The New York City Housing Authority (NYCHA) and the New York City Department of Housing Preservation and Development (HPD) selected Lemle & Wolff Companies and Avante Contracting Corp to develop a 100 percent affordable home ownership housing development at NYCHA’s Soundview campus.
This will create 70 affordable to middle-income units along with a 25-space parking lot, where NYCHA residents will get preference for 25 percent of the new units.
“New York City has a critical need for more affordable housing, and we are excited to play our part in extending this benefit to low- and moderate-income New Yorkers,” said NYCHA Chair and CEO Greg Russ. “We are grateful to the public and private partners who helped the Authority shape this project in the service of increasing access to affordable homeownership throughout the city.”
The development includes the construction of 10 four-story townhouses with a total of 72 co-op home ownership units, including 27 one-bedroom units, 33 two-bedroom units and 12 three-bedroom units. The co-op apartments will be priced between $183,700 for a one-bedroom unit and $275,000 for a three-bedroom unit. These units will be affordable to households with incomes between $58,000 and $89,000 (or between 75 to 80 percent of Area Median Income).
Current NYCHA parking permit holders at the campus have all been assigned alternative parking spaces before the closure of the parking lot for construction. The replacement parking lot is scheduled for completion towards the end of the year. Priority for those spaces will be given to seniors or residents with mobility issues.
“Several state and local government partners leveraged their resources for this incredible project and the outcome will be something truly special for every day New Yorkers,” said HPD President Louise Carroll. “This homeownership project at Soundview Houses is exemplary of what it means to say that affordable housing can be an anchor of wealth and equity for local New York communities. Beyond housing, this development is bringing lasting and generational investments to a community that needs it. I applaud NYCHA, the New York State Affordable Housing Corporation and Borough President Diaz for this achievement.”
The closing marks the most recent phase of real estate projects the Authority has helped facilitate in Soundview, starting with a 120-unit multifamily development and 86-unit senior building in the area that were completed in 2016.
“We are pleased to help deliver the final phase of this affordable housing project at Soundview Houses in the Bronx, and excited to be able to provide affordable home ownership opportunities to NYCHA residents and other New Yorkers,” echoed NYCHA Real Estate Executive Vice-President Jonathan Gouveia.
Following the closing of this transaction, NYCHA and the development partner will coordinate a community engagement process for income-eligible public housing residents interested in buying co-op units at the development. This outreach will include home ownership seminars, education classes and credit counseling for prospective purchasers.