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New Affordable Housing Comes to the Bronx

Elected officials hold a ribbon cutting ceremony at a new affordable housing development in Soundview.
Bronx Times
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Soundview welcomed new affordable housing last week.

On Thursday, November 21, Councilman Rafael Salamanca and Assemblyman Marcos Crespo joined L+M Development Partners and Nelson Management Group for a ribbon-cutting ceremony to commemorate the opening of 1520 and 1530 Story Avenue, a mixed-use affordable housing development.

Located across from 205 acres of green space at Soundview Park, the two buildings include 435 units of affordable housing and 15,000 square feet of community space.

The project also includes a playground, central greenways with seating and walking paths, an on-site superintendent, laundry room, parking, bike storage, indoor and outdoor fitness areas and lockers for packages.

Half of the units are affordable to low-income households between 30 percent and 60 percent of Area Median Income (AMI) and the other half are affordable to moderate-income households at 80 percent to 95 percent of AMI.

Elected officials praised the development and feel it will benefit the community.

“The long journey of this as-of-right project has brought over 400 units of affordable housing in a state- of-the-art facility that also brings significant new community amenities and meeting space,” Crespo said.

“I’m grateful to L+M and Nelson Management for the attention to community concerns and allowing various points of input to shape the end result. I look forward to continuing to build a stronger community together.” he added.

Spencer Orkus, managing director, Affordable Housing at L+M Development Partners looks forward to providing housing for residents in the Bronx.

“We’re thrilled to welcome residents to Story Avenue, which provides the Bronx with critically affordable housing, along with high-quality open space for residents,” Orkus said.

“This project came together through a strong public-private collaboration, so we’d like to thank Council Member Salamanca, Assembly Member Crespo and the de Blasio administration for their partnership throughout the project, as well as Nelson Management and our funding partners for helping us reach this milestone today,” he concluded.

Posted 12:00 am, November 29, 2019
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