Elmcor Youth and Adult Activities has received millions in financing from city agencies to support its development of a supportive housing project in Queens’ Corona neighborhood in N.Y. The organization broke ground on the 30-unit community located at 104-10 Northern Blvd. and is expected to complete construction in October 2023.
The community will have 21 of its units set aside as supportive housing for those who are recovering from substance use and/or mental health issues, while the remaining nine units will be reserved for low-income senior residents. Elmcor tapped Monica Lopez Uran as the project’s architect, while Penta Restoration Corp. will serve as the general contractor.
The project attracted a lot of capital from various New York City agencies, including the Community Preservation Corp. who provided a $1.7 million construction loan and a $2.5 million permanent loan through its funding partnership with NYCRS. Elmcor also secured $2.9 million from the New York City Department of Housing Preservation and Development in subsidies through its supportive housing loan program. The office of the Queens Borough President provided $5.4 million in ResoA funding, while the City Council provided an additional $2.5 million, also in ResoA funding. The project also uses the NYC 15/15 program that provides rental assistance and supportive service operating support.
PROVIDING SERVICES FOR ITS SUPPORTIVE HOUSING
While Elmcor is serving as the developer for the supportive housing project, it will also be the service provider for the residents. As a non-profit based in Queens, the organization’s main objective is to provide programming for everyone from preschool-aged kids to senior citizens.
Besides providing subsidies for Elmcor’s project, HPD also provided financing for the second phase of TF Cornerstone’s massive two-tower rental community in Long Island City, Queens. HPD’s funding went towards a 46-story property totaling 394 units that topped out in August 2020.
The post Elmcor Breaks Ground on Queens Supportive Housing Community appeared first on Multifamily Real Estate News.
Gillian Executive Search is a leader in Affordable Housing Development, Financing, Design and Construction recruiting. www.gessearch.com