BRC Landing Road I Housing Development Fund Corporation

BRC Landing Road I Housing Development Fund Corporation is an extension of the Bowery Residents' Committee (BRC), which is a prominent nonprofit organization in New York City dedicated to providing housing and services to individuals experiencing homelessness.

Overview

BRC Landing Road I HDFC is specifically involved in developing and supporting affordable permanent housing for low-income individuals who have experienced homelessness. This initiative is part of BRC's broader efforts to address the intertwined issues of homelessness and affordable housing in New York City through innovative housing models.

Projects and Initiatives

One of the notable projects associated with this entity is the Landing Road Residence, located in University Heights, Bronx. This mixed-use facility combines a 200-bed transitional shelter with 135 units of permanent affordable housing. The project exemplifies the HomeStretch model, which integrates transitional shelter and permanent housing on a single site to provide a physical and supportive pathway from homelessness to housing security. Residents have access to on-site social services and off-site resources through BRC's Horizons program and other partner organizations.

Funding and Partnerships

The Landing Road Residence was financed through a combination of public and private funding sources. This includes tax-exempt bonds, corporate reserves from the New York City Housing Development Corporation (HDC), and low-income housing tax credits. The Community Preservation Corporation (CPC) provided a significant permanent loan for the transitional housing component. Bank of America served as a lender, and Capital One was the tax credit investor. This collaborative financing model demonstrates how multiple stakeholders can come together to address complex social issues like homelessness.

Impact

By providing affordable housing options and supportive services, BRC Landing Road I HDFC contributes to reducing homelessness and improving the quality of life for vulnerable New Yorkers. Through initiatives like Landing Road Residence, BRC showcases the potential of innovative housing models to make a significant impact on addressing the city's housing and homelessness challenges.

[1] https://thenyhc.org/projects/landing-road-residence/ [2] https://communityp.com/news-cpc/homestretch-program-development/ [3] https://www.brc.org/homestretch-housing [4] https://www.causeiq.com/organizations/brc-landing-road-i-housing-development-fund-corpor,473985343/ [5] https://www.brc.org