Earlier this month, New York City Housing Preservation and Development joined with local officials to hold a ribbon-cutting ceremony for the Bishop Rene A. Valero Senior Residence, a $62-million affordable housing development in Astoria, Queens.

Located at 23-11 31st Road, the project consists of a six-story, 84,900-square-foot building featuring 102 apartments for low-income seniors and formerly homeless adults. The complex also includes supportive social services, a resident’s lounge, a yard, and the relocated Catholic Charities Peter J. DellaMonica Older Adult Center.

Interior of Bishop Rene A. Valero Senior ResidenceHPD

Of the 102 residential units, 30 percent are reserved for formerly homeless seniors experiencing severe mental illness. The remaining units are reserved for low-income renters earning no more than 50 percent of the area median income level, which are supported by rental subsidies through the HUD Section 8 Project-Based Voucher Program.

Funding for the Bishop Rene A. Valero Senior Residence included a $3.1-million allocation of low-income housing tax credits, as well as a construction loan from Bank of America and a permanent loan by Barings, LLC.

The project was developed by Catholic Charities Progress of Peoples Development Corporation, the affordable housing arm of Catholic Charities Brooklyn and Queens, in partnership with the New York City Department of Housing Preservation and Development. Catholic Charities Brooklyn and Queens currently manages 4,465 units of affordable homes in New York City.