In January 2016, Bronx Pro began construction on 2264 Morris Avenue, located in the Fordham neighborhood of the Bronx. The eleven story, 94 unit property will contain a mix of low income, moderate income and supportive housing. The project is being developed through a joint venture with Services for the Underserved. The project has been designed to meet LEED Gold certification and a pilot program for WELL certification. The proposed financing will include New York State Housing Finance Agency Tax Exempt Bonds, a loan from the New York City Housing Preservation Development, Low Income Housing Tax Credits, New York State Medicaid Reform Team (MRT) funding and New York State Office of Mental Health funding.
The proposed project is located at 3363-3365 Third Avenue in the Morrisania section of the Bronx, NY. The development will consist of thirty (30) units including, twenty-four (24) LIHTC units, five (5) Moderate Income units and one (1) unit set aside for an on-sight superintendent. The building will include 9,586 of community facility space. The project will be financed through the New York City Neighborhood Construction Program, 9% Low Income Housing Tax Credit (LIHTC) equity and a bank loan. The project is being designed to meet the Passive House Standard. Constructions start is estimated for March 2016.
In July 2013, Bronx Pro entered into a contract to preserve 9 multifamily properties (423 units) in partnership with the original owner Anthony Gazivoda. The project started phase1 with the construction of 269 units in December 2013. HPD provided financing through its PLP program with JP Morgan Chase acting as the private lender plus developer equity. Total Development Cost: $44.5 MM.
This project entails the substantial rehabilitation of 181 units in 5 buildings throughout the Bronx. The project is being completed in partnership with the original owner Anthony Gazivoda. The project was financed with 9% Low Income Housing Tax Credits issued by HPD as well as HPD financing through the PLP program, a construction and a permanent loan from JP Morgan Chase. Enterprise Community Investments is the tax credit syndicator.
Total Development Cost: $42 MM.
Is the acquisition and substantial renovation of 64 units formerly owned by Neighborhood Restore. The project was acquired through HPD’s TPT program and financing included a private construction loan from CPC and financing from HPD’s PLP program. Total Development Cost $9 MM.