A partner company of the Roman Catholic Archdiocese of New York has successfully secured financing for a residential project in the Tremont neighbourhood of the Bronx, specifically at 484 East 178th Street. Catholic Homes, a non-profit organisation dedicated to the development and management of affordable housing for families and seniors, received a construction loan of $146.9 million from the New York State Housing Finance Agency.
This loan is intended to facilitate the creation of 251 new housing units at the site. The property, located at the corner of East 178th Street and Washington Avenue, is currently an undeveloped plot of land. Monsignor Kevin Nelan acted as the signatory for Catholic Homes. A query from Commercial Observer to the organisation initially remained unanswered.
Background and Scope of the Project
Catholic Homes acquired the development site earlier this year for $17 million from another ecclesiastical institution, the Roman Catholic Church of Saint Simon Stock and Saint Joseph. The New York State Housing Finance Agency, which also did not immediately respond to a request, was founded in 1960 to promote the financing of multi-family rental housing for low- and middle-income households.
Catholic Homes is active in the development and preservation of properties throughout New York City, with the stated goal of providing support to individuals and families in need and those who are vulnerable. To date, the organisation has provided a total of 481 senior housing units, 2,350 family units, and 128 supported living units in New York City.
Current Projects by Catholic Homes
The organisation’s portfolio includes several residential and supported living projects across the city.
- —Clinton Broome at 157 and 165 Broome Street in Manhattan’s Lower East Side.
- —The George Hardy at 440 East 137th Street in the Mott Haven neighbourhood of the Bronx.
- —The Carmel Apartments at 61 Carmel Court in Staten Island.
