Supportive Housing / New Construction / Faith Based Community Development
St. Vincent DePaul Apartments is a supportive housing, new construction project located in the Longwood Section of the Bronx. The property is owned by Archcare and the Institute for Human Development, which are affiliated with the Archdiocese of New York. This affordable supportive housing development received an Empire State Supportive Housing Initiative (ESSHI) funding award. This award will benefit 26 of the units – and it is one of the first projects to receive this type of funding which provides for supportive services supporting frail and elderly residents of the Bronx. The remaining 63 units will receive Project Based Section 8 subsidies. The property is an eight-story building comprised of over 69,000 square feet, including the 89 assisted living apartments, community rooms, program office spaces and other amenities serving the tenants. The project closed in December of 2017 and expected completion is March of 2020.
Upon completion, this project will create 89 new affordable housing apartments for residents who have special needs or are elderly in the Bronx.
The project addresses the significant need for housing for those residents with limited or fixed incomes.
Crucial services for the tenants will be housed in the building and provide for special amenities for those with mobility or mental disabilities.
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 City and State funding agencies for the project’s development and financing
Completed the necessary funding applications for ESSHI, LIH Tax Credits and other funding resources
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
Coordinated and managed project team members to provide due diligence and obtain required items for closing form the equity partner, NYS HCR, NYC HPD and HDC, the bank and syndicator and their respective attorneys
Submitting monthly requisitions to both the bank and NYS HFA
Will assist auditors in the cost certification of the project
Will advise the owner in securing all capital contributions from the equity investor
Will gather and file necessary documentation in order to receive the LIH Tax Credit Allocation and Certification Form 8609 from NYS HCR and NYC HPD
Will consult with the owner and provide assistance in closing out the construction financing of the project and converting to permanent financing
NYS Homes and Community Renewal: Housing Finance Agency: Tax Exempt Bonds
NYC Housing Preservation and Development: Capital fund
