A new housing development for homeless individuals and others is coming to the south Bronx this week.
Property Resources Corporation and Camber Property Group announced that the 100 percent affordable Tiffany Street Apartments at 975 Tiffany St., which are now open with a wide variety of unit types for different family sizes from studios to three-bedroom apartments.
Out of the 161 units, 34 have been set aside for formerly homeless individuals and families, according to the property group.
The remaining 20 percent are affordable units ranging between 27 to 80 percent of the area median income (AMI). Since its housing lottery opened in July, there were over 60,000 applications.
“Access to truly affordable housing has and will continue to be the leading issue of our time,” said south Bronx Councilman Rafael Salamanca, Jr. “As COVID exacerbates this demand, the opening of the 161-unit, 100 percent affordable Tiffany Street Apartments will provide Bronxites of all walks of life with the housing opportunities they need most, From units for formerly homeless individuals and families, to units at the deepest affordability, to units for working families, Tiffany Street Apartments is an example of smart development.”
This is the third south Bronx development between Property Resources Corp. and Camber Property Group. The partnership also developed 1000 Fox St., an eight-story, 120 unit affordable project, as well as 960 Simpson St., a six-story, 80-unit building.
The $60 million project was funded through a combination of $40 million in tax-exempt bonds and a subsidy from Housing Preservation Development, Housing Development Corporation, and $15 million in low income housing tax credit equity.
“As our city grapples with COVID-19, it is incumbent on us to create housing for all New Yorkers — especially the formerly homeless — who need our assistance to begin to break the cycle of poverty,” said Rick Gropper, principal and co-founder of Camber.
Amenities available to residents at the Tiffany Street Apartments include an on-site resident manager, fitness center, community gathering space, outdoor recreational space, bike storage and laundry room.
The affordable building is located a near both the Simpson Street and Intervale Avenue 2 and 5 subway stations; it is also a short distance from the Southern Boulevard Business Improvement District.
“What families need in this moment are safe, secure and affordable homes. These 161 affordable homes are paired with outdoor space and are in close proximity to community assets,” said HPD Commissioner Louise Carroll.