The lottery for 126 newly constructed affordable housing units in Longwood opened on Thursday.
The Tiffany Street Apartments, located at 975 Tiffany St., include a wide range of unit types, from studios to one-, two- and three-bedroom apartments. The building is a mixed-income development with apartments affordable to residents earning a wide spectrum of incomes between 27 percent of the Area Median Income (AMI) up to 80 percent AMI. Nearly 25 percent of the building will be set-aside for formerly homeless individuals and families.
“It is important that new affordable housing provides options for families of all types and sizes and the Tiffany Street Apartments do just that,” said Rick Gropper, principal of Camber Property Group. “By providing homes for the formerly homeless as well as large families we are ensuring that New Yorkers from all backgrounds and have a chance to live and thrive in our city as we recover from the COVID-19 crisis.”
Amenities include an on-site resident manager, fitness center, community gathering space, outdoor recreational space, bike storage and laundry room.
The 161-unit project is a joint venture between Property Resources Corp. and Camber Property Group, the third such collaboration between the two companies in the south Bronx. The partnership also developed 1000 Fox St., an eight-story, 120- unit affordable project and 960 Simpson St., a six-story, 80-unit building.
“PRC has been committed to providing safe, quality affordable housing in Longwood and the surrounding neighborhoods for close to 50 years and we could not be prouder to be opening Tiffany Street Apartments now, when the need for affordable housing has never been more vital,” said Benjamin Linde, principal of the Property Resources Corporation.
The $60 million project was funded through a combination of $40 million in tax-exempt bonds and subsidy from HPD and HDC and $15 million in Low Income Housing Tax Credit equity. Chase Community Development Banking provided the construction period credit enhancement and Regions Affordable Housing provided the tax credit equity on behalf of JPMorgan Capital Corporation. PRC and Camber provided the remaining $5 million. The building was designed by Peter Clements Architect P.C.
Details on the lottery, including income requirements and how to apply for apartments, can be found at https://bit.ly/2ApkOgM.
