August 6, 2019 Comments Off on Low-Income Seniors Complex Opens in West Farms Views: 404 New York News, Uptown/Bronx New York

Low-Income Seniors Complex Opens in West Farms

Officials from city housing agencies joined Foxy Management, Hebrew Home at Riverdale, Alembic Community Development and project partners Monday to celebrate the completion of 1880 Boston Rd., a 168-unit affordable senior development in the Bronx’s West Farms neighborhood. The newly- constructed addition to an existing building contains apartments for low-income and formerly homeless seniors.

“This project exemplifies the successful collaboration between government, the non-profit sector and private business to serve a major need in the community – housing and caring for low-income and homeless seniors,” said Jeff Fox, principal of Foxy Management.

The development was financed in part with funding from city-backed low-income housing development programs totaling about $60 million. Raymond James acted as the tax credit syndicator and provided a combined investment of $34.8 million in federal tax credit equity. TD Bank provided a $38-million credit enhancement for the tax-exempt bonds through its Commercial Real Estate Group.

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