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).