HOUSING INITIATIVES

Jacob's Place

The Fordham Bedford Housing Corporation is approximately 75% through with construction on Jacob's Place, an 8-story, 63-unit apartment building that will include 6 classrooms for early education. Jacob's Place is named in honor of the late Astin Jacobo, a native of the Dominican Republic and longtime neighborhood leader of the Crotona section of the Bronx. Jacob, as he was affectionately known, led the battle in Crotona and the Northwest Bronx for affordable housing, youth recreation and community preservation.

Jacob's Place is 100% affordable. Families who reside at Jacob's Place will be chosen via lottery. Household incomes are set at no more than 60% of the Area Median Income (e.g., for a family of four, the income cap is $42,500 per year). Fourteen units will be set aside for families earning 50% or less of Area Median Income. All households will pay no more than 30% of their income in rent. Projected rents are as follows: $660 for a one bedroom, $794 for a two bedroom and $920 for a three bedroom. The local market rate for comparable units is $800 for a one bedroom, $1000 for a two bedroom and $1200 for a three bedroom.

Jacob's Place will be the Housing Corporation's greenest development to date. Green aspects of this project include: energy efficient elevators, low e windows, non V.O.C. paint, bamboo flooring in apartments, linoleum flooring in classrooms, a 5,500 SF outdoor green space, a green roof and a rainwater harvesting system. We are presently considering the use of solar power for common area electric loads.

Funding sources for Jacob’s Place include tax credit proceeds syndicated by Enterprise Community Investment, bond and low interest loan funding from New York City's Housing Development Corporation and Department of Housing Preservation and Development, as well as support through the office of Borough President Adolfo Carrión. JP Morgan is providing credit enhancement. Jacob’s Place has been designed by Jack Coogan of Oaklander, Coogan and Vitto and is being built by Bronx-based Galaxy Construction.