NYCHA Strikes $60M Deal For Affordable Housing Project In Mott Haven
The New York City Housing Authority has reached a deal with the New York City Department of Housing Preservation and Development to turn an empty site in Mott Haven into affordable housing.
Construction is set to start next month, with 101 new units planned for a former vacant retail building at the corner of East 146th Street and Willis Avenue, Real Estate Weekly reports. The building, on NYCHA’s Betances VI campus, was knocked down last year, per the publication.
The new project is expected to feature 30 units for formerly homeless people and 70 units for extremely low and low-income residents. The 15-story building would be known as the Betances Family Apartments and is part of NYCHA’s commitment to create 10,000 new units of housing in the city over 10 years and the city's commitment to make use of unused NYCHA land. Residents already living in NYCHA housing will be given preference for more than a dozen of the apartments.
“NYCHA is continually focused on leveraging all ways we can support the Authority’s mission of increasing opportunities for low- and moderate-income New Yorkers to gain access to safe and accessible housing,” NYCHA Chair and CEO Greg Russ said, according to REW. “We are excited to continue the legacy of fostering affordable housing options in the South Bronx, and look forward to engaging with our partners and stakeholders on this dynamic project.”
The Bronx has seen strong rent collections in contrast to the rest of the city over the coronavirus pandemic, with the borough’s heavy reliance on affordable housing and fewer transient renters likely giving it a boost and potentially a lure for investors as the city begins to recover.
And while it has long been an area known for more affordable housing, it has seen significant developer interest in recent years. Major institutional investors are developing in the area, with Brookfield's “Bankside” development in Mott Haven set to feature 1,350 apartments, 30% of which will be income-targeted through the Affordable New York program. The entire project will span 4.3 acres at 2401 Third Ave. and 101 Lincoln Ave.
