Nearly 200 affordable units for seniors are coming to the Lower East Side.
Nonprofit Grand Street Guild has secured financing to build a 16-story complex at 145 Broome Street. About $32 million will come directly from the city.
New York’s Department of Housing Preservation and Development will lend $19.5 million under its program for senior housing. Called SARA, the initiative offers funding for the construction of fully affordable buildings for seniors with on-site services and rental assistance.
The 191 studios and one-bedroom units will be available to adults over 62 who are in the bottom quartile of earners in the area. As required by the program, 30 percent of the units will be set aside for formerly homeless adults over 55.
“Each unit helps us advance HPD’s core mission of providing a safe, affordable place to call home for every New Yorker,” Ahmed Tigani, the department’s acting commissioner, said in a release.
Subordinate financing will come from the New York City Housing Development Corporation. The agency’s New Construction Program will provide $12.5 million.
The corporation will also issue $105 million in both tax-exempt and taxable bonds.
Richman Housing, an affordable housing developer, will supply $11.3 million in return for Low Income Housing Tax Credit equity.
In total, the project is expected to cost $176 million.
The development, which the nonprofit is calling Ridge Street Apartments, has secured approval from regulatory agencies, according to Grand Street Guild. They expect construction to start this year and be completed in the first quarter of 2028.
The nonprofit is affiliated with Catholic Homes of the Archdiocese of New York. The larger organization oversees more than 2,790 affordable units in the state.
The new building will be part of Grand Street Guild’s campus of senior housing, where 1,500 residents live in 832 units. The complex’s four towers are located on Grand Street and Broome Street, near Pitt and Clinton Streets.
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