Affordable Housing / New Construction / Supportive Housing / Faith Based Community Development
St. Augustine Terrace is a new construction, 12 story, affordable housing development located in the Morrisania section of the South Bronx. The project created 112 units of affordable housing for families and persons with special needs. Rockabill was brought into the project in a consulting role by the Association of New York Catholic Homes, the housing development affiliate of the Catholic Charities of the Archdiocese of New York. The project has 35 studio units designated for OMH (Office of Mental Health) which serve tenants with mental disabilities that earn no more than 50% area median income – incorporating NYC HPD’s ELLA funds for ‘Extremely Low-Income Affordability’. The project closed in August of 2015 and construction was completed in the Fall of 2018.
Creation of 112 new affordable housing apartments for families in the Bronx with 36 supportive housing units for residents who have special needs.
The project addresses the significant need for affordable family housing for the community by providing a significant number of 2 and 3 Bedroom apartments.
Crucial services for the tenants will be housed in the building with mental disabilities.
The development aids the client with achieving their mission for their community and repurposing of a closed Church site.
Provided analysis and expertise in the underwriting for the project’s operating and development budgets
Worked with members of the development team to create a project that is well-designed and financially feasible
Negotiated subsidy requests from both New York City’s and New York State’s housing agencies
Filed applications to the appropriate government agencies for low income housing tax credits and subsidies
Negotiated terms and conditions with funding sources to secure the construction and bridge loan financing, coordinated with the credit syndicator and gathered and provided information to secure the project’s construction loan
Coordinated and managed the project team members to provide due diligence items required for closing from the equity partner, government agencies, banks and their respective attorneys
Advised and assisted in receiving the cost certification, LIH Tax Credit Allocation and Certification Form 8609, and the final capital contributions required
Organized the necessary documents to convert from the construction loan to permanent financing
NYC Housing Preservation and Development: ELLA funds, Tax Credits
NYSERDA: Energy efficiency grants
JPMorgan Chase: Private Letter of Credit Financing
Federal Home Loan Bank of New York: AHP Loan
The Richman Group: Tax Credit Syndicator
Architect: MAP Architects P.C.
General Contractor: Mega Contracting Group
Attorneys: Comerford & Dougherty, LLP and Nixon Peabody, LLP
