CHERRY HILL, N.J., Feb. 11, 2020 /PRNewswire/ -- TD Bank,
America's Most Convenient Bank®, announced today it
closed on $35.3 in bank financing
used by Westhab to fund the construction of the Dayspring Commons
Campus in Yonkers, New York. The
apartment building and community center will address the urgent
issue of homelessness and affordable housing.
The Bank's Commercial Real Estate business provided a
$19.5 million letter of credit as
well as a $15.8 million in tax credit
equity to develop the six-story, 63-unit residential building and
community center. The adjacent lot will provide the community with
a food pantry, childcare, a kitchen for cooking lessons, a fitness
room, library and additional amenities.
The residential building includes 37 units for formerly
homeless, special needs individuals, who will receive on-site
supportive services. These apartments will receive rental
assistance via the New York State
Office of Temporary and Disability Assistance through the
Governor's Empire State Supportive Housing Initiative. The
remaining units will be rented to individuals earning up to 50% of
the Area Median Income (AMI).
"Dayspring Commons will bring affordable housing and supportive
services to formerly homeless families and individuals in
Westchester County," said
Phyllis Reich, Vice President, TD
Bank Community Capital Group. "The resources provided will help
integrate these residents into the community successfully."
Westhab has created 912 units of affordable housing since its
founding in 1981. It helps communities with underserved seniors,
young adults, veterans, people with disabilities and the formerly
incarcerated. The issues they tackle don't stop at affordable
housing. To further combat the issue of rent affordability, they
also provide job training and placement programs that have helped
more than 5,500 people find jobs.
"At TD Bank, we are committed to improving access to affordable
housing and job training. We look for partners in our communities
that exemplify these ideas in their work," said Gloribel Cruz, TD's Vice President, Commercial
Real Estate. "Financing the Dayspring Commons Project was an
opportunity for us to help create a safe space for our most
vulnerable residents."
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. TD's Charitable
Trust will soon be announcing the recipients of its 2019 Housing
for Everyone Grants, which will award $3.75
million to 30 local housing non-profit organizations to
refurbish existing housing stock and create safe and affordable
rental units.
"TD Bank's investment in Dayspring is helping our vision become a
reality," said Richard Nightingale,
President and CEO for Westhab. "The Dayspring campus will become both a central
community anchor as well as a catalyst for additional investment in
this neighborhood. Westhab is proud to partner with TD Bank to make
an impact in the community."
About TD Bank, America's Most Convenient Bank®
TD
Bank, America's Most Convenient Bank, is one of the 10 largest
banks in the U.S., providing more than 9 million customers with a
full range of retail, small business and commercial banking
products and services at more than 1,200 convenient locations
throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas
and Florida. In addition, TD Bank
and its subsidiaries offer customized private banking and wealth
management services through TD Wealth®, and vehicle
financing and dealer commercial services through TD Auto Finance.
TD Bank is headquartered in Cherry Hill,
N.J. To learn more, visit www.td.com/us. Find TD Bank
on Facebook at www.facebook.com/TDBank and on Twitter at
www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank
Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services
company in North America. The
Toronto-Dominion Bank trades on the New
York and Toronto stock
exchanges under the ticker symbol "TD".
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SOURCE TD Bank