Catholic Homes Secures $147M Construction Loan for Bronx Housing Development

An affiliate of the Roman Catholic Archdiocese of New York just secured construction financing for a housing development at 484 East 178th Street in the Bronx’s Tremont neighborhood.

Catholic Homes, a nonprofit dedicated to developing and managing affordable housing for families and seniors, received a $146.9 million construction loan from the New York State Housing Finance Agency to bring 251 new units to the site, according to property records. The site at the corner of East 178th Street and Washington Avenue is currently a vacant lot.

Monsignor Kevin Nelan was the signatory for Catholic Homes. The organization did not immediately respond to Commercial Observer’s request for comment.

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.

The NYS Housing Finance Agency — which also did not immediately respond to a request for comment — was founded in 1960 to provide financing for low- and moderate-income rental multifamily housing. 

Catholic Homes develops and preserves properties across New York City, with the goal of providing aid to poor and vulnerable individuals and families. All told, Catholic Homes has provided New Yorkers with 481 senior housing units, 2,350 family housing units and 128 supportive housing units.

The organization has several housing and supportive developments across the city, including Clinton Broome at 157 and 165 Broome Street in Manhattan’s Lower East Side, the George Hardy at 440 East 137th Street in the Bronx’s Mott Haven neighborhood, and the Carmel Apartments at 61 Carmel Court in Staten Island. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.