Park + Elton Apartments will bring 38 newly constructed permanently affordable homes to the Morrisania section of the Bronx
NEW YORK, NY – New York City Department of Housing Preservation and Development (HPD) Acting Commissioner Eric Enderlin joined Council Member Rafael Salamanca, Jr., New York State Assembly Member Michael Blake and development partners Xenolith Partners, DP Group General Contractors, and the Community Preservation Corporation (CPC) to kick off construction for Park and Elton Apartments. The project is being developed under HPD’s Neighborhood Construction Program, that funds the construction of affordable homes for New Yorkers on vacant or under-used City-owned land.
The development includes 38 units spanning across two five-story buildings that will be affordable to extremely-low, very-low, low, and moderate-income households, with six of the units set aside for formerly homeless families.
“It’s through projects like this that we’re able to make a real difference in the lives of some of the most vulnerable New Yorkers, by creating permanently affordable housing that can become a transformative and stabilizing force for families and their communities. The lion’s share of this work is only made possible by partnering with dedicated nonprofits like CPC and top-notch M/WBEs like Xenolith Partners,” said HPD Acting Commissioner Eric Enderlin. “I thank Council Member Salamanca for his tremendous support of this project and look forward to continuing our work with CPC, Xenolith Partners, and DP Group General Contractors to transform this underused City-owned land into an indispensable asset for the community.”
“Today, we are breaking ground on space that was previously a blight on the community; a property that was home to overgrown vegetation, trees and a build-up of neighborhood refuse,’ said Council Member Rafael Salamanca. “For so long, the two properties that make up the project site contributed very little to the overall neighborhood growth that the Melrose and Morrisania communities are seeing. Moving forward, however, these two spaces will be home to so much opportunity for individuals and families in the South Bronx. With the development of Park & Elton, we are bringing 38 new units of mixed-income, 100% affordable housing to my district, with rents starting as low as $367 a month. Additionally, this project includes a 15% homeless set aside that will provide permanent housing opportunities for formerly homeless individuals and families. I thank Xenolith Partners and the NYC Department of Housing Preservation and Development for their commitment to building much needed affordable housing in the Bronx.”
“Over the past four decades CPC has been committed to working with HPD and local stakeholders to help finance housing projects that make a difference in communities. The Park and Elton projects will not only transform two old vacant lots into new affordable housing, they will provide new opportunity and stability to the New Yorkers who will call them home,” said Danny Wheeler, Vice President and Mortgage Officer at CPC. “I thank HPD, Xenolith Partners, DP Group General Contractors, and our funding partners at New York City Retirement Systems for their commitment to creating a more affordable New York City.”
“We are so proud to be partnering with HPD, DP Group and CPC on the development of Park and Elton Apartments. HPD and CPC have demonstrated their substantial commitment to building the capacity of emerging WBE firms like Xenolith. We’ve worked hard to meet their expectations, to collaborate with our neighbors and elected officials, and to deliver a high-quality residential project,” said Andrea Kretchmer, Principal of Xenolith Partners. “Celebrating the groundbreaking of our first New York City development at the site of these long-vacant lots is a triumph for all involved.”
These five-story buildings will feature Energy Star appliances and lighting, high efficiency plumbing fixtures and lightweight, economical C-joist construction. Each building will have a welcoming, well-lit lobby and elevator. Bike storage and a laundry room for exclusive use of the residents will be located in each building.
The street facades are brick with stone lintels and sills at the upper floors, and decorative masonry along the sidewalk. There are curbside trees and landscaping at the buildings. Spacious rear yard recreation spaces will also be set aside for use by residents. The construction will include sustainable design elements and will incorporate NYC Green Building Standards and meet the Enterprise Green Communities checklist requirements.
The $11.9 million development includes $6.4 million in City subsidy. CPC is providing a $3.3 million construction loan, and a SONYMA-insured $3.3 million permanent loan through its funding partnership with the New York City Retirement Systems (NYCRS).
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The New York City Department of Housing Preservation and Development (HPD) is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked with fulfilling Mayor de Blasio’s Housing New York Plan which was recently expanded and accelerated through Housing New York 2.0 to complete the initial goal of 200,000 homes two years ahead of schedule—by 2022, and achieve an additional 100,000 homes over the following four years, for a total of 300,000 homes by 2026. For full details visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us on Facebook, Twitter, and Instagram @NYCHousing.