Gov. Andrew M. Cuomo recently announced the start of construction of three multifamily rental buildings with 138 affordable apartments in the Bronx called The Grand.
The project is part of Cuomo’s $20 billion, five-year plan launched in FY 2017 to provide permanent supportive housing, affordable housing with on-site services that help formerly homeless and disabled tenants live in dignity in the community, by constructing and rehabilitating 100,000 units of affordable housing and 6,000 units of supportive housing.
The Grand is the largest ground-up, low-cost, tax-exempt bond deal developed by a minority-owned firm since Cuomo took office.
The $65 million development is a partnership with New York State Homes and Community Renewal; Thorobird Companies, a minority-owned firm; the Association for Rehabilitative Case Management & Housing, Inc., a not-for-profit supportive housing provider; and the City of New York Department of Housing Preservation and Development.
In the three buildings, 41 of the 138 apartments will be set aside for formerly homeless adults with serious mental illness and will be permanently supported by rental subsidies and support services.