CHERRY HILL, NJ and YONKERS,NY — February 11, 2020 – 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 photo / drawing below was the announcement of the groundbreaking of December 11, 2019; Two months later, the funding is in place.
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”.