$189M Bronx Affordable Housing Breaks Ground

Starhill. Image courtesy of the New York Governor’s press office A joint venture between Bronx…

Starhill. Image courtesy of the New York Governor’s press office

A joint venture between Bronx Pro and Services for the UnderServed has broken ground on Starhill Phase I, a 326-unit affordable development in the Bronx area of New York City.

A total of 200 units will be set aside for individuals experiencing homelessness, while the remaining 126 units will be reserved for households earning between 30 and 80 percent of the area median income. One unit will be reserved for an on-site superintendent. S:US will provide services to the property’s residents.

State financing for the development comprises $20.6 million in permanent tax-exempt bonds, Federal Low-Income Tax Credits that are expected to generate $80.5 million in equity, as well as $31.5 million in subsidy from New York State Homes and Community Renewal. Additional financing includes $31.5 million from The New York City Department of Housing Preservation and Development’s Supportive Housing Loan Program, as well as $1 million from The New York City Council.

The project is part of Governor Hochul‘s plan to build more affordable housing. The Governor has introduced in the FY2023 Enacted Budget a new $25 billion, five-year housing plan that is slated to increase housing supply by creating or preserving 100,000 affordable homes across New York City.

New affordable housing in the Bronx

Starhill Phase was made possible through the 2018 Jerome Corridor Rezoning. The first phase of the project will comprise a 14-story tower connected to a one-story amenity building. The 2-acre site was occupied by a former hospital that was used as a residential treatment center. The structure has been demolished to make way for the new development. Amenities at the location are set to include a rear yard and a passive recreation area on the second-floor terrace, on-site social services, a fitness room, an on-site laundry room, a children’s playroom and a computer room.

See also  Wayfinder Sells Austin Property

Located at 1600 Grand Ave., within the Morris Heights residential neighborhood, Starhill Phase I will provide access to medical, educational and public services. A total of 10 MTA bus lines serve the area, along with the 4, B and D trains. Several retail, dining and entertainment venues will also be available within a 1-mile radius. Starhill Phase II is slated to include an additional 244 affordable and supportive apartments.