What’s in the Pipeline?
Borinquen Court Recapitalization
Borinquen Court is a 145-unit HUD-assisted housing project for elderly and/or physically handicapped persons with very low incomes located in the South Bronx which originally opened in 1981. WSFSSH acquired Borinquen Court through a foreclosure action in February 2011. In June 2012 WSFSSH closed on a financing package which is providing for a $10 million renovation of the project. The renovation includes new windows and roof, refurbished hallways, new kitchens in every unit, stabilization of the foundation, new heating plant, renovated community space, and energy efficiency measures. The renovation is expected to take approximately 18 months to complete. Funders include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corporation, the National Equity Fund, Chase Bank, LISC and NYSERDA. The project is also participating in the New York State Department of Environmental Conservation’s Brownfield Cleanup Program.
The Equity Charter Project (TEP)
WSFSSH serves as development partner for The Equity Project Charter School, a 480-student middle school serving grades five through eight. WSFSSH is building TEP’s permanent facility at a location on Sherman Avenue in Washington Heights in Upper Manhattan. The school is currently operating in temporary facilities on the grounds of the George Washington High School.