Deal Spotlight
NYCEEC Predevelopment Loan for Passive House Affordable and Supportive Multifamily Housing in The Bronx
Affordable Housing Units
$
Total Project Cost
$
Loan Amount
The Project
Building Type
Affordable Multifamily +
Supportive Housing
Building Size
279,794 Square Feet
Expected Completion
2030
Location
The Bronx
Upgrades/Technology
All-Electric design;
Passive House
NYCEEC Loan Product
Predevelopment Loan
Loan Term
42 months
Closing Date
August 2026
NYCEEC provided a $6,650,000 predevelopment loan to support a new affordable and supportive housing development at 1680 Boone Avenue in The Bronx. The project is being co-developed by Settlement Housing Fund (SHF), Joy Construction Corp., and Apex Investments, with SHF serving as the lead nonprofit developer and Joy Construction as the general contractor.
The new 20-story residential building will deliver 341 affordable housing units, including 120 supportive units for single adults experiencing or at risk of homelessness. SHF will provide supportive services that will help residents maintain stable housing.
The development is planned as a fully-electric, high-performance building targeting Passive House certification. The project team is also exploring installing a solar PV system to further reduce emissions and energy costs.
NYCEEC’s loan is expected to fund early-stage predevelopment activities, including architectural and engineering design, environmental review, legal work, and sustainability consulting. These activities will help the development team to complete required reviews and approvals and to advance the project toward construction financing.
The Project Numbers
NYCEEC Predevelopment Loan
$6.65 million
Construction & Other Costs
$229.00 million
Total Project Cost
$235.65 million
The Results
Boone Avenue is expected to bring new affordable homes and supportive services to The Bronx, helping more residents achieve long-term housing stability. The project reflects NYCEEC’s commitment to financing developments that address community needs and advance clean energy goals.
The transaction builds on NYCEEC’s successful financing history with SHF while establishing new collaborations with Joy Construction and Apex Investments. These relationships broaden NYCEEC’s network of development partners and create opportunities to financing additional, affordable, energy-efficient housing across New York City.