The moderate and middle-income housing stock in Norwood just got a boost, with 122 new units of affordable rental housing now open at Decatur Terrace.
The public and private partnership developed under Mayor Michael Bloomberg’s New Housing Marketplace Plan by Jackson Development and Joy Construction, contains studio, one-bedroom, two-bedroom and three-bedroom units in the sprawling new high-rise at 3322 Decatur Avenue. The project includes 8.800 square feet of community facility space and 60 parking spaces.
A ribbon-cutting ceremony was held on Friday, January 14, with Senator Jeff Klein, Assemblyman Jeffrey Dinowitz, Borough President Ruben Diaz Jr., Community Board 7 district manager Fernando Tirado, representatives from the New York City Housing Development Corporation, Department of Housing Preservation and Development, Jackson, Joy and private financier Citibank. Also in attendance was former City Council Speaker Peter Vallone Sr.
“HDC has invested over $107.6 million in Community Board 7 and took part in the creating 146 jobs with Decatur Terrace,” said Marc Jahr, president of HDC. “What is being done in the Bronx is our goal throughout New York City, to provide opportunities, progression and hope for families.”
HDC provided $15 million in taxable bonds for construction financing at Decatur Terrace, and $11.2 million in permanent financing. HPD provided more than $15 million in funding.
Borough President Ruben Diaz Jr. compared the redevelopment that has occurred in all areas of the Bronx during the past two decades to a caterpillar emerging into a butterfly. He said that providing housing opportunities to medium-income families is crucial in creating a thriving community in Norwood and elsewhere.
“This is about a group of Bronxites who are doing well for themselves and do not want to leave,” Diaz said in his remarks about who the housing was intended for. “This is about a population here in the Bronx that understands that this is home, and this is where they want to continue to raise their children and their families.”
Diaz said that middle-income building projects, like Decatur Terrace, are how he plans on working to create a bright and solid future.
Senator Klein believes that it was through effective public and private partnerships like the one that created Decatur Terrace that it was once again possible to bring back residential housing development after many years of the sector falling flat.
Dinowitz recalled that Norwood went through hard times in the 1980s and early 1990s, but has experienced a renaissance in recent years. He believes new affordable housing developments are a big part of that resurgence.
Tirado said that he personally experienced difficulties when moving to the borough because of a lack of affordable housing for middle class families.
Decatur Terrace is expected to be fully occupied by the end of March. All of the units will be affordable to tenants earning no more than 80% of the Area Median Income, which is an annual household income of $63,360 for a family of four. Handicapped accessible apartments are available, and the lobby includes artwork depicting scenes from around the borough and city.