LA Central

New Markets Tax Credit Coalition

Bronx,
NY
(2019)

LA Central

Affordable Housing, Community, Daycare and Early Childhood, Infrastructure, Mixed-use, Retail, Retail and Commercial, Transportation and Ports, Youth and Families

A catalyst for economic development will supply 992 units of much needed affordable housing, community-serving retail space and community facility space to a low-income neighborhood.

Investment

NMTC Amount: $14,500,000
Total Project Cost: $330,000,000

IMPACT

60 FTE jobs
66 construction jobs
32,000 sq. ft. of real estate

CDEs

Citibank, Dudley Ventures

Investor

Citibank

Project Description

The La Central development (“La Central”) was designed to serve as a catalyst for economic development and will supply 992 units of much needed affordable housing, community-serving retail space and community facility space to the neighborhood. La Central NMTC utilized New Markets Tax Credits (“NMTCs”) to finance portions of the retail and community facility space, as well as portions of a an 174-space, 32,000 sq. ft. parking garage to support the entire development.

MAP

Address: 626 Bergen Avenue, Bronx, NY 10455

Census Tract: 36005007100

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