The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
All of the affordable apartments in El Hogar will be available to senior households earning up to 40% of the Area Median Income.
NEW YORK—State officials announced on Aug. 6 that construction had begun on El Hogar Residence, an 83-unit affordable apartment building in the Bronx. The $60-million development at 2444 Tiebout Ave. in the Fordham Heights section of the borough includes apartments for low-income and formerly homeless senior households aged 55 and older.
All of the affordable apartments in El Hogar will be available to senior households earning up to 40% of the Area Median Income. Thirty-two of the apartments will be reserved for seniors aged 62 and older. Fifty of the apartments will be reserved for formerly homeless seniors aged 55 and older who will receive on-site support services provided by Comunilife including case management services, recreational programming and health services. Comunilife is also the residence’s developer.
“We are increasing the housing supply for New Yorkers at all stages of life and El Hogar will provide modern and affordable apartments in the Bronx so that older residents can live safely and securely in the community of their choice,” Gov. Kathy Hochul said. “This development demonstrates our commitment to invest in housing that strengthens our communities and makes every region of New York a more affordable and healthier place to live.”
The development will also include several fully accessible units that will be adapted for seniors with mobility impairment, as well as units that will be equipped for seniors with hearing and/or visual impairments. The building will have a community room with a kitchen, a computer room and greenspace in the backyard and all residents will be provided with free broadband internet.
El Hogar will have sustainable and energy-efficient amenities such as all-electric heating, cooling and hot water. The appliances and lighting will meet or exceed Energy Star and Enterprise Green Communities certification.
The El Hogar Residence development is supported by New York State Homes and Community Renewal’s 9% Low Income Housing Tax Credit program which is projected to generate approximately $19.5 million in equity, as well as a $10.4-million loan from its Low-Income Housing Trust Fund and a $1.3-million loan from its Federal Housing Trust Fund program.
The New York City Department of Housing Preservation and Development will provide $11.5 million from its Senior Affordable Rental Apartments program. The New York State Office of Temporary and Disability Assistance will provide a $5.9 million loan from its Homeless Housing and Assistance Corporation. Operating funding for the 50 supportive units is being provided by the Empire State Supportive Housing Initiative and New York State Homes and Community Renewal will provide 32 units of project-based rental assistance. The project also received a $700,000 discretionary capital grant from Bronx Borough President Vanessa Gibson and New York City Council Member Oswald Feliz.
In the past five years, New York State Homes and Community Renewal has created or preserved nearly 14,000 affordable homes in the Bronx.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “New Yorkers of all ages deserve a modern, affordable place to live, and this $60 million project will directly benefit 80 senior households. Our continued work in the Bronx is vital to addressing the housing crisis in the borough while also ensuring we are providing vulnerable seniors with on-site social services so they can maintain their independence and live comfortably into the future. We thank Governor Hochul for her commitment to this important work in every region of the state.”
Bronx Borough President Vanessa Gibson said, “Today, we celebrate a significant milestone for our community. This new 83-unit building for our older adults marks a vital step forward in addressing the housing crisis in our borough. With 50 of these units set aside for those in need of support services, we are not only providing affordable and safe housing but also ensuring that our residents receive the comprehensive care they deserve. I want to thank the NYS Homes and Community Renewal and Comunilife for their partnership in making this project a reality. Together, we are building a brighter future and a more inclusive community for all.”
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun.
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