NEW YORK CITY — A partnership between affordable housing developer Type A Projects and local nonprofit organization BronxWorks has received $255.6 million in construction financing for River Commons, a 328-unit project that will be located in the Concourse area of The Bronx. Construction is expected to begin within the coming weeks.
The package includes $91.3 million in both tax-exempt ($64.3 million) and taxable ($27 million) bond financing from the New York City Housing Development Corp. In addition, the New York City Department of Housing Preservation and Development (HPD) is providing more than $100 million in capital through its New Construction Finance program. Capital One also provided a letter of credit on the deal. Additional financing for the project stems from Low-Income Housing Tax Credits that were syndicated by Hudson Housing Capital.
Situated on the former site of a former hospital parking lot, River Commons will be a 17-story building that will house 328 affordable and supportive housing units, a 43,000-square-foot public healthcare center that will be operated by New York City Health + Hospitals (H+H) and 6,000 square feet of flexible community space that will be occupied by African Communities Together. The development will also feature a 7,000-square-foot public green space and onsite parking.
The majority (230) of the units will be reserved for renters earning 70 percent or less of the area median income, while the remaining 98 units will be set aside for H+H patients who are experiencing homelessness. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a fitness center, children’s playroom, community room, coworking space and a community terrace. Residents will also have access to a range of onsite social services.
“We know that housing and health go hand in hand. When people have a stable place to call home, they’re better able to care for themselves, access the services they need and stay connected to their community,” says Ahmed Tigani, acting commissioner of HPD. “At River Commons, we’re proud to transform what was once a hospital parking lot into something that truly serves New Yorkers: more than 300 affordable homes, a state-of-the-art health clinic and a grocery store activated by African Communities Together.”
— Taylor Williams