The development received funding and equity from various state sources. Credit: Leohoho via Unsplash.

Construction of Garden Towers Apartments, a $93m affordable building project for older residents in the Bronx, New York, has been completed.  

This project is a part of New York’s overarching $25bn Housing Plan aimed at building or preserving 100,000 affordable homes across the US state. 

Featuring 150 units for residents aged 62 and over, this project has been developed by Foxy Management alongside HANAC and JLD Advisory. 

New York’s governor Kathy Hochul said: “Garden Tower Apartments is designed to help older New Yorkers live affordably in the neighbourhood they love. 

“Across the state, we are working to ensure more of our seniors have long-term stability so they can make the most of their years ahead without having to make impossible choices with regard to their health and welfare.” 

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All units of the project are kept affordable for residents earning at or below 50% of the area median income. 

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Out of the total 150 units, 45 have been reserved for formerly homeless residents, who will receive on-site social services. 

The project comprises two buildings designed to Passive House standards. 

Residents will have access to amenities such as tenant parking, indoor bicycle storage, laundry facilities, a computer room, and multipurpose spaces.  

This project also features a rooftop solar array, low-flow plumbing fixtures, and more. 

Garden Towers Apartments is located in close proximity to shopping centres, medical services, and local parks. 

The project has secured financial backing from various sources.   

Specifically, Homes and Community Renewal’s (HCR) Low Income Housing Tax Credit programme facilitated equity of approximately $42.3m while the Housing Finance Agency provided $23.7m in permanent tax-exempt bonds.  

Furthermore, a $9m loan was secured from HCR’s Office of Resilient Homes and Communities’ Affordable Housing Fund Program.

Meanwhile, the New York City Department of Housing Preservation and Development has contributed $9.3m through its Senior Affordable Rental Apartments programme.