Partnership to Develop 154-Unit Affordable Seniors Housing Project in The Bronx

NEW YORK CITY — A partnership led by Enterprise Housing Credit Investments LLC has purchased 1080 Washington Avenue in The Bronx for $82 million, with plans to develop an affordable seniors housing community on the site. Project plans currently call for the development of a 12-story building with 154 units, including 57 supportive homes for homeless seniors, with all units being reserved for households earning 50 percent or less of the area median income. The project will be funded through bond financing and Low-Income Housing Tax Credits (LIHTC), as well as through subsidies from New York State Homes and Community Renewal and the New York City Department of Housing Preservation and Development. Demolition of the current structure is underway, and construction is set to begin later this year and to be complete in fall 2021.