Governor Kathy Hochul and Mayor Eric Adams today announced the completion of a $62 million affordable housing development in the Morrisania section of the Bronx. The El Borinquen Residence creates 148 new affordable apartments, including 90 with on-site supportive services for people experiencing homelessness and 29 homes reserved for seniors.
“Affordable and supportive housing is a fundamental component to addressing homelessness across the state,” Governor Hochul said. “Building on the successful opening of the El Borinquen Residence, my administration is implementing our $25 billion, five-year housing plan that will allow us to continue to make important investments in communities like the Bronx. By increasing the supply of high-quality inclusive housing, we can ensure that New Yorkers have not only an affordable place to call home, but also access to the supportive services they need to thrive.”
New York City Mayor Eric Adams said, “With the completion of the El Borinquen Residence, more of our neighbors experiencing homelessness and mental illness will have a place they can call home. Our administration’s Housing Our Neighbors blueprint finally treats homelessness as a housing problem and we’re working to solve it with a housing solution, and supportive housing projects like El Borinquen are a critical part of making that solution reality. Thank you to our partners helping to ‘Get Stuff Done’ for the Bronx and New York City.”
The El Borinquen Residence complements Governor Hochul’s sweeping plans to make housing more affordable, equitable, and stable. In the FY 2023 State Budget, the Governor introduced and successfully secured a new $25 billion, five-year, comprehensive housing plan that will increase housing supply by creating or preserving 100,000 affordable homes across New York including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
The El Borinquen Residence consists of a single ten-story building with 148 apartments. The colorful streetside façade along Third Avenue was designed to pay tribute to the neighborhood’s Puerto Rican heritage.
90 apartments are reserved for formerly homeless adults and youth or young adults ageing out of foster care. These residents have access to rental subsidies and on-site services funded through the Empire State Supportive Housing Initiative.
Supportive services include individual case management, mental health referrals, job readiness training and financial literacy workshops. Comunilife is the service provider, as well as the project’s developer.
In addition to the supportive units, 29 apartments are reserved for residents aged 62 and older with incomes at or below 30 percent of the Area Median Income. The remaining apartments are for households earning at or below 60 percent of the AMI.
Residential amenities include a community space for events, bike room, landscaped area on the ground floor, and a rooftop garden. The development is located within a mixed-use residential and commercial area with access to local amenities and within ten blocks of four subway lines.
State financing for the El Borinquen Residence includes$7.7 million in permanent tax-exempt bonds, Federal Low-Income Housing Tax Credits that generated $23.2 million in equity and $14.3 million in subsidy from New York State Homes and Community Renewal. The New York City Department of Housing Preservation and Development provided $14.2 million through the Supportive Housing Loan Program.
In the last five years, New York State Homes and Community Renewal has invested more than $1 billion to create or preserve nearly 7,500 affordable apartments in multifamily buildings in the Bronx.
