New Jersey-based TD Bank has announced financing totaling $35.3 million to fund construction of supportive housing and a community center in Yonkers, New York.
A $19.5 million letter of credit and $15.8 million in tax credit equity will allow Westhab, the largest nonprofit provider of affordable housing and supportive services in Westchester County, to break ground on its Dayspring Commons campus, which will include a community center and a sixty-three-unit residential building. Thirty-seven units in the building will be designated for formerly homeless special-needs individuals, who will also benefit from on-site supportive services, while the remaining units will be rented to individuals earning up to 50 percent of the median income in the area. A food pantry, a communal kitchen, childcare facilities, a fitness room, and a library will be built on the adjacent lot.
"TD Bank's investment in Dayspring is helping our vision become a reality," said Westhab president and CEO Richard Nightingale. "The Dayspring campus will become both a central community anchor as well as a catalyst for additional investment in this neighborhood. Westhab is proud to partner with TD Bank to make an impact in the community."
"Dayspring Commons will bring affordable housing and supportive services to formerly homeless families and individuals in Westchester County," said TD Bank Community Capital Group vice president Phyllis Reich. "The resources provided will help integrate these residents into the community successfully."
(Image credit: TD Bank)