We celebrate with and thank New York Institute for Human Development, Inc., Catholic Homes New York and Catholic Charities Archdiocese of New York on the recent closing of St. Philip Neri Apartments. Consisting of two fourteen‐story high rise buildings, St. Philip Neri will bring 185 affordable homes to the Bronx, NY community with reserved units for individuals with mental illness or substance abuse, as well as formerly homeless families with a head-of-household with serious mental illness.
“St. Philip Neri is a unique development that went above and beyond to meet the needs and offer additional amenities and services of those who will call it home,” said Neala Martin, SVP – Originations, CREA, LLC. “Providing residents with access to specialized resources will play a fundamental role in their future success.”
Namesake, Saint Philip Neri – The Patron Saint of Joy and Apostle of Rome – earned his following among the sick and poor. Being raised in the working class, Philip began his ministries among common place and corrupt communities. It is said that he would pray, “Let me get through today, and I shall not fear tomorrow.”
St. Philip Neri Apartments will offer units to individuals earning 40%, 50%, 60%, or 70% of the Area Median Income (“AMI”) and, thanks to the New York State’s Empire State Supportive Housing Assistance Initiative, that effort will be made easier due to its agreement to provide rental assistance to many of the prospective residents. Supportive services and on-site care will be provided by Beacon of Hope, a division of Catholic Charities Community Services. These services will include case management; entitlement advocacy; health care; medication management; money management training; nutrition skills; parenting support and counseling; and socialization and community integration.
Deemed a “walker’s paradise,” amenities located within a mile of the project include: a subway station, bus stop, supermarket, park, high school, pharmacy, public library, police department, postal office and hospital. St. Philip Neri will also be compliant with the EPA’s Multifamily High Rise (MFHR) Program which is aimed at ensuring building quality “while lowering energy demand and reducing air pollution.”
In addition to 4% LIHTC equity provided by Bank of New York Mellon, St. Philip Neri received $55.3MM of tax exempt bond financing from The New York State Housing Finance Agency (HFA) and $36.3MM of subsidy from HFA under its Supportive Housing Opportunity Program. Under the New York State Office of Mental Health, $790k was provided as a development grant funds. In a show of commitment to this transaction, the sponsors also contributed almost $10MM of their own resources towards this much needed development. Financing and deal structuring was provided through the assistance of Rockabill Consulting.
Occupancy is anticipated to begin in late 2022. We thank the many partners who became advocates for those in need by coming together to bring affordable housing and supportive services to the Bronx.