September 7, 2022

The $60.6 million dollar financing deal will create 101 units of affordable housing in the Bronx’s Mott Haven neighborhood

Photo courtesty of Ronald Glassman.

NEW YORK – Today, the New York City Housing Authority (NYCHA) and the NYC Department of Housing Preservation and Development (HPD) joined the developers of the Betances Family Apartments and other partners in a topping off ceremony, celebrating the completion of the building’s superstructure, a major milestone in the building's development. The $60 million deal will bring 101 new affordable apartments and 10,000 square feet of commercial space to the Mott Haven neighborhood on the site of a formerly vacant retail building at NYCHA’s Betances VI campus. Financed by HPD’s Extremely Low and Low-Income Affordability (ELLA) program, the homes are affordable to households earning up to 80% of the Area Median Income, including 30 supportive homes for formerly homeless individuals.

The 15-story building is located on the corner of East 146th Street and Willis Avenue on NYCHA's Betances VI campus. The new building was designed by Think! Architecture and Design to create a modern, sustainable living environment for low-income families and individuals that also activates the community with ground floor retail. The building is being developed by Lemle & Wolff Development Company, Alembic Community Development, and The Bridge.  Lemle & Wolff also serves as the project's general contractor and will serve as the property manager. The Bridge, a non-profit social service provider with a strong Bronx presence, will be providing on-site supportive services for residents requiring services.

Construction is expected to be complete by December 2023.

“Betances Family Apartments advances the goals of this administration’s Housing Our Neighbors Blueprint by using underutilized NYCHA land and HPD financing to advance our shared goals of providing affordable housing and economic opportunity to all New Yorkers,” said HPD Commissioner Adolfo Carrión Jr. “We’re thrilled to top off 101 deeply affordable homes that will also provide on-site supportive services for 30 households experiencing homelessness. Thanks to NYCHA, Lemle & Wolff Development Company, Alembic Community Development, and The Bridge for their partnership on this dynamic project.”

“This building exemplifies how NYCHA is a driving force in the multi-agency effort to create and preserve affordable housing in New York City. We are excited to be here to celebrate the completion of the building's superstructure, and we look forward to welcoming over 100 households into their new homes soon,” said NYCHA Executive Vice President of Real Estate Jonathan Gouveia. “Congratulations to the many quality partners who helped get Betances Family Apartments to this milestone and we look forward to seeing the many ways this development will enrich this community in the decades to come.”

“We are thrilled to celebrate this important stage, and we look forward to welcoming residents and realizing the vision to which so many have contributed," said Anivelca Cordova, Principal at Lemle & Wolff. "We’re thankful for our partnership with NYCHA, HPD, The Bridge, and Alembic Community Development and for the hard work and dedication each has devoted to this project."

Alembic Community Development Director Mike McCarthy added: “We are so pleased to have achieved this development milestone and to have the opportunity to celebrate it with our development partners Lemle & Wolff and The Bridge. We look forward to the building’s completion next year and welcoming Bronxites and other New Yorkers to their new homes soon after. We are thankful to our government partners, HPD and NYCHA and the rest of lenders and investors for making this possible.”

“We are very pleased to be part of the Betances Family Apartments development team with Lemle & Wolff and Alembic Community Development,” said Susan Wiviott, The Bridge CEO, “and to bring new affordable and supportive housing to the Mott Haven neighborhood.  As the nonprofit social service provider, The Bridge looks forward to providing the on-site supportive services for the 30 formerly homeless individuals to help them live independently and successfully in the community.  We thank HPD and NYCHA for selecting our team and the funders that have joined with us to create this wonderful new project.”

The project will bring much-needed affordable housing to the Mott Haven neighborhood of the Bronx and was developed in response to an extensive planning process for the site including a rezoning that was finalized in 2019. Building amenities at Betances Family Apartments will include a children’s playroom, bike storage, an outdoor green roof terrace, and 24/7 building security. The ground floor will feature approximately 10,000 gross square feet of commercial space designed to enhance the availability of quality retail spaces in The Hub, the busiest commercial district in the Bronx.

The Bridge will provide a range of on-site supportive services including case management, benefits counseling, and linkages to community mental health, health, dental, and substance abuse services for the formerly homeless tenants to help them achieve a successful transition to community living after years of homelessness. Betances Family Apartments will feature 19 studio apartments, 44 one-bedroom apartments, 24 two-bedroom apartments, 13 three-bedroom apartments, as well as one three-bedroom superintendent apartment. Of those apartments, 30 will be set aside for formerly homeless individuals in need of supportive services (with contract funds provided by New York City Department of Health and Mental Hygiene), and the remaining 70 apartments will be available to households earning at or below 80 percent of Area Median Income. Current NYCHA residents will be given preference for 18 of the apartments and can apply for the apartments through HPD’s Housing Connect lottery system.

Permanent financing for the $60 million project includes a $9.2 million mortgage from Webster Bank, $14.7 million in HPD ELLA financing, $1 million in Reso A funds from Councilmember Diana Ayala, $500,000 in Reso A funds from Bronx Borough President Ruben Diaz Jr., $2.5 million award from Federal Home Loan Bank of New York, $5.7 million in Brownfields Tax Credit Equity, $24 million in Low-Income Housing Tax Credits, and $2.8 million in other sources. National Equity Fund is the tax credit syndicator and provided a combined investment of $29.8 million in federal and state tax credit equity and Bank of New York Mellon provided a $28 million construction loan.