980 Westchester also speaks to The Doe Fund’s belief in the power of place. With comprehensive, onsite social services, tenants will have access to the support they need to live with dignity and stability. Affordable housing provides a vitally needed continuum of care to New Yorkers struggling to escape cycles of homelessness and poverty and to those facing physical and mental disability.
George McDonald, Founder and President of The Doe Fund, commented, “980 Westchester represents The Doe Fund’s unwavering commitment to and investment in people and place. Supportive tenant rents and program expenses were secured by an award from the NYS Empire State Supportive Housing Initiative. The construction loans were issued by Chase and Sterling National Bank. The project’s multiple public/private funding sources include federally tax-exempt bonds issued by NYC’s Housing Development Corporation (“HDC”), a second mortgage from HDC’s Corporate Reserves through HDC’s Extremely Low & Low Income Affordability (“ELLA”) Program, subsidy through New York City’s Department of Housing and Preservation Development (“HPD”), HPD 4% low-income housing tax credits via Boston Financial Investment Management and their investor, Sterling National Bank, a Federal Home Loan Bank of New York (“FHLBNY”) grant and New York City Council discretionary funds from Bronx Councilman Rafael Salamanca, Jr., and NYC Council Speaker Corey Johnson. The project, a $71.4 million joint venture with Bolivar Development, LLC, will create 151 new affordable and supportive units utilizing state, city and local funds. NEW YORK, NY- The Doe Fund announced that it recently started construction for 980 Westchester Avenue in the Bronx. Tiffany Court Plaza will enable 151 families and formerly homeless individuals to enjoy permanent affordable and supportive housing.
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