The South Bronx Overall Economic Development Corporation recently held a grand opening and ribbon-cutting ceremony for a new affordable housing development.
On Thursday, September 17, SoBRO celebrated Belmont Commons, a new residential building located at 499 E. 188th Street.
Belmont Commons, which will include 40 units, transformed two vacant lots into nearly 40,000 square feet for residents in need of affordable housing options.
Six of the 40 units will be reserved for previously homeless families.
The new, nine-story residential development will also include elevator service and is located within walking distance from Third and Webster avenues as well as East Fordham Road.
The $14.3 million project, which was funded using 9% tax credits from New York State Homes and Community Renewal, the NYS Housing Trust Fund and New York City Housing Preservation and Development, is an Enterprise Green building with NYS Energy Research & Development Authority approved energy conservation technologies, continuing SoBRO’s missions of supporting the development of sustainable buildings that operate at peak efficiencies and building a better Bronx.
The Belmont Commons project also saw assistance from Chase Manhattan Bank, who provided construction financing as the equity investor through Hudson Housing Capital, as well as provided financing from NYC Employees Retirement System and guarantees provided by the State of New York Mortgage Agency. Councilman Ritchie Torres, Assemblywoman Vanessa Gibson and Borough President Ruben Diaz, Jr. have also showed their support towards the project.
The grand opening ceremony also awarded two honorees – Parag Mehta of PM Architecture, the project architect, and Mohammed Aziz, the project contractor.
Following the ribbon-cutting, those in attendance had an opportunity to take a walking tour of the new residence.
“(Governor) Andrew Cuomo says that everybody deserves a good place to live, and with this residence, we are one step closer towards achieving that goal,” said Gregory Watson, assistant commissioner of NYS Homes and Community Renewal.
“The significant support of our municipal and state leaders in shaping and completing this development has had a lasting effect on the community and builds upon our borough’s significant growth and development,” said Phillip Morrow, president and CEO of SoBRO.
