Credit: Image courtesy of The Doe Fund

The Doe Fund recently received a Federal Home Loan Bank of New York Affordable Housing Program award of $600,000 for Villa House, its latest affordable and supportive multifamily development in the Bronx.

The FHLBNY AHP provides members with direct subsidies which are passed on to income-qualified households through sponsoring local community-based organizations. AHP financing is combined with other funding sources to create housing for moderate-, low- and very low-income households.

Villa House, a $36.7M project in the Bedford Park neighborhood, is a 10 story building with 60 studio units and eight one-bedroom units. Designed by Delacour Ferrara & Church Architects, 41 units will be reserved for formerly homeless individuals and 27 units will be given to those on the NYCHA waitlist.