The New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC) recently announced the financing of a new affordable housing development in the Bronx.
The deal will be led by Minority and Women-owned Business Enterprise (MWBE) development teams.
MWBE developer Exact Capital is partnering with the Victory Baptist Church to build Victory Commons, 95-units of affordable housing at 1007 Union Ave. in Morrisania. Supportive services will be provided for formerly homeless households and the development will also features a church sanctuary, offices, a multi-purpose space and parking.
“A new reality requires a fresh approach, which is why we’re deploying new financing methods that will deliver stability for countless families in an extremely uncertain time,” said HPD Commissioner Louise Carroll. “Despite the funding challenges that have arisen due to the COVID-19 pandemic, we will continue to champion the people of this city by providing affordable housing for those who need it most, and empowering our Minority and Women-Owned business partners to further drive economic equity in our city.”
The city is prioritizing projects that serve seniors, homeless households and the lowest income New Yorkers and remains on track to achieve the mayor’s plan to build or preserve 300,000 affordable homes by 2026. With more than 165,000 homes financed to date, the city is more than halfway toward achieving its goal. See a complete summary of the City’s affordable housing numbers here.
“At a time when economic insecurity is at an all-time high, I am thrilled to see such a strong commitment to creating truly affordable housing and providing supportive services for low-income families in my district in the Bronx and across the City,” said Senator Luis Sepúlveda. “By partnering with MWBE’s and creating innovative financing plans, this project will provide housing for hundreds of New York families and create countless jobs within those communities. I thank HPD, HDC, and their development partners for continuing their efforts to provide affordable housing in New York despite budget restrictions due to ongoing COVID-19 pandemic.”
