RELEASE: The Doe Fund Celebrates Topping Off of Bronx Affordable and Supportive Housing Residence
NEW YORK, NY— The Doe Fund announced that it recently celebrated a “topping off” ceremony for its latest real estate development at 1325 Jerome Avenue in the Mt. Eden neighborhood of the Bronx. The project, a $100 million joint venture with Bolivar Development, LLC, will create 255 new affordable and supportive units utilizing state, city and local funds.
The striking new building, designed by GF55 Partners, will include 187,000 sq. ft. of contemporary residential space comprising 82 studio units, 92 one-bedroom units, 53 two-bedroom units, 27 three-bedroom units, and one live-in superintendent unit. Each apartment will offer a private bathroom, an energy efficient kitchen, and access to a large community room and landscaped outdoor terrace. Laundry facilities, a computer room and bike storage will be on-site as well as offices for program staff. The development will also include 26,000 sq. ft. of high quality retail space that will be separately financed and managed. Additionally, 24 hour front desk professional security will be provided.
The project’s multiple public/private funding sources include federally tax-exempt bonds issued by NYS Housing Finance Administration (“HFA”) with additional funding from NYS Supportive Housing Opportunity Program (“SHOP”) as well as a Letter of Credit from M&T Bank and low-income housing tax credits via Raymond James Tax Credit Funds. Supportive tenant rents and program expenses were secured by an award from the NYS Empire State Supportive Housing Initiative (“ESSHI”).
The Doe Fund will provide onsite supportive services to residents, including comprehensive case management, linkages to health care, and other critical services, such as job preparedness, employment training, and substance use prevention services.
The estimated construction completion date is April 2021. The Doe Fund will be involved in every aspect of the lease-up process and marketing activities. In an effort to maintain resident satisfaction and adherence to underwriting requirements, the project will be managed by The Doe Fund’s real estate group.
George McDonald, Founder and President of The Doe Found said, “In light of the current pandemic and the magnitude of this development, we wish to acknowledge the diligence, professionalism and hard work of everyone responsible for reaching this key date. In particular, I’d like to thank Bolivar Builders. Our newest building represents The Doe Fund’s sustained commitment to providing the most vulnerable New Yorkers with safe and dignified homes. Our housing portfolio is meant to improve both the quality of life for the individuals and families who are our tenants, as well as the surrounding communities in The Bronx, Brooklyn and Manhattan.”
