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Catholic Homes gets $146.9M construction loan for Bronx affordable housing

The nonprofit plans to build 251 new units at 484 East 178th Street, which is currently a vacant lot in the Tremont neighborhood, after buying the site earlier this year for $17 million.

Reported · Written up by our desk · Residential

Commercial Observer reports that an affiliate of the Roman Catholic Archdiocese of New York, Catholic Homes, secured construction financing for a housing development at 484 East 178th Street in the Bronx’s Tremont neighborhood.

Catholic Homes received a $146.9 million construction loan from the New York State Housing Finance Agency to fund the project, which will add 251 new units to the site, according to property records.

The corner of East 178th Street and Washington Avenue is currently a vacant lot. Catholic Homes acquired the development site earlier this year for $17 million from another church organization, the Roman Catholic Church of Saint Simon Stock and Saint Joseph.

Commercial Observer also notes that Catholic Homes did not immediately respond to requests for comment. The nonprofit has previously provided New Yorkers with 481 senior housing units, 2,350 family housing units, and 128 supportive housing units, and it has other developments across New York City.

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