NCV Capital Partners and Unique People Services Near Completion on $66M Bronx Affordable Housing Project

• NCV Capital Partners and Unique People Services are nearing completion of Ogden Theatre Apartments, an 85-unit affordable housing development at 1415 Ogden Avenue in Highbridge, The Bronx.
• The project has $66 million in total capitalization and was designed by Aufgang Architects.
• 51 apartments will provide supportive housing for formerly homeless individuals, while 34 units are designated for Section 8 recipients and qualifying households earning at or below 60% of area median income.
• The seven-story development includes nearly 2,000 square feet of social-service space, energy-efficient systems, and rooftop solar, with completion expected in spring 2027.

What NCV Capital Partners and Unique People Services Are Delivering

Ogden Theatre Apartments is nearing the finish line at the corner of 1415 Ogden Avenue and West 171st Street. The $66 million development replaces a site previously occupied by a movie theater, bowling alley, and church with a seven-story residential building featuring red and black brickwork and recessed, bird-friendly windows. The project is a public-private partnership involving NCV Capital Partners, Unique People Services, HUD, the NYC Department of Housing Preservation and Development, and the Department of Health and Mental Hygiene.

The development team is focused on housing affordability and long-term resident support. In a statement published by the project architect, NCV Capital Partners CEO Keith Gordon said, “The need for supportive housing is acute throughout New York City, particularly in the Bronx.”

What the 85 Apartments Will Provide

The project divides its 85 apartments between two housing programs. Fifty-one units are designated for formerly homeless individuals who will receive supportive services, while the other 34 apartments are reserved for Section 8 participants and households earning at or below 60% of area median income. Approximately 2,000 square feet of ground-floor space will support services including case management and employment assistance. Planned resident amenities include indoor and outdoor recreation areas, laundry facilities, and bicycle parking. For the local housing market, the development adds apartments tied to affordability and supportive-housing programs rather than conventional market-rate rents. Its service component is intended to help residents maintain stable housing, while the dedicated space gives service providers an on-site presence.

What the $66 Million Financing Supports

The development's capital stack includes Low-Income Housing Tax Credits, financing through HPD’s Supportive Housing Loan Program, and private investment. Red Stone Equity Partners manages the tax-credit syndication, while JPMorgan Chase provided a reported $52.1 million construction loan and M&T Bank is involved in permanent financing. That distinction matters: the $66 million figure represents total project capitalization, while the $52.1 million figure refers to the construction loan, not the entire development budget. The project also reflects how public agencies and private capital can combine to finance housing that would be difficult to deliver through conventional market-rate economics alone.

What Makes the Building More Energy Efficient

Ogden Theatre Apartments was designed by Aufgang Architects to meet Passive House and Enterprise Green Communities standards. The building includes a rooftop solar array, an all-electric design, variable refrigerant flow heating and cooling, and a heat pump for domestic hot water.

Aufgang principal Ariel Aufgang said the project “brings much needed affordable and supportive housing to the Bronx.” These energy-focused features may help reduce building energy consumption, although actual operating savings will depend on performance and maintenance."

What Comes Next for Ogden Theatre Apartments

Exterior work is largely complete, but the latest project information points to spring 2027 completion, despite the building’s near-finished appearance. Remaining work and final delivery preparations will determine when the development is ready for occupancy. For investors and housing providers, Ogden Theatre Apartments highlights the continued role of tax-credit financing, public lending programs, and nonprofit partnerships in delivering affordable housing in New York City.