On April 14, a 56-unit limited-equity co-op called Sydney House debuted in a virtual ribbon-cutting ceremony attended by project stakeholders, lenders, city officials, and members of the co-op board, reports New York YIMBY.
The 7-story building at 839-843 Tilden Street in the Bronx is the largest housing project completed by global non-profit Habitat for Humanity. It is also the first project completed under New York City’s “Open Door” affordable homeownership program.
As a limited-equity co-op, the 26 one-bedroom, 23 two-bedroom, and 7 three-bedroom apartments are exclusively available to low- and moderate-income households; as part of the Open Door program, all Sydney House residents are first-time homeowners who provided 1% cash down payments and were given access to a 2% fixed-interest-rate mortgage made possible through financing from the State of New York Mortgage Agency.
Residents have access to a 2,000-square-foot recreation space, a laundry room, personal storage, on-site parking for cars and bicycles, and a green roof.
Karen Haycox, CEO of Habitat for Humanity New York City, says, “Sydney House is the manifestation of the idea that ownership and equity go hand in hand, and that affordable homeownership for New Yorkers can be a catalyst for improved health and economic growth, with benefits that go beyond the individual or family housed and extend to the community. We thank our partners who helped make Sydney House a reality for these families and look forward to creating more affordable home ownership opportunities across New York City and Westchester.”
As reported by New York YIMBY, construction on Sydney House broke ground in March 2018 and was completed in late 2020 as a joint venture between Habitat for Humanity New York City and the Almat Group. The $29 million project included $9.4 million from the Open Door program, $2.24 million from New York State Homes and Community Renewal’s Affordable Housing Corporation, and $4 million in discretionary capital from Bronx Borough President Ruben Diaz Jr. and the People of City Council District 12. The remaining project costs were financed through developer equity and a construction loan provided by JP Morgan Chase.
“Sydney House offers residents an opportunity to build equity, to have ownership, and to build community,” says Donald Matheson, principal at Almat Group. “Sydney House and affordable homeownership in general helps us hang on to some of that uniqueness, and that’s a win for all New Yorkers."