The Housing Collaborative and Volunteers of America of Greater New York recently opened the Creston Avenue Residence, providing affordable and supportive housing for formerly homeless Veterans in New York City.
In addition to providing much needed housing and support to our most vulnerable people, the project is the first to utilize a unique program provided through New York’s Medicaid Redesign Team (MRT). The savings captured in the state’s Medicaid program were reinvested into capital dollars to make this supportive housing residence a reality.
CSH, a member of the Affordable Housing Workgroup of the MRT, is excited to see this new financial resource for supportive housing come to fruition. In addition to our recommendations for MRT, CSH provided acquisition and predevelopment financing for this project through both the NY Acquisition Fund and our national loan pool totaling approximately $2.5 million.
This 66 unit development which also includes affordable housing for families, has garnered national attention – see the Affordable Housing Finance article spotlighting this innovative financing option. In addition to CSH and MRT funds, the project financing includes NY/NY III Office of Mental Health service and operating funding for the supportive housing units.
For a full profile of the project check out this profile by The Housing Collaborative.