Site
Two parcels of land privately owned and controlled by CMC Development LLC, comprising of 1- 2 family house and a parking lot. The two lots are approximately 7,000 sq. ft. lot with an R-7 zoning on Woodycrest Avenue in the Yankee Stadium and Gateway Mall area of the Bronx.
Project Overview
The development of 48 units of affordable rental housing for Military Veterans with community and program space to be built in a 7-story state of the art building. This project is a joint venture partnership with HELP USA.
Project Financing
Total development costs for the project is $16,000,000. The project is financed with HPD 9% LIHTC, HOME Funds, LIHTC Investment is being provided by Raymond James Financial.
Legal Structure
A New York State limited partnership has been formed by the development team to accept the Tax Credits for the development of the property and will be jointly owned.
Project Schedule
Finance Application: 9/2014 Construction Closing: 12/2015 Occupancy: 12/2017
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