ST. PHILIP NERIAffordable Housing/ New Construction/ Supportive Housing/ Faith-Based Community Development
St Philip Neri Apartments is a 186 unit development of low-income and special needs housing in two buildings adjacent to St. Philip Neri Church in the Bedford Park neighborhood of the Bronx. The two buildings include 3069 Villa Ave., which will be 12 stories and 85 units, and 3054 Villa Ave., which will be 14 stories with 101 units. The total unit count of 186 units is comprised of 56 studios, 60 one bedrooms, 65 two bedrooms, and 5 three bedroom units. Each building will be developed in adherence to environmentally responsible and energy-efficient design, and will provide affordable and supportive housing to families and individuals.
93 units have been set aside for individuals with serious mental illness (56 units) and for formerly homeless families with a head-of-household with serious mental illness (37 units). Beacon of Hope, a Catholic Charities Community Services division will offer on-site care and supportive services.
The project will benefit from energy efficiencies and other green features, such as Energy Star appliances, LED/low-wattage lighting, low-flow water fixtures, high-efficiency heating system, high R-vale windows and insulation, air-tight construction to reduce heat loss, low/non-toxic building materials, and native drought tolerant plantings. The project will certify to Enterprise Green Communities.
St. Philip Neri Apartments is being developed by the Association of New York Catholic Homes, the housing development affiliate of Catholic Charities and the Archdiocese of New York. HFA loan closing occurred in July 2020 with CREA providing equity financing and BONY Mellon providing a construction Letter of Credit. Designed by Think Architects and constructed by Galaxy Contracting, the project is expected to achieve occupancy in December 2022.
- Upon completion, this project will create 186 new affordable housing apartments for residents including 93 units for special needs in the Bronx.
- The project addresses the significant need for housing for those residents with limited or fixed incomes.
- The development aids the client with achieving their mission for their community.
- Consulted the owner on business ideas arising from various areas of the development including project analysis, budget and underwriting expertise.
- Negotiated with New York State Housing Finance Agency for the project’s development and financing.
- Negotiated the terms and conditions with the financial partners for the construction and permanent financing including, but not limited to partnership agreements, investor and construction loan documents.
- NYS Housing Finance Agency: Tax-exempt bonds, as-of right 4% tax credits, SHOP subsidy
- BNY Mellon: Construction Loan Financing
- CREA LLC: Tax Credit Syndicator
- Think Architects!: Architect
- Galaxy Contracting: General Contractor