Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
$91-Million Williamsbridge Gardens Project Completed
NEW YORK—New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas announced on July 27 the completion of Williamsbridge Gardens, a $91-million affordable and supportive housing development in the Williamsbridge section of the Bronx. The development includes 170 affordable apartments, including 85 with on-site supportive services for formerly homeless households.
Williamsbridge Gardens consists of two eight-story buildings along East 211th and East 212th streets between White Plains Road and Holland Avenue. There are 30 studio, 55 one‐bedroom, 57 two‐bedroom and 27 three‐bedroom apartments, along with a live‐in superintendent unit. All apartments are affordable to households earning at or below 80% of the Area Median Income.
Half of the apartments are reserved for individuals with a mental health diagnosis and their families. These households will receive rental assistance and on-site services funded through the New York City Department of Housing Preservation and Development’s 15/15 rental assistance initiative.
Services provided by the Center of Urban Community Services include comprehensive case management, medication management, community-living skills development, access to coordinated psychiatric and primary medical care and referrals, and linkages to community-based services.
Williamsbridge Gardens was constructed on a vacant parcel one block from the Metropolitan Transportation Authority’s Gun Hill Road station with access to the 2 and 5 subway lines and is a short walk from the Williamsbridge Metro North train station. The development is within walking distance of grocery stores, neighborhood retail, healthcare and other services, and close to Van Cortlandt Park.
Building amenities include a large landscaped interior courtyard, 24/7 desk security, computer lab and children’s library, exercise room, laundry rooms in each building and environmentally friendly components, including a rooftop photovoltaic solar installation and energy-efficient appliances.
The development is a joint venture between CUCS, L+M Development Partners and B&B Urban.
State financing for Williamsbridge Gardens includes $54 million in permanent tax-exempt bonds, $31 million in federal Low Income Housing Tax Credits and an additional $12 million in subsidy from New York State Homes and Community Renewal. The construction fulfilled the requirements of the New York State Department of Environmental Conservation’s successful Brownfield Cleanup Program, which resulted in $8.5 million in tax credits. HPD provided $11.8 million, and the Office of the Bronx Borough President awarded $750,000. Raymond James is the tax credit equity investor.
New York State Homes and Community Renewal Commissioner Visnauskas said, “Along with our many other investments in the Bronx, Williamsbridge Gardens broadens access to the services and quality homes that families need to achieve success and break the cycle of housing insecurity. Offering 170 apartments in a great transit-oriented neighborhood, this $91 million development will be a valuable resource for residents of the Northeast Bronx for decades to come. Congratulations to our development team and partners in government for working together to make this project a reality.”
Bronx Borough President Vanessa L. Gibson said, “As our city continues to experience a housing crisis, developments like Williamsbridge Gardens are essential in ensuring our most vulnerable residents have access to safe, quality, and affordable housing in our borough. I want to thank L+M Development Partners and B&B Urban, CUCS, Raymond James Affordable Housing Investments, Citi Community Capital, New York City Department of Housing Preservation & Development, and New York State Homes and Community Renewal for their work in bringing this project to fruition.”
Williamsbridge Gardens complements Gov. Hochul’s $25-billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.