Vaya Development and Westhab Close On Financing For La Olazul, an $81 Million Supportive Housing Development

BRONX (April 24, 2024)—Vaya Development and Westhab Inc. closed on financing for the construction of La Olazul, a supportive and affordable residential rental building located at 1940 Jerome Avenue in the Mount Hope neighborhood of the Bronx that will include 115 units and 8,500 square feet of commercial space. The development will reserve 60% of the apartments for formerly homeless residents receiving supportive services and the balance for low-income individuals and families. The building is designed to meet Passive House standards and will include onsite wraparound services for residents provided by Westhab. 

Construction of the $81 million project will be funded through tax-exempt bond financing, tax credit equity provided by Enterprise Community Partners, and public subsidies from the New York State Housing Finance Agency, New York State Homes and Community Renewal, and the New York City Department of Housing Preservation and Development Supportive Housing Loan Program. 

The building was designed by STAT Architecture PC and is being constructed by the Vorea Companies and Monadnock Construction. The project is expected to complete construction in 2026.

The project is a collaboration between Westhab and Vaya. Vaya Development is a Latina-owned real estate development firm based in New York City specializing in preserving and building high-quality and sustainable affordable housing and mixed-use communities. Westhab was founded to address the affordable housing crisis in Westchester County and has since expanded to become a major provider of housing and services for the homeless and a leading developer of affordable and supportive housing in both Westchester and NYC. The La Olazul project demonstrates how partnerships between nonprofits and minority- and women-owned businesses can drive positive social impact and economic progress.

“Through this initiative, we are set to introduce 115 units of critically needed housing to the heart of the South Bronx,” shared Westhab President & CEO Richard Nightingale. “Westhab is honored to collaborate with the team at Vaya Development and our government partners to make this state-of-the-art, eco-friendly, and affordable residence a reality. We are committed to combating the housing scarcity and crisis gripping NYC in the South Bronx and beyond.”

“La Olazul is an investment in long-term sustainability and impact that Vaya prides itself in creating. We are thrilled to have worked with our partners at Westhab, HCR, HPD, and Enterprise to bring this project to the community,” said Vaya Development Principal Melissa Bindra. “The project brings high-quality housing and services at a time when they are most needed, it will be a shining example of the neighborhood’s transformation, and we are proud to be a part of it.”

“The need for affordable housing in the Bronx is urgent, and our communities feel it deeply. Developments like La Olazul offer more than just hope; they provide families with the opportunity to stay in their communities and avoid displacement,” said HPD Commissioner Adolfo Carrión Jr. “With 115 new homes — many reserved for formerly homeless New Yorkers — we’re not just addressing a need, we’re building a community.”

HCR Commissioner RuthAnne Visnauskas said, “Developments like La Olazul exemplify the State’s commitment to providing supportive and affordable housing options and promoting sustainable development.  When complete, La Olazul will provide 115 households with an affordable, energy-efficient home while bringing new commercial opportunities to Mount Hope. Thank you to our partners at Westhab and Vaya and to Governor Hochul for her continued commitment to addressing the housing crisis through investment in the Bronx’s neighborhoods.”

About Westhab

Westhab was founded in 1981 to address the affordable housing crisis in Westchester County. Since then, it has become Westchester’s largest provider of housing and services for the homeless and its largest nonprofit developer of affordable and supportive housing. Westhab is also established in New York City. It operates 19 homeless shelters and four out-of-school-time programs in NYC schools, and it serves as the lead community-based organization at two community schools. Since Westhab’s founding, it has built 1,094 affordable housing units, moved 10,678 households from homelessness into affordable housing, placed 11,837 people into employment, and delivered services to over 10,000 homeless and at-risk youth. Westhab is—Building Communities. Changing Lives. For more information, visit westhab.org or follow Westhab on Facebook, Instagram, Twitter, and LinkedIn.

About Vaya

Vaya Development LLC is a real estate development company focused on the new construction and preservation of high-quality mixed-use and residential properties with expertise in regulated and affordable housing.  Vaya is focused on creating positive impacts through targeted investments and development of affordable housing. Vaya is proudly a 100% Latina-owned business, certified by the City of New York as a Minority and Women-Owned Business Enterprise (M/WBE).            

Vaya brings experience in the industry together with a network of professionals to make projects that focus on sustainability and equity to go beyond physical improvements by investing in communities and people. Together with their partners, Vaya brings together the components that create projects that positively contribute to the community.

 

 

 

Spread the word
Posted in News, Westhab Stories.