The Housing Corporation is pleased to announce the start of construction for Jacob's Place, an 8-story 63-unit apartment building that will include 6 classrooms for early education. Jacob's Place is named in honor of the late-Astin Jacobo-a longtime neighborhood leader from the Crotona section of the Bronx. Jacob led the battle in Crotona and the Northwest Bronx for affordable housing, youth recreation and community preservation.
We are also completing the gut renovation of 2241 Webster Avenue. This 9-unit development was the last vacant city-owned building in the Northwest Bronx; where there were once hundreds of dangerous eyesores abandoned during the 1970s and 1980s. We have included a number of green construction elements in the rehab scope, including bamboo flooring, low e windows, Energy Star dishwashers and a green roof.
Both initiatives are part of Mayor Michael Bloomberg's New Housing Marketplace, a 5-year $3 billion plan to plan to fund the construction and rehabilitation of affordable homes and apartments for over 200,000 New Yorkers.
Jacob's Place is being constructed on formerly city-owned land which was transferred to the Housing Corporation by the NYC Department of Housing Preservation and Development (HPD). Financing is being provided through HPD, as well as through $8.3 million in financing from the New York City Housing Development Corporation's affordable housing program known as LAMP. In addition, $5.6 million in tax credit equity will be syndicated by The Enterprise Social Investment Corporation. This development has also received $1 million of support from Bronx Borough President Adolfo Carrión. JP Morgan Chase CDC is providing the credit enhancement.
2241 Webster Avenue was rehabilitated into nine affordable rental apartments through HPD's Participation Loan Program that combines city funds with private financing at a below-market interest rate. The Community Preservation Corporation was the participating lender. Additional funding came from the University Neighborhood Housing Program, the Housing Corporation and a Bronx Initiative on Energy and the Environment grant.
Both are affordable housing initiatives serving low-to-moderate income residents, with rents ranging from $542 for a one bedroom to $920 for a three bedroom. Seven apartments in Jacob's Place will also be reserved for the formerly homeless. Both efforts have the support of Mayor Michael R. Bloomberg, Borough President Adolfo Carrión, City Council Majority Leader Joel Rivera, Assemblyman José Rivera, Assemblyman Luis Diaz, Bronx Community Boards 5 & 6, School District 10 as well as other elected officials, local organizations and residents. Jacob's Place and 2241 Webster Avenue have been designed by Jack Coogan of Oaklander, Coogan and Vitto. Galaxy Construction is the contractor for both projects.
In addition, the Housing Corporation would like to thank the following supporters: The Enterprise Foundation, Neighborhood Opportunities Fund, Chase Manhattan Foundation, Con Edison, The Low Income Investment Fund, Ridgewood Savings Bank, City Gardens Club, City and Suburban Bank, City Gardens Club and M&T Bank.