Expanding affordable housing in Harlem and The Bronx

New York City’s strength has always lived in the vibrancy and resilience of its neighborhoods. Alleviating the immense affordability pressures facing these historic communities requires large financial institutions to intentionally deploy capital—expanding affordable housing, preserving local commercial anchors, and reinforcing long-term community stability. Whether enabling seniors to age in place with dignity, delivering supportive housing for formerly unhoused neighbors, or creating affordable homes for working families, Capital One works alongside housing stakeholders across the city to deliver stable environments where everyday New Yorkers can thrive.

To help meet these pressing needs, Capital One is deploying targeted capital designed to help low- and moderate-income communities increase their economic opportunity and build financial resilience. A central pillar of Capital One’s landmark $265 billion Community Benefits Plan is an ongoing, dedicated focus on creating and preserving affordable housing—backed by a commitment of over $35 billion to finance affordable homes—serving as an essential financial anchor for regional growth in New York and beyond. By combining historic financial commitments with targeted, resident-centered services, Capital One is helping foster inclusive, equitable growth so that long-time residents can continue to thrive in the neighborhoods they call home.

In the heart of Harlem, Capital One is partnering with Procida Development Group and the Malcolm Shabazz Development Corporation to revitalize the iconic, decades-old Malcolm Shabazz market. This development helps preserve the neighborhood’s cultural heritage while expanding affordable housing and community space for its members.

By financing the development of this new property, Capital One is supporting the creation of 123 affordable units, including dedicated housing for formerly homeless New Yorkers, alongside a restored 15,000-square-foot enclosed space for the market, and new ground-floor community space for residents, merchants, and locals. This property within Harlem represents a place where community members can thrive, while also aiming to protect the area's rich history and the businesses of the many vendors who have utilized the market for years.

[For more on Malcolm Shabazz Harlem Plaza, watch this CBS News segment with Capital One’s Desiree Francis, Head of Community Finance.]

Meanwhile, in the Highbridge neighborhood of The Bronx, Capital One is helping meet another crucial need through its landmark investment in the Fischer Senior Apartments. Developed in partnership with the West Side Federation for Senior and Supportive Housing (WSFSSH), this $69 million community asset delivers over 100 units of deeply affordable housing for low- to moderate-income earning seniors aged 55 and older.

Over the last few years, Capital One has been involved in a comprehensive financing package to bring this property to life, which includes a $32.9 million construction loan, a $25.2 million Low-Income Housing Tax Credit (LIHTC) equity investment, and long-term permanent financing via a $19 million Freddie Mac mortgage.

More than just a building, Fischer Senior Apartments serves as a crucial sanctuary for the community. Over half of the units are permanently reserved for seniors who were formerly unhoused, and every resident benefits from Section 8 project-based vouchers to ensure they never pay more than 30% of their income on rent. The building features an innovative "cluster care" model across two enhanced-care floors—offering 24-hour on-site staffing, shared terraces, financial counseling, and direct assistance accessing healthcare funded by a $150,000 investment from Capital One. By pairing targeted resident services directly with affordable housing production, this development demonstrates how integrating wrap-around services allows vulnerable neighbors to achieve true, long-term stability and age in place with dignity.

Additionally, just blocks away in the South Bronx, in partnership with L+M Development Partners, Type A Projects, and BronxWorks, Capital One recently helped break ground on Morrisania River Commons, an innovative $255 million development on the site of the NYC Health + Hospitals/Gotham Health, Morrisania clinic. 

River Commons marks the first time NYC Health + Hospitals has integrated a health care facility into a residential building on hospital property. The 17-story building will deliver 328 affordable homes for families earning 30% to 70% of the Area Median Income, including 98 supportive apartments for individuals facing chronic homelessness. By seamlessly integrating housing, BronxWorks-led social services, and an expanded 43,000-square-foot public healthcare clinic under one roof, River Commons establishes a new model for holistic community wellness.

Capital One provided over $194 million in LIHTC equity and construction financing alongside support from NYC Health + Hospitals, the New York City Department of Housing Preservation and Development (NYCHPD), and the ⁠New York City Housing Development Corporation (HDC)  to fund this first-of-its-kind community asset. 

These distinct developments in Harlem and The Bronx reflect Capital One’s broader, sustained commitment to fueling economic mobility and housing access across New York City. By blending large-scale capital investments with a deep dedication to partnering with local developers and empowering resident services, Capital One isn't just financing buildings, but playing a role in helping to protect the rich cultural fabric and economic vitality of New York City's historic neighborhoods.

This work is complemented by our ongoing commitment to strengthening community development across the state, including:

• $7+ Billion Invested: From 2018 to 2025, Capital One has contributed more than $7 billion to community development throughout New York.

• 40,000+ Affordable Homes: This capital has supported the development and preservation of over 40,000 affordable housing units statewide, keeping families stably housed.

• Empowering Local Partners in the City: In 2025 alone, Capital One extended over $7 million in grants to 61 New York City community organizations, directly backing the local non-profits and leaders who know their neighborhoods best.

For more information on Capital One’s efforts in New York, visit: https://www.capitalone.com/about/new-york/.