One of our most vulnerable and rapidly growing populations, senior citizens often face the challenge of living on a fixed income while expenses such as housing, medical care, and other necessities continue to increase.
Located at 2060 Crotona Parkway and 975 East Tremont Avenue, the buildings were originally financed under the U.S. Department of Housing and Urban Development (HUD) 202 program in the late 1980s and early 1990s and are currently in need of capital improvements and upgrades. Partnering with HPD, CPC provided an $11 million construction and NYCRS permanent loan that is SONYMA insured, as part of a project to rehabilitate and preserve the affordability of 136 units of low-income senior housing in these two buildings in the West Farms community of the Bronx.
The partnership between CPC and HPD helped refinance the HUD debt and provided the not-for-profit sponsor, Aquinas Housing Corporation, the funding necessary for the moderate rehabilitation of both buildings.
The project also benefits from a 20-year Housing Assistance Payment (HAP) contract, a federal rental subsidy program that ensures the tenants will not pay more than 30% of their income toward rent. The New York City Council has approved an Article XI tax exemption that reduces the project’s annual real estate taxes, also helping to ensure its long-term affordability.
We are proud to work with not-for-profit organizations and our partners in government to preserve the existing affordable housing stock so that senior citizens and other New Yorkers can live with dignity.