Partnership to Renovate 494-Unit Affordable Housing Development in the Bronx

NEW YORK CITY — The U.S. Department of Housing and Urban Development (HUD), New York State Homes and Community Renewal (HCR), MDG Design + Construction, Citi Community Capital, Raymond Jones, Smith & Henzy, BSR Management and Cary Fields have secured nearly $160 million in financing for the restoration of Michelangelo Apartments, a 494-unit affordable housing community located in the Melrose section of the Bronx. The 43-year-old development will be renovated and preserved as affordable housing for an additional 40 years through HUD’s Rental Assistance Demonstration Program. Built in 1974 using a HUD Section 236 loan guarantee, Michelangelo Apartment comprises four towers offering a total of 80 studios, 126 one-bedroom, 191 two-bedroom, 77 three-bedroom and 20 four-bedroom apartments, as well as 50,000 square feet of retail space and underground parking. The renovations and improvements, which will happen with tenants in place, will include full kitchen and bathroom renovations, conversions to an energy-efficient hydronic boiler system from electric heaters, elevator modernization, façade repairs, lobby modernization, public hall beautification, conversion to energy-efficient LED lighting throughout the buildings and landscaping improvements.