The $55 million mixed-use development in Mount Hope will house 103 low-income and formerly homeless New Yorkers. On July 20, 2022, NYC Mayor Eric Adams and New York Governor Kathy Hochul announced the beginning of construction on an affordable housing development in Mount Hope, Bronx. The new building will be adjacent to the existing Mount Hope Community Center on Walton Avenue.
Mount Hope Walton Apartments is a $55 million mixed-use development, comprised of a 9,500 square foot community gym and 103 affordable homes for low-income residents. Sixteen of these apartments are specifically designated for families experiencing homeless. The building’s upper floors will have a mix of one-, two- and three-bedroom apartments to accommodate families, and all 103 apartments will be affordable for households earning 80 percent or less of the area median income. Additional amenities for residents will include indoor recreation rooms, laundry facilities, bike storage, and outdoor recreation space.
The community gymnasium will be leased to a nonprofit operator for a nominal rent. The new space will include both a fitness center and a regulation-size basketball court for high school games, and will host programming for residents and the community.
The building’s developers are Mt. Hope Housing Corporation and Procida Development Group, LLC. City support for the project includes $15.8 million from the Department of Housing Preservation and Development (HPD) through the Mix and Match program. The NYC Economic Development Corporation (EDC) deeded city-owned land to Mount Hope Housing, while City Council and the Bronx Borough President provided an additional $2.25 million in combined Reso A funding.
State financing for Mount Hope Walton Apartments includes Low-Income Tax Credits that will generate $23 million in equity and $2.6 million in subsidy from NYS Homes and Community Renewal (HCR). Additional financing is being provided by Webster National Bank.
Mayor Adams stated, “We are making record investments in truly affordable housing, and this project will ensure that New Yorkers from 103 households have a safe, clean place to rest their heads at night. We are bringing our resources to bear on the city’s affordable housing crisis, from financial resources to city-owned land.”
Governor Hochul added, “Every New Yorker deserves high-quality affordable housing, and this new housing development is part of my administration’s commitment to increase the supply of high-quality housing across the Bronx. This $55 million mixed-use development will enhance the neighborhood, improve the lives of its residents, and strengthen the community they call home. By joining forces with Mayor Adams, we are making sure everyone in New York has the dignity of a roof over their heads.”
Bronx Borough President Vanessa Gibson also voiced her support, stating, “Through this $55 million affordable housing development in the Mount Hope section of the Bronx that includes 103 affordable one-, two- and three-bedroom apartments, with 16 of them set aside for those impacted by homelessness, Procida Development Group, LLC and Mount Hope Housing are answering the call of housing advocates citywide who correctly assert that housing is a human right.”
By: Cassidy Strong (Cassidy is a CityLaw intern and a New York Law School student, Class of 2024.)