Situated on the island of Manhattan, WSFSSH at West 108 is a new, two-condo construction. This development takes to heart the idea of New York City being the “Greatest City in the World” for everyone – not just those with means and opportunity – by providing housing to individuals experiencing homelessness and low-income families in Manhattan’s Upper West Side, a very expensive area with an extreme affordable housing shortage.
Co-located with West Side Federation for Senior and Supportive Housing's (WSFSSH) 110-bed shelter for seniors, Valley Lodge, there are 199 affordable housing units at the new construction at West 108. Of the 199 affordable units (1 reserved for the superintendent), 119 are supportive housing studios for the formerly homeless and 79 are reserved for low-income families. Of the 79 that are reserved for low-income families, 53 units are 1-bedroom, 18 units are 2-bedroom and 8 units are 3-bedroom homes. All units are at either 30 percent or 60 percent of the Area Median Income (AMI).
While all units are set to those AMI percentages, this doesn’t reflect the reality of how low-income the building population truly is and how WSFSSH at West 108 helps combat homelessness. For the supportive studios, between project-based rental assistance and underwritings19 units to only 30 percent of Social Security, most of the supportive residents have an income at or close to just the Social Security level. In addition, a lot of residents coming into the low-income family units have tenant-based rental assistance vouchers, which enables them to pay rents at 60 percent AMI, but their actual income is much lower than that level.
Through the New York City 15/15 Supportive Housing Initiative, the team set aside 60 units to support seniors with serious mental illness and/or substance use disorders. Through the NYS Empire State Supportive Housing Initiative (ESSHI), 40 units are reserved for seniors with declining health who need mobility support and general assistance. Finally, the NYC Department of Housing, Preservation and Development’s Homeless Placement Services, referred 19 homeless individuals (of any age) from the shelter system into permanent apartments at WSFSSH at West 108.
With WSFSSH as the developer, NEF invested over $33.5 million in LIHTC equity.
