NYCHA & HPD Finalize Agreement For Construction Of New Affordable Housing Co-operative Development In The Bronx

October 2, 2020


The new affordable housing development on NYCHA’s Soundview campus will create more than 70 affordable to middle-income units along with a 25-space parking lot.

Current NYCHA residents will have a preference for 25 percent of the total units.

Renderings of the development are available for download here.

New York – The New York City Housing Authority (NYCHA) and the New York City Department of Housing Preservation and Development (HPD) announced today the selection of Lemle & Wolff Companies and Avante Contracting Corp to develop a 100 percent affordable homeownership housing development at NYCHA’s Soundview campus. 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.

“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 & 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.” 

“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 homeownership opportunities to NYCHA residents and other New Yorkers,” echoed NYCHA Real Estate Executive Vice-President Jonathan Gouveia.

“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 Commissioner 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 development includes the construction of ten (10) four story townhouses with a total of 72 co-op homeownership 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 75-80 percent of Area Median Income). NYCHA residents will get preference for 25 percent of the new units.

The development also includes construction of a new 25-space parking lot for NYCHA residents. 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 this year. Priority for those spaces will be given to seniors or residents with mobility issues.

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 Homeownership Seminars, education classes, and credit counseling for prospective purchasers.

The cost of construction for developing the 38,596 square-foot parcel will total approximately $36.95 million, including a payment of $380,000 to NYCHA. The project was financed through a $14.7 million bank loan and subsidy secured through the Department of Housing Preservation and Development’s Open Door Program, which funds the new construction of cooperative and condominium buildings affordable to moderate and middle income households.

Additional funds to subsidize construction were also secured under the New York State Affordable Housing Corporation and Resolution A program developed by Bronx Borough President Ruben Diaz Jr.. This project is part of NYCHA’s strategy to increase housing opportunities