Nonprofit buys Morris Heights property for senior affordable housing
October 25, 2024
Crain’s New York
Amanda D’Ambrosio
Services for the UnderServed bought a property last week at 1770 Jerome Ave. to develop an affordable housing project in the neighborhood, the nonprofit confirmed to Crain’s. The Midtown-based nonprofit, which earned $35 million in revenue last year, plans to build apartments for low-income seniors and older adults leaving shelters, according to Arlo Chase, the nonprofit’s vice president for real estate and property development.
The $10.2 million sale is a joint venture between Services for the UnderServed and affordable housing developer Bronx Pro Group, which have long partnered to build housing in the Bronx, Chase said. The project was financed through a loan from the Corporation for Supportive Housing and the Nonprofit Finance Fund, he added.
The nonprofit declined to provide information about the number of expected affordable housing units at the property, saying that it is still in the planning phase for its new development.
The site, located between East 175th and East 176th streets, is currently home to a one-story building occupied by two African supermarkets. It’s located in the 95-block stretch of Jerome Avenue that the city rezoned in 2018 in an attempt to build more than 4,000 affordable apartments in the Bronx.
The new project is not the first time that Services for the UnderServed has leveraged the zoning changes to boost its housing portfolio. The nonprofit and Bronx Pro Group opened a 177-unit supportive housing residence last spring that sits right across the street from the new site. The supportive housing residence – which provides social services including health and job assistance – has units for people who are formerly homeless, disabled or have a mental health condition.
Services for the UnderServed recently purchased four buildings in Hell’s Kitchen to build affordable apartments and opened a 170-unit residence in Morrisania.
Services for the UnderServed runs more than 4,000 affordable residences and a range of mental health and disability services across the city. The organization, which employs 2,000 people, expects to provide $275 million in housing, substance use disorder and disability services by the end of 2024.
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