Maple Mesa Apartments Will Add 59 Low-Income Rental Units to the Morrisania and Concourse Neighborhoods of the Bronx
New York, NY – NYC Department of Housing Preservation and Development (HPD) and NYC Housing Development Corporation (HDC) join Bronx Borough President Ruben Diaz, Jr., Congressman Jose Serrano, Capitol One Bank and Cypress 4 LLC to the start of construction for Maple Mesa Apartments. Comprised of two buildings, one located at 601 East 163rd Street and the other at 232 East 169th Street, the Maple Mesa development will provide the Morrisania and Concourse neighborhoods of the South Bronx with a total of 59 newly constructed low-income rental units.
“There was a time when a new affordable apartment building going up in the South Bronx would make heads turn because we were working in neighborhoods that were largely abandoned and written off as unlivable,” said HPD Deputy Commissioner RuthAnne Visnauskas. “Those days are a far cry from the Bronx that we know today, the one that has been surging and expanding thanks in great part to the stability that safe, quality affordable housing has brought to neighborhoods throughout the borough. With an investment of more than $5.9 billion since 2003, it seems as if we’re here almost every week, either breaking ground or opening a new building. I thank Borough President Diaz for his continued support and our partners like HDC, Cypress 4 LLC, and Capitol One for helping to make a more affordable and sustainable city for all New Yorkers.”
“The Maple Mesa affordable housing project came together due to the mosaic of financing from HDC, HPD, Hudson Housing, Capital One and Bronx Borough President Ruben Diaz, Jr,” said Cypress 4 LLC President Peter Bourbeau. “Maple Mesa’s construction was possible because of the variety of development support from our partners in architecture, general contracting, management, legal and consulting. We are proud to start construction on this exciting addition to the community.”
The Maple Mesa development is part of Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP). The NHMP is a multi-billion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of Fiscal Year 2014. For every dollar invested by the City, the Plan has leveraged $3.41 in private funding for a total commitment of more than $19.4 billion to fund the creation or preservation of over 140,920 units of affordable housing across the five boroughs. More than 43,721 units have been financed in the Bronx.
“The development of the Maple Mesa Apartments is a welcomed addition to our borough, and another step forward for our Bronx families looking for housing options. Housing is a major issue not just in the Bronx but across the City and I am proud to say that, thanks to projects like these, the Bronx is leading the way in providing housing opportunities for people of all incomes," said Bronx Borough President Ruben Diaz Jr.
When complete, the Maple Mesa Apartments will be a two building development with a total of 59 units. The building located at 601 East 163rd Street will be a six-story building with 25 rental units, a 1,995 square foot community area, and nine parking spaces. Twenty-three units are set at 60% Area Median Income (AMI) ($49,800 for a family of four) with the remaining two units set at 50% AMI ($41,500 for a family of four). The building located at 232 East 169th Street will be an eight-story building with 34 rental units, a 2,773 square-foot community space and a 2,362 square-foot commercial space. Thirty-three units are set at 60% AMI ($49,800 for a family of four) with one unit set at 50% AMI ($41,500 for a family of four). Each development created under the Mayor’s Plan is subject to income limits designated by the U.S. Department of Housing and Urban Development (HUD). AMI levels for the Maple Mesa Apartments are set by HUD’s 2012 income calculations.
The City requires that subsidized apartments be sold or rented through an Open Lottery System to ensure fair and equitable distribution of housing to eligible applicants. For more information regarding the lottery process, current housing lotteries, how to apply to an open lottery, and if you would like to receive an e-mail when HPD has updated its website concerning available apartment and home listings for City-subsidized housing in the five boroughs, please visit the Apartment Seekers and Homebuyers pages at www.nyc.gov/hpd.
The total development cost for the Maple Mesa Apartments will be $19.3 million. HDC provided two mortgages to the development in the amounts of $3.51 million and $3.83 million. HPD provided $1.8 in City Capital funds and $1.7 million in HOME funds. The Bronx Borough President’s office contributed $613,000. Hudson Housing Capital provided $6.8 million in Low-Income Housing Tax Credits. Capital One Bank will act as the Letter of Credit provider on this development.
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About NYC Department of Housing Preservation and Development (HPD):
HPD is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and viable neighborhoods for New Yorkers through education, outreach, loan and development programs and enforcement of housing quality standards. It is responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to finance the construction or preservation of 165,000 units of affordable housing by the close of the 2014 fiscal year. Since the plan’s inception, more than 130,770 affordable homes have been financed. For more information, visit www.nyc.gov/hpd
About the NYC Housing Development Corporation (HDC):
HDC provides financing that builds and strengthens neighborhoods. Since 2000, the corporation has issued roughly 10% of all the multifamily housing revenue bonds in the U.S. and since 2003, when Mayor Bloomberg’s New Housing Marketplace Plan was launched, HDC has raised more than $6.7 billion in financing for affordable housing developments, including in excess of $1 billion in subsidy from corporate reserves. In Affordable Housing Finance magazine’s annual listing of the nation’s top ten funders of multifamily housing, HDC is the only municipal entity included on the list, and consistently bests many of the largest commercial banks and most statewide Housing Finance Agencies (HFA). This past year, HDC was the fourth largest affordable housing lender in the U.S. after Citi, Wells Fargo and Bank of America, beating out JPMorgan Chase and Capital One. To date, under the Mayor’s plan, HDC has financed the creation or preservation of more than 60,000 affordable units in multifamily buildings that also include 1.7 million square feet of commercial space. For additional information, visit: www.nychdc.com
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., Capital One Bank (USA), N. A., and ING Bank, fsb, had $216.5 billion in deposits and $294.5 billion in total assets outstanding as of March 31, 2012. Headquartered in McLean, Virginia, Capital One and ING Direct offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.