Organization Name: The Community Preservation Corporation (financing), Bank of America (financing), Bowery Residents’ Committee (developer and service provider), Edelman Sultan Knox Wood / Architects LLP (architect)
Project Title: Landing Road Residence
Project Location: 233 Landing Road, University Heights, Bronx, NY
Landing Road Residence will be the first project created under New York City Mayor Bill de Blasio’s HomeStretch program. HomeStretch is an innovative model that co-locates and co-finances transitional shelter and permanent affordable housing. The HomeStretch model leverages shared financing to provide cost-effective shelter and to subsidize rents for very low-income, formerly homeless individuals and families on the same site. The shelter and permanent housing components will have separate entrances and amenities, but co-exist in one building envelope, providing a physical pathway from homelessness to housing security. In addition to housing, those who live at Landing Road Residences will have access to on-site social services provided through BRC’s Horizons program. Off-site services will also be made available through BRC’s own mental health and substance abuse centers as well as through several partner organizations.
With 135 permanent units and a 200-bed transitional shelter for working homeless single adults, the project will offer 111 studios for single adults earning no more than $21,175 annually, seven one-bedroom units for households of two earning no more than $34,550 annually, 17 two-bedroom units for families of three earning no more than $46,620 annually, and one superintendent unit. Total development cost is $62.8 million. NYC Dept. of Housing Preservation and Development will provide Low-Income Housing Tax Credits and $5.7 million in City Capital toward permanent financing. NYC Housing Development Corporation will provide $22.3 million in tax exempt bonds and $16.3 million from corporate reserves toward construction financing. The NY State Energy Research and Development Authority will provide a $163,000 grant in permanent financing. CPC is providing an $18.3 million permanent loan through a private pension fund for the transitional housing portion. Bank of America will act as lender.
HomeStretch was a key deliverable of New York City Mayor Bill de Blasio’s Housing New York: A Five-Borough, 10-Year Housing Plan to create and preserve 200,000 affordable apartments, serving more than half a million New Yorkers. Landing Road Residence reflects the Administration’s commitment to finding innovative new strategies to reach deeper levels of affordability and meet the special housing needs of the most vulnerable, including the homeless and those families at risk of homelessness.
The Bowery Residents’ Committee (BRC) is a leading provider of housing and services to NYC’s neediest individuals, offering: outreach to homeless people living in public spaces, drug treatment, mental health care, comprehensive medical services, vocational services, and supportive communities in which to live. Please visit www.brc.org. BRC Homeless Helpline: 212-533-5151. The Community Preservation Corporation, Inc. (CPC) is a non-profit lender providing reliable capital to underserved neighborhoods throughout NY State since 1974. CPC is committed to delivering financing and technical expertise, and to working with community partners to create and preserve affordable housing. To date, CPC has invested more than $9 billion in over 159,000 units of housing. Please visit www.communityp.com. Edelman Sultan Knox Wood / Architects LLP has a 45-year history of creating affordable housing and institutional projects, working predominantly with not-for-profit and publicly funded organizations.