TD Bank Provides $15.6 Million Loan for Construction of Affordable Housing for Homeless

high rise affordable housing buildings

November 25, 2019 - Small Business & Commercial New Jersey, New York and PA

70-unit development will provide supportive and affordable housing options in Jamaica, Queens

  • New York City residents facing homelessness with behavioral health concerns and the elderly, will now have a new place to call home in Jamaica, Queens
  • Facility will be operated by Transitional Services for New York, Inc. (TSINY)
  • A groundbreaking ceremony will take place on Tuesday, November 26, 2019

New York City residents facing homelessness with mental and behavioral health concerns will now have a new place to call home in Jamaica, Queens. The new affordable housing building, operated by Transitional Services for New York, Inc. (TSINY), will include studio apartments for chronically homeless individuals with serious mental illness from the New York City Homeless Shelter system and for low-income individuals 62 years of age and older.

TSINY is a not-for-profit, multi-faceted mental health corporation that provides community-based services to individuals recovering from mental illness. TSINY tenants also receive a number of supportive mental health services to promote independence and self-sufficiency.

TD Bank, America’s Most Convenient Bank's®, Commercial Real Estate business provided a $15.6 million construction loan toward financing the development. The project involves the demolition of a vacant existing building, the Monica House, which historically operated as a single room occupancy.

“Safe, affordable housing should be accessible to everyone, especially our most vulnerable, and with the addition of this new development, TD is helping ensure that all New Yorkers have a place to call home," said Gloribel Cruz, Vice President, Commercial Real Estate at TD Bank. “We are proud to be the financial institution for an organization that is working hard to improve the lives of those less fortunate in our local communities.”

The eight-story apartment building, located at 161-01 89th Avenue in Jamaica, New York, will provide tenants a range of programs and services at the facility, designed to support tenants’ recovery and develop their daily living skills. These include assistance dealing with substance abuse, budgeting, housekeeping, cooking, building support networks, educational and vocational training, and managing personal healthcare needs. A groundbreaking ceremony will take place on Tuesday, November 26 with a reception to follow at Jamaica Central Public Library.

“TD Bank has been a strong financial institution for TSINY, supporting our mission to provide a continuum of rehabilitative services to enrich the lives of those experiencing mental illness,” said Dr. Larry S. Grubler, CEO at TSINY. “This project is more than housing units for us, this is about building community and creating an environment where residents are empowered to live independently.”

TD Bank creates strong relationships with customers by understanding their industry and their business.

This project reinforces TD Bank’s The Ready Commitment, a multi-year program designed to open doors for a more inclusive tomorrow through community giving in four areas – financial security, vibrant planet, connected communities and better health.

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