Hudson Companies and BRP Companies appear poised to complete their affordable housing mixed-use development in the Bronx after fetching a $343 million loan to support the last portion of the project after a decade in the works.
This construction financing, partly coming from the New York City Housing Development Corp., will support 420 affordable units for Buildings C and E in the project known as La Central. Of those, 63 will act as supportive housing apartments. This development portion will also include retail commercial space, a public garden area, and a community facility.
The work done on Buildings C and E marks the second phase of La Central, which has been in development for more than 10 years. Building D was the first to open, which initially hosted 160 apartments for supportive and low-income residents. Then, Buildings A and B debuted in 2021, which brought another 500 affordable apartments to the project. Additionally, the early phase of La Central included a YMCA gym, spanning 50,000 square feet. When fully assembled, the 1.1 million square feet site will feature more than 1,000 affordable apartments, with five buildings. According to Hudson, Buildings C and E will be completed by 2028.
Recommended For You
Housing support services, Breaking Ground and Comunilife, as well as an affordable housing developer ELH-TKC, have also put work into La Central. For phase two, J.P. Morgan Chase provided credit enhancement, while Red Stone Equity Partners served as the syndicator for the tax credits.
“This strategic investment plays an integral role in expanding equitable housing access at scale, while reaffirming our commitment to sustainable, inclusive and community-driven development that delivers a lasting impact to the communities we serve,” Andrew Cohen, managing director of development for BRP, said.
The move comes as New York City Mayor Eric Adams has revealed major investments under his proposed budget for fiscal year 2026 this week. This includes a $46 million investment to build and preserve an additional 5,850 congregate housing units in the city. Another portion of the plan includes a $24.7 billion investment in affordable housing under a 10-year capital strategy. This would preserve existing homes, build new ones and support repairs.
NYC faces one of the worst housing crisis' in the country. New York nonprofit group Citizens Budget Commission estimates that the city needs hundreds of thousands of additional units to close the housing shortage gap.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
