Serviam Heights - Bronx, NYBronx, NY According to The NYC Department of Housing Preservation and Development (HPD), NYC Housing Development Corp. (HDC), Fordham Bedford Housing Corp., and Enterprise Community Partners, Inc., financing has been placed for Serviam Heights, a new 197-unit, green, affordable housing development for low-income and formerly homeless seniors.
Serviam Heights is phase III of Fordham Bedford’s “Serviam” senior housing campus, which includes Serviam Gardens, phase I of the development, an 83-unit mixed construction project, and Serviam Towers, phase II of the development, a 160-unit new construction project. These projects were completed in 2009 and 2010.
“Through Housing New York we aim to push ourselves and our partners to find new creative ways to develop much needed affordable housing in New York City. It is with pleasure that we celebrate the financing of this multifaceted affordable senior development,” said HPD commissioner Vicki Been. “The redevelopment of an underused site with existing structures into affordable housing is exactly the type of innovative development planning we need. I want to congratulate Fordham Bedford, Enterprise, and development partners on completing the financing for this development. I look forward to celebrating the opening and greeting the residents of Serviam Heights.”
“Our senior population is growing rapidly, as is the demand for affordable housing,” said Gary Rodney, President of HDC. “This dynamic, mixed-construction project will provide 197 sustainable, affordable homes for low-income and formerly homeless seniors seeking stability and independence. HDC is proud to partner with HPD, NYCHA, Fordham Bedford, Enterprise, and our elected officials in building a more affordable city for all New Yorkers, including our most vulnerable residents.”
The project will include the rehabilitation and conversion of a four-story convent building into 57 apartments, as well as the new construction of a nine-story building containing 140 apartments, and the conversion of a two-story chapel into a senior community life center and office space. Once completed, Serviam Heights will include 24 studios, 171 one-bedroom apartments, and two two-bedroom apartments for superintendents. All units will receive project-based Section 8 vouchers provided by the New York City Housing Authority (NYCHA). The vouchers will allow residents to pay 30% of their monthly income, whatever it may be, towards rent. Apartments will be available to seniors earning and annual income up to $30,250 for an individual or $38,850 for a household of three. Income levels have been set according to the U.S. Department of Housing and Urban Development’s (HUD) 2015 calculations. Thirty apartments will be set aside for homeless or formerly homeless seniors.
“Fordham Bedford is pleased to convert such an important building and location in our community to senior housing. The need for this affordable housing grows greater every day,” said John Reilly, executive director of the Housing Corporation.
Renovations will include energy efficient upgrades such as aluminum double-hung windows with low-E, argon-filled glazing; high-efficiency Energy Star-rated lighting fixtures; Energy Star-rated appliances; and green plumbing fixtures including dual flush water closets and low flow sinks. The project will be Enterprise Green Communities certified upon completion.
“Seniors are among New York’s most vulnerable individuals, many of whom live on fixed incomes and struggle to find a safe, affordable place to live,” said Judi Kende, vice president and New York market leader, Enterprise. “Serviam Heights, part of the incredible Serviam senior housing campus, provides older adults with the affordable housing they need to age in place comfortably. But there is more work to be done. With the number of seniors expected to grow to 46 million nationwide by 2030, we need more resources dedicated to senior housing in order to ensure that all older adults can live in a home they can afford.”
“BNY Mellon has a long history of supporting the communities where our employees live and work. We are proud to have provided financing for this important next phase of Fordham Bedford’s Serviam senior housing campus, which will deliver high quality affordable housing and further Fordham Bedford’s mission to improve the Bronx neighborhoods in which it operates. Supporting the Serviam senior housing campus makes business sense and is the right thing to do for the community,” said Andrew Blumetti, managing director, BNY Mellon.
The total development cost for this project is approximately $98.8 million. Financing for the project includes $47 million in fixed-rate tax-exempt bonds from HDC and $11.9 million in financing from HDC Corporate Reserves. HPD is providing $14.6 million in City Capital Funds through its Senior Housing Affordable Rental Apartments Program (SARA). HPD will also provide $153,000 in federal HOME funds. New York City Council Member Ritchie Torres is providing $500,000 in Reso A. Enterprise syndicated $40.3 million in Low Income Housing Tax Credits, and BNY Mellon provided the tax credit equity.
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