Largest Habitat for Humanity Multifamily Development Opens in NYC| Housing Finance Magazine

The 56-unit Sydney House in New York City is Habitat for Humanity’s largest apartment building. All residents will be first-time home buyers.

Construction of the world’s largest apartment building, Habitat for Humanity, was completed in New York City.

Located in the Williamsbridge neighborhood of the Bronx, Sydney House offers 56 homes for low to middle income families. Officials say it is the largest apartment building ever built by a subsidiary of Habitat for Humanity.

It is also the first development funded under the Department of Housing Preservation and Development (HPD) home ownership program under Mayor Bill de Blasio’s Housing 2.0 plan. The program helps finance the construction of affordable cooperative and condominiums.

Sydney House residents are all first-time home buyers who pay a 1% cash down payment and receive a Habitat for Humanity 2% fixed rate mortgage facilitated by the New York State Mortgage Agency. Homeowners also completed the Habitat for Humanity’s Welding Justice program and received training on finance and home ownership.

“Sydney House is a manifestation of the idea that ownership and equity go hand in hand, and that affordable home ownership for New Yorkers can be a catalyst for improved health and economic growth, with benefits that extend beyond the individual or family Community, ”said Karen Haycox, CEO of Habitat for Humanity New York City. “We thank our partners for helping bring Sydney House to life for these families and we look forward to creating more affordable home ownership in New York City and Westchester.”

The Habitat for Humanity subsidiary teamed up with the Almat Group on the project.

“Without developments like Sydney House, my younger brother, who is a teacher, couldn’t live in the same neighborhood he grew up in,” said Uche Alozie, director of the Almat Group. “As market-driven property developers, we always have to remember that our city, our market potential, is not complete unless we also offer home ownership opportunities for people who work in the city, keep the subway running, who teach and look after our children . ”

The Sydney House consists of 26 one-bedroom apartments, 23 two-bedroom apartments and seven three-bedroom apartments, as well as a shared 2,000-square-meter recreational space.

The building was designed by Union Street Studios and built by Mega Contracting. Amenities include on-site laundry, homeowner storage, parking for vehicles and bicycles, and a green roof. Located near the 2 and 5 subway lines, homeowners also have easy access to the nearby Bronx Zoo, Bronx Park, Van Cortlandt Park, Pelham Park and City Island.

The $ 29 million project included $ 9.4 million from HPD’s Open Door Program, $ 2.24 million from New York State Homes and Community Renewal, and $ 4 million in freely available capital by Ruben Diaz Jr., President of the Bronx Borough and residents of Borough 12. The remainder of the project was funded by developer equity and a home loan from JPMorgan Chase.

Habitat NYC has more than 200 homes in its construction pipeline and recently announced that it will expand its mission to Westchester County, New York.

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