The Hudson Companies, The Jericho Project and HELP USA today announced the closing of $117 million in funding for affordable, supportive housing and $97 million for a new shelter at Logan Fountain, a residential project. mixed-use developed as part of the 2016 East New York rezoning that will turn a former gas station into permanent affordable housing, transitional housing for homeless families, and retail space. Affordable housing financing was provided through New York State Housing Finance Agency tax-exempt bonds with Citi, which provided the letter of credit for the construction period, a New York City Department of Housing Preservation and Development grant, funding from former Council Member Rafael Espinal, and tax credit equity with Hudson Housing Capital as syndicator and JP Morgan Chase as an investor. Citi provided the loan for the shelter portion, which is backed by a contract with the New York City Department of Homeless Services. Citi will manage disbursement and construction tracking for the entire project. The project was designed by MHG Architects and will be built by Broadway Builders, a subsidiary of Hudson.
“Logan Fountain is an innovative model of new affordable housing and transitional housing in one sustainable building,” said Sarah Pizer, Director of Development, The Hudson Companies. “Residents of both components of Logan Fountain will receive on-site support services tailored to their needs. We are proud to partner with HELP USA and The Jericho Project, who will provide these essential services, and we thank all of our partners for their continued collaboration to drive this transformative development.
Located at 265 Logan Street, Logan Fountain is the city’s second development designed with a hybrid model that will include two separate components of affordable housing and shelter in a 13-story building. The east wing will include 69 affordable housing units for low-income families earning between 50 and 70% of the area’s median income (AMI) and 105 housing units for the formerly homeless. The West Wing will include 169 homes for families and homeless individuals served by the New York City Department of Homeless Services. The building will also include approximately 7,677 square feet of retail space on the ground floor. Construction will begin in August, with completion expected in late 2024.
“Jericho Project is thrilled to partner with The Hudson Companies to provide supportive housing for 105 homeless households, including single adults, adult families and families with children,” said Tori Lyons, President and CEO, Jericho Project. “Our comprehensive, person-centered support services will ensure tenants are able to maintain long-term stability and thrive in the community.”
“HELP USA congratulates the Hudson Companies on the closing of the Logan Fountain project and we are delighted to be the selected transitional housing provider,” said David Cleghom, President, HELP USA.
“Logan Fountain is aligning homelessness and housing solutions into a holistic plan to address the city’s affordable housing crisis,” said Adolfo Carrión Jr., commissioner of the HPD. “This innovative approach, as expressed in our Housing and Homelessness Master Plan, combining permanently affordable housing, with supportive and transitional services in the same development, is exactly what our city needs. We are grateful to Hudson Companies, Jericho Project and HELP USA for an outstanding proposal and we look forward to launching this project very soon.
“This project exemplifies the kind of innovation that leads to reimagining underutilized urban spaces to create high-quality affordable, supportive and transitional housing for vulnerable New Yorkers,” said Gary P. Jenkins, Commissioner of the Department of Social Services. “We are proud to partner with The Hudson Companies, The Jericho Project, HELP USA and others as we continue to raise the bar on how we serve and support New Yorkers in need. The Logan Fountain model particularly aligns with this administration’s particular focus on revitalizing Eastern New York and investing in our underserved communities.
“Citi Community Capital is proud to have participated in the financing of Logan Fountain, which is among the most innovative housing projects in the country,” said Richard Gerwitz, Managing Director, Citi Community Capital. “The project will provide desperately needed affordable housing for working families and transitional enriched housing units for families who were previously homeless. The Hudson Companies have worked tirelessly with their partners at HELP USA and The Jericho Project to plan, structure and finance this unique hybrid model.
“Hudson Housing Capital is proud to partner with The Hudson Companies to fund affordable, supportive housing in Logan Fountain,” said Sam Ganeshan, Managing Director, Hudson Housing Capital. “This property will provide some of the city’s most vulnerable individuals and families with a safe, high quality place to live independently. We thank and congratulate all parties involved, including our investor JP Morgan Chase, for their commitment, creativity and determination to achieve this exciting milestone, and we look forward to seeing Logan Fountain come to fruition.
“Broadway Builders is proud to have been selected to build this historic project,” said Sally Gilliland, President of the Broadway Builders. “We look forward to providing the highest quality housing, using local partners and community members on the construction team, and providing a safe and inclusive workplace for all.”
Logan Fountain will provide a range of amenities for its residents. On the affordable housing side, amenities will include a fitness room, a landscaped common courtyard with a children’s play area, multiple terraces with a garden area, bicycle storage and laundry rooms. In terms of transitional housing, families will have access to outdoor and indoor child care spaces, bicycle storage and a laundry room. In addition, on-site providers will provide support services tailored to the needs of each resident. The Jericho Project, a venerable non-profit provider for the homeless, will introduce a host of on-site support services and programs for formerly homeless families in affordable housing residences. At the same time, HELP USA, a nationally recognized homeless social service provider, will operate and coordinate client care and services for shelter residents.
Logan Fountain is conveniently located two blocks from the Norwood Avenue J subway station and a short walk from the Euclid Avenue A subway station.
The project is a key part of the 2016 rezoning of East New York, which will bring $16.7 million in capital investment to the neighborhood. While developing the investment strategy, the city engaged with the community in 2014 and created the East New York Community Plan to prioritize the need for new infrastructure, parks, community facilities, affordable housing and small business support.
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