Sydney House, located at 839-843 Tilden Street in the Williamsbridge section of the Bronx debuted as Habitat for Humanity’s  largest completed housing project worldwide, according to YIMBY, the architecture, construction, and real estate website on Friday, April 16.

 

Designed by Union Street Studios, the seven-story building is the first project to be completed as part of New York City’s “Open Door” affordable homeownership program.

 

The City’s Housing Preservation and Development (HPD)’s Open Door program funds the new construction of cooperative and condominium buildings affordable to moderate and middle income households. Where dictated by lot size, the program may also fund the construction of new one to three family homes.

 

According to HPD, upon construction completion, the developer will sell the ownership units to households who agree to owner-occupy their units for the length of the regulatory period. If the purchaser sells or refinances during the regulatory period, the purchaser may realize up to 2 percent appreciation on the original purchase price, per year of owner occupancy. Upon re-sale, the purchaser will also be required to sell to a household making no more than the project’s income cap.

 

In order to be eligible for HPD-issued capital funds, a borrower must be a housing development fund corporation, either alone or in partnership with for-profit developers, limited partnerships, corporations, trusts, joint ventures, or limited liability companies.

 

As a limited equity co-op, the Williamsbridge property comprises 56 dwellings, including 26 one-bedroom, 23 two-bedroom, and seven three-bedroom apartments that are exclusively available to low and moderate-income households. Associated amenity spaces include 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, said Sydney House is the manifestation of the idea that ownership and equity go hand in hand. “Affordable home ownership 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,” she said Karen. “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 part of the Open Door program, all Sydney House residents are first-time homeowners. Applicants provided one percent cash down payments and were given access to a two percent fixed-interest rate mortgage made possible through financing from the State of New York Mortgage Agency.

 

According to YIMBY, the building 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.

 

Donald Matheson is a principal at Almat Group and said Sydney House offers residents an opportunity to build equity, to have ownership, and to build community “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,” he said.

 

Construction broke ground in March 2018 and was completed in late 2020. A virtual ribbon cutting took place on April 14 with project stakeholders, lenders, city officials, and members of the co-op board.