Governor Kathy Hochul and Mayor Eric Adams announced the start of construction on a $55 million affordable housing development in the Mount Hope section of the Bronx.
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Known as Mount Hope Walton Apartments, the new development will include 103 affordable apartments-including 16 for those who formerly experienced homelessness- and a 9,500 square foot community gymnasium.
Mount Hope Walton Apartments is part of Governor Hochul's sweeping plans to make housing more affordable, equitable, and stable.
The Governor has introduced and successfully secured, in the 2022-23 enacted State Budget, a new $25 billion, five-year, comprehensive housing plan that will increase housing supply by creating or preserving 100,000 affordable homes across New York including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
The new development will be constructed adjacent to the existing Mount Hope Community Center on Walton Avenue. The community gymnasium will include a fitness center and regulation-size basketball court for high school games. The space will be leased to a nonprofit operator for a nominal rent, with programming available to residents and the community.
The building's upper floors will consist of a mix of one-, two- and three-bedroom apartments. All 103 apartments are affordable to households earning at or below 80 percent of the Area Median Income. Sixteen apartments will be reserved for families experiencing homelessness.
Additional residential amenities will include laundry facilities, two indoor recreation rooms, outdoor recreation space, and bike storage.
The developers are Procida Development Group, LLC, and Mt. Hope Housing Corporation.
State financing for Mount Hope Walton Apartments Federal Low-Income Housing Tax Credits that will generate $23 million equity and $2.6 million in subsidy from New York State Homes and Community Renewal. City support for the project includes $15.8 million from the New York City Department of Housing Preservation and Development (HPD) through the Mix and Match program.
The New York City Economic Development Corporation (EDC) also deeded city-owned land to Mount Hope Housing for the development. The New York City Council and Borough President provided $2.25 million in combined Reso A funding. Additional financing is being provided by Webster National Bank. ■