106 apartments slated for Bronx.

Construction of 106 apartments in the Bronx for low-income families is underway with financing provided by Roslyn Savings Bank. Roslyn loaned $7.2 million for the construction of Taino Plaza, a 112,340-SF, seven-story apartment complex, located at East 164th Street and between Washington Avenue and Third Avenue. The project will also contain 18,000 SF of retail space. Taino plaza will have an outside children's play area, community room and 26-car parking.

Construction is scheduled to be completed by next spring. Taino Plaza sponsored by South Bronx Overall Economic Development Corporation (SOBRO), which acquired the land from the NYC Economic Development Corporation. In partnership with SOBRO is L&M Equity Participants of Larchmont, New York, which is also serving as the managing general contractor of the project.

"Roslyn strives for a key role in developing affordable housing in the neighborhoods we serve," said Joseph L. Mancino, chairman and CEO of Roslyn Savings Bank. "Taino Plaza is an example of the type of community development projects Roslyn seeks."

Taino Plaza is being developed under the Federal and New York State Low Income Tax Credit Program. In order to qualify for tax credits a project must have at least 20% of the apartments rented to households with less than 50% of the area median income, or at least 40% of the units must be rented to households with 60% or less of area median income.