February 18, 2020
TD Bank closed on $35.3 million in bank financing used by Westhab to fund the construction of the Dayspring Commons Campus, an affordable housing project and community center in Yonkers, NY.
The bank’s commercial real estate business provided a $19.5-million letter of credit along with $15.8 million in tax credit equity to develop the six-story, 63-unit residential building and community center.
The residential building includes 37 units for formerly homeless, special needs individuals, who will receive on-site supportive services. These apartments will receive rental assistance through Gov. Andrew Cuomo’s Empire State Supportive Housing Initiative. The remaining units will be rented to individuals earning up to 50% of the Area Median Income.
“Dayspring Commons will bring affordable housing and supportive services to formerly homeless families and individuals in Westchester County,” said TD Bank’s Phyllis Reich. “The resources provided will help integrate these residents into the community successfully.”
For comments, questions or concerns, please contact Paul Bubny