Sustainable Bronx Affordable Project Closes on $193M Financing

Gilbane Development, the Institute for Community Living, Inc. (ICL), Tredway, New York City’s Department of Housing Preservation and Development (HPD) and the city’s Housing Development Corporation secured financing for Renova West at 860 Concourse Village East in the Morrisania neighborhood in the Bronx. The $193-million project will deliver a 19-story, transformative mixed-use supportive and affordable housing development, along with a new ICL Bronx Health Hub.

City financing for Renova West includes a $48.5-million loan provided by HPD’s Supportive Housing Loan Program and a $17.3-million subsidy loan provided by HDC. Blending City housing programs, tax credit equity and private investment, the capital stack allows the team to deliver deep affordability, resident services and a sustainable building in a high-need neighborhood. 

New York State Energy Research and Development Authority has recognized the project through its Buildings of Excellence program, positioning it as a model for sustainable, all-electric affordable housing.

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