New York, NY. Nixon Peabody represented Catholic Charities Progress of Peoples Development Corporation (Catholic Charities), the affordable housing affiliate of Catholic Charities Brooklyn and Queens, Inc., in a closing transaction to develop the Bishop Valero Residence, an affordable housing and supportive housing property for low-income seniors and homeless adults.
Located in the borough of Queens—the epicenter of the pandemic in New York City—the Bishop Valero Residence will provide 102 much needed affordable housing units for low-income seniors and supportive housing for homeless adults in the vibrant community of Astoria.
“The Bishop Valero Residence will provide significant relief to two of the coronavirus’s hardest hit populations in New York City,” said Joe Lynch, partner and leader of Nixon Peabody’s Affordable Housing Transaction Team. “Through creative thinking and perseverance with our client, working every angle with the city, we made it work. I’m extremely proud of this deal.”
“We are happy to be closer to beginning the construction of the Bishop Valero Residence,” said Monsignor Alfred LoPinto, Chief Executive Officer, Catholic Charities Brooklyn and Queens. “This project will provide much needed housing to low-income seniors and a supportive environment for formerly homeless tenants, allowing the residents to live safely, comfortably, and independently for as long as possible.”
Closing for the Bishop Valero Residence was initially scheduled in March 2020, but when the pandemic hit, the deal was thrown in flux, along with nearly all aspects of New York City life. Initially the project would have been further pushed back with numerous other prospective Low-Income Housing Tax Credit (LIHTC) deals slated for June. However, emphasizing the specific need for a project such as Bishop Valero Apartments, and utilizing the expertise of a strong financial team, the deal was able to move forward.
For further information, please see the following press release: Catholic Charities Progress of Peoples Development Corporation Begins Construction for New Affordable Senior Housing.
Community Development Finance Alert | 12.29.20
Community Development Finance Alert | 08.14.20
Affordable Housing & Real Estate Alert | 08.14.20
Affordable Housing Alert | 08.10.20
Affordable Housing Alert | 07.27.20
Affordable Housing Alert | 07.22.20
Tax Credit Finance & Syndication Alert | 07.21.20
Affordable Housing Alert | 04.13.20
12.03.20 | ZOOM Presentation
11.13.20 | Virtual Event