The Doe Fund announced the topping out of Webster Green, an affordable and supportive housing development designed by Magnusson Architecture in the Bedford Park section of the Bronx.
An American flag was erected on the top of the building to mark the milestone.
Webster Green, located at 3100 Webster Avenue, will provide 82 affordable apartments for vulnerable New Yorkers. 41 units will be reserved for eligible low-income households at or below 60 percent of area median income, with preference for local area residents who are either homeless or at risk of becoming homeless. The remaining 41 units will be reserved for low-income adults with disabilities. Gross rents (rent plus utilities) will range from $852 to $1,096.
Outdoor recreation space, a community room and residence lounges will complement the high efficiency LEED certified building and foster resident engagement to help tenants achieve and maintain healthy lifestyles and self-sufficiency. On-site social, medical, and support services will help stabilize their treatment protocols and successfully integrate residents into the community.
The $29.5 million development is part of Governor Cuomo’s statewide commitment to affordable housing and community renewal. The State of New York invested more than $11 million, including a $4.5 million Medicaid Redesign Team program loan through HCR; $6.5 million in Homeless Housing Assistance Program funds through OTDA; and a $159,000 New York State Energy Research and Development Agency (NYSERDA) energy efficiency grant.
The state’s $1.2 million allocation of Low Income Housing Tax Credits leveraged $12.8 million in tax credit equity. Citi is providing a $13.7 million construction loan and $1.2 million in subordinate loan funds. Raymond James Tax Credit Funds served as the project’s tax credit syndicator.
Webster Green is one of several housing initiatives developed and operated by The Doe Fund for diverse individuals .
Construction began in July 2016 and is expected to be completed in spring 2018.
