Mosholu Gardens provides 64 units of affordable housing with on-site supportive services in the Norwood neighborhood of the Bronx
BRONX, NEW YORK – The New York City Department of Housing Preservation and Development (HPD) joined Acacia Network, Inc. to celebrate the ribbon-cutting of Mosholu Gardens, a seven-story supportive housing development located at 245 East Mosholu Parkway North in the Norwood neighborhood of the Bronx. Mosholu Gardens provides 64 affordable rental units for low-income New Yorkers with a preference for formerly homeless individuals with special needs. Also in attendance were representatives from the NYC Department of Health and Mental Hygiene (DOHMH), the Corporation of Supportive Housing (CSH), the National Equity Fund, and local elected officials.
Mosholu Gardens was developed under Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), a multibillion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of the 2014 fiscal year. To date, the plan has funded the creation or preservation of over 156,397 units of affordable housing across the five boroughs; 49,162 of those units in the Bronx with 3,765 units located in Community District 7 where Mosholu Gardens is located.
“Supportive housing offers New Yorkers with special needs a hand-up in a caring environment with services and case management that help set a foundation of stability for the future,” said HPD Commissioner RuthAnne Visnauskas. “Mosholu Gardens exemplifies our agency’s mission to assist those who are most in need and least able to find appropriate housing, and we are fortunate to have partners that recognize the importance of fulfilling this mission. I thank the Acacia Network, DOHMH, Morgan Stanley, NEF, CSH and all of the people who share our commitment to making New York a more affordable and supportive city for our most vulnerable citizens.”
“The Mosholu Gardens Development Project is a significant step for Acacia Network,” stated Raul Russi, CEO for Acacia Network. “As our first LEED-certified “Green” building, it represents our on-going commitment to provide affordable and supportive housing to all our residents in need, as well as to preserve the environment and make it sustainable for future generations.”
Mosholu Gardens is a seven-story building with 63 studio rental units and one additional unit reserved for an on-site superintendent. Residents of Mosholu Gardens have access to a variety of amenities including laundry facilities, 24-hour concierge, resident attendant services, and a computer facility. On- case management services for special needs tenants will be made possible with funding provided by the NYC Department of Health and Mental Hygiene (DOHMH). Additionally, all building residents will have access to Acacia’s extensive network of healthcare, housing, educational and social services.
“DOHMH is delighted to support the opening of Mosholu Gardens. The opening of new housing for those most in need provides hope for 39 individuals to sustain a life of health, wellness and recovery and to succeed in achieving their goals,” said Gail Wolsk, Director of the Office of Housing Services, NYC Dept. of Health and Mental Hygiene.
Mosholu Gardens was designed to incorporate environmentally friendly features including multiple garden environments, and rooftop community space which opens onto a wrap-around terrace and garden. The development follows HPD’s energy-efficiency guidelines for new developments and is in accordance with the Acacia Network’s commitment to developing environmentally sustainable and energy-efficient housing.
"We are pleased to support efforts like Mosholu Gardens that combine sound, quality affordable housing with access to critically needed social services," said Audrey Choi, Managing Director and Head of Morgan Stanley Global Sustainable Finance. "This project reflects our commitment to strengthening the communities in which we live and work."
“Mosholu Gardens will help create a path to restoring lives and instilling hope for people who very much need a stable and affordable home with access to important supportive services,” said Joe Hagan, President and CEO of National Equity Fund®. “Our work in developments like this is all about investing in the future of our country’s most vulnerable individuals and families and the communities where they live.”
Thirty-nine of the 64 apartments were made available to formerly homeless individuals, with the remaining units targeted with a preference for special needs tenants. The units were made available to tenants earning not more than 60 percent Area Median Income (AMI) or $34,860 for an individual based on 2012 calculations. AMI levels are calculated yearly by the U.S. Department of Housing and Urban Development (HUD).
