Rendering of Tiffany Court Plaza (294686)
Credit: Image courtesy of the Doe Fund

The Doe Fund has started construction for 980 Westchester Avenue in the Bronx. The

project, a $71.4 million joint venture with Bolivar Development, LLC, will create 151 new

affordable and supportive units utilizing state, city and local funds.

The project’s multiple public/private funding sources include federally tax-exempt bonds

issued by NYC’s Housing Development Corporation (HDC), a second mortgage from HDC’s

Corporate Reserves through HDC’s Extremely Low & Low Income Affordability (ELLA)

program, subsidy through New York City’s Department of Housing and Preservation

Development (HPD), HPD 4% low-income housing tax credits via Boston Financial Investment

Management and their investor, Sterling National Bank, a Federal Home Loan Bank of New

York (FHLBNY) grant and New York City Council discretionary funds from Bronx Councilman

Rafael Salamanca, Jr., and NYC Council Speaker Corey Johnson.

The construction loans were issued by Chase and Sterling National Bank. Supportive

tenant rents and program expenses were secured by an award from the NYS Empire State

Supportive Housing Initiative (ESSHI).