NYCEEC provided a $2,700,000 Predevelopment Loan to Settlement Housing Fund (SHF) to support the rehabilitation of 242 affordable units across four multifamily buildings in The Bronx. NYCEEC’s loan will fund early-stage architectural, engineering, environmental, and sustainability services, along with relocation expenses necessary for the renovation process. SHF is committed to fully electrifying one building, while the other three will undergo partial electrification, focusing on heating and cooling systems, which should allow for greater adoption of clean energy over time.

These buildings have been in service for one hundred years and require modernization. The project will address structural, mechanical, plumbing, and electrical upgrades while meeting contemporary apartment layout standards and HPD design guidelines. All four buildings are expected to comply with the 2020 Enterprise Green Communities (EGC) Criteria for substantial rehabilitation and incorporate solar installations per Local Law 92/94 Green and Solar Roof Requirements.

The project will provide affordable housing for low-income and disadvantaged residents. Forty percent of its units will be rent-stabilized, reserved for households earning up to 60% of the Area Median Income. Sixty percent of the units will be dedicated to individuals and families experiencing homelessness.