The total development cost of the project is approximately $15 million. HPD provided approximately $7.8 million through federal HOME funding and contributed $125,000 in City Capital funds. The National Equity Fund (NEF) acted as tax credit syndicator and will provide $6.9 million in Low-Income Housing Tax Credit Equity. As an originator of the New York City Acquisition Fund, CSH provided $1,382,000 in acquisition and predevelopment financing to help Acacia secure the land, and fund vital architectural and predevelopment expenses.
“CSH is thrilled to be a part of bringing affordable and supportive housing opportunities to the Bronx. Acacia Network’s Mosholu Gardens is a stellar example of the results that can be achieved through successful partnerships.” Deborah De Santis, President and CEO, CSH.
Oaklander, Coogan & Vitto Architects (OCV) provided the architectural design for the development and construction was completed by P & P Contracting.
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About the 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 2014. Since the plan’s inception, more than 156,397 affordable homes have been financed. For regular updates on news and services, connect with us via www.facebook.com/nychpd and www.twitter.com/nychousing. For more information, visit our website at www.nyc.gov/hpd.
About Acacia Network, Inc.:
Acacia Network is the largest Latino based nonprofit in the Northeast offering health and social services as well as housing and implementing economic development initiatives. Acacia Network is comprised of several community organizations with strong roots in the Bronx and East Harlem Communities.
Acacia Network’s mission is to partner with communities, lead change, promote healthy and prosperous individuals and families. This mission supports Acacia Network’s deep commitment to the communities in which it serves.
Acacia Network partners with government at all levels, other nonprofits, community based organizations, and with private companies to organize and implement treatment and social service programs, develop and manage housing and create innovative community-based enterprises. Acacia Network’s financial strength, professional expertise, history of positive outcomes and proven credibility result in an exceptional ability to design outstanding, inter-related programs.
About the NYC Department of Health and Mental Hygiene (DOHMH):
With an annual budget of $1.6 billion and more than 6,000 employees throughout the five boroughs, the New York City Department of Health and Mental Hygiene is one of the largest public health agencies in the world, serving 8 million New Yorkers from diverse ethnic and cultural backgrounds. With over 200 years of leadership in the field, we're also one of our nation's oldest public health agencies. The challenges we face range from obesity, diabetes and heart disease to HIV/AIDS, tobacco addiction and substance abuse, and the threat of bioterrorism. We're tackling these issues with innovative policies and programs – and getting exceptional results – but our work is never finished.
About Morgan Stanley:
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 43 countries. Since 2006, Morgan Stanley has committed more than $7.8 billion in investments to strengthen underserved communities. For further information, visit www.morganstanley.com.
About National Equity Fund (NEF) and LISC:
Local Initiatives Support Corporation (LISC) created NEF, Inc. in 1987 to deliver the resources, through low income housing tax credits, to support the work of developers providing low income housing in underserved communities.
NEF has raised $9.5 billion for investment, supported development affordable housing. Over the last two and a half decades, NEF, Inc., balancing the needs of developers, communities and investors, has partnered with more than 210 banks, insurance companies and other corporations committed to making affordable housing development possible.
NEF has had more tax-credit experience than almost any other syndicator in the marketplace, and has funded 2,100 projects in 46 states + Washington, D.C. and Puerto Rico, raised $9.5 billion for investment, supported development of 127,000 homes. http://nefinc.org/section/aboutus
About Corporation for Supportive Housing (CSH)
CSH transforms how communities use housing solutions to improve the lives of the most vulnerable people. We offer capital, expertise, information and innovation that allow our partners to use supportive housing to achieve stability, strength and success for the people in most need. CSH blends over 20 years of experience and dedication with a practical and entrepreneurial spirit, making us the source for housing solutions. CSH is an industry leader with national influence and deep connections in a growing number of local communities. We are headquartered in New York City with staff stationed in more than 20 locations around the country. Visit www.csh.org to learn how CSH has and can make a difference where you live.