More Affordable Housing Coming to the Bronx as City Faces Historic Homelessness Rates
Mercy Loan Fund provided a land acquisition loan to Community Access for Baez Place Apartments, where 163 units of affordable homes will serve people who have experienced homelessness and those living with serious mental illness.
NEW YORK – RealEstateRama – Mercy Loan Fund (MLF), a national Community Development Financial Institution (CDFI), is working with Community Access (CA) to help create homes for the most vulnerable population in one of the highest cost cities in the county. The site is just down the street from Richman (Echo) Park, located at 1861 Carter Avenue in the Claremont section of The Bronx, New York City.
CA is known for its proven track record of excellence serving NYC’s families in need, including 19 affordable housing buildings spanning the Bronx, Brooklyn, and Manhattan. This is MLF and CA’s first loan together.
“Community Access is very pleased to partner with Mercy Loan Fund on the acquisition of 1861 Carter Avenue. The acquisition will allow us to build 163 units of much-needed housing for formerly homeless individuals and low-income families. We are grateful to Mercy Loan Fund for their support of the project.”
Homelessness is on the rise in NYC, and it’s the highest it’s been since the 1930’s Great Depression, according to the Coalition for the Homeless. With the lack of affordable housing being the largest contributor to homelessness in the city, this loan and support of Baez Place Apartments comes at a crucial time.
The development will not only offer a roof over the heads of people who have experienced homelessness, seniors, and people living with mental illness, but will also offer supportive services. The Bronx reportedly has the most substantial need for affordable housing in the city. Low-Income Housing Tax Credits (LIHTC) will provide the equity for this deal. CA will be co-developing this community development with the help of Blue Sky Bronx LLC.
“Mercy Loan Fund is excited to establish this new partnership with Community Access. This is a market where affordable housing is extremely limited, and this is a great opportunity to serve those that have experienced homelessness. The services that these residents will receive offers irreplaceable opportunities for them to pursue brighter futures.”—Jason Battista, Mercy Loan Fund President
About Mercy Loan Fund- For more than three decades, Mercy Loan Fund (MLF), a leading Community Development Financial Institution (CDFI), has focused exclusively on funding affordable housing and essential community infrastructure projects that support affordable housing. By collaborating with socially-responsible developers, MLF has helped finance the development of single and multifamily homes for rental and homeownership. These developments benefit underserved communities, including people with low-incomes, seniors, farmworkers, people who have experienced homelessness, and people with disabilities. MLF is a subsidiary of the affordable housing nonprofit, Mercy Housing, Inc. (MHI), headquartered in Denver, Colorado. mercyhousing.org/mercyloanfund
About Community Access
Community Access’ mission is to expand opportunities for people living with mental health concerns to recover from trauma and discrimination through affordable housing, training, advocacy and healing-focused services. We are built upon the simple truth that people are experts in their own lives.
