, the Office of Mental Health has created nearly 20,000 units of supported housing in New York State and is proud to extend our financial and technical support for the development of Gouverneur Place.”

The funding by the State of New York is part of Gov. Cuomo's unprecedented commitment to affordable housing and community revitalization, which includes the $1 billion House NY program, the state’s largest affordable-housing investment in nearly two decades. House NY is making progress creating and preserving more than 14,300 affordable homes over five years.

“The Gouverneur Place Apartments project is part of our mandate from Gov. Cuomo to provide safe, affordable and inclusive housing for a wide range of people,” said James S. Rubin, commissioner/CEO of Homes and Community Renewal (HCR). “This collaborative effort is a prime example of our commitment to enhance the quality of life of our fellow New Yorkers.”

UnitedHealthcare, which employs 4,300 people in New York state and serves the health care needs of more than 3.8 million New Yorkers is investing $7.8 million in Low Income Housing Tax Credit (LIHTC) equity in partnership with Enterprise Community Investment. The credits are provided through HCR.

Since 2011, UnitedHealthcare has provided more than $230 million to help build and invest in new community developments throughout the United States that provide affordable-housing opportunities with support services for low-income individuals and families, the homeless, military veterans, seniors and people with special needs.

“This partnership is helping people live healthier lives by connecting health to housing, expanding access to safe affordable housing with support services,” said Michael McGuire, CEO, UnitedHealthcare of New York. “UnitedHealthcare is grateful for the opportunity to work together with Enterprise and the other development partners to bring this new apartment community to the Bronx.”

Enterprise is a national organization that builds and preserves affordable housing in thriving communities connected to health care, good schools, jobs and transit. UnitedHealthcare and Enterprise have worked together to invest $105 million in affordable-housing developments in five states, including New York.

Source: Westhab / #Affordable #Housing

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