The groundbreaking for Stevenson Square. Image Credit: HPD.
On March 1, 2024, the New York City Department of Housing Prevention and Development (HPD), New York City Housing Development Corporation (HDC), and the New York State Division of Housing and Community Renewal (HCR) celebrated the groundbreaking for Stevenson Square in the Soundview section of The Bronx. The $1 billion construction project, in conjunction with Camber Property Group, will build affordable homes in furtherance of the ‘Housing Our Neighbors Blueprint’ initiative.
The groundbreaking signifies the start of ‘Phase One of Stevenson Square’ which includes the construction of three buildings along Seward Avenue. The first building will be six stories and include 116 rental units for New Yorkers over the age of 62 with incomes at or below 50 percent of the Area Median Income. In addition, 36 units will be set aside for formerly homeless tenants. The building houses an outdoor recreation space, a 5th-floor outdoor terrace, a community room, an office for social services, a nurse’s office, a gym, bike room and a laundry room. An award by the Human Resources Administration (HRA) has provided funding for R.A.I.N. Total Care, Inc., a Bronx based agency, to provide ‘light-touch’ social services to residents. These services will comprise assessments, counseling, referrals, advocacy, and recreational, social, and educational activities for residents.
The building also abides by the latest sustainability standards set by Enterprise Green Community and Energy Star. In addition, solar panels will be used to set-off energy consumption. ‘Phase One’ of the project received $76 million in funding, 9& Low income Housing Tax Credits from the Housing and Preservation Department (HPD), a subsidy from HPD’s SARA program, tax credit syndication from Hudson Housing Capital, and a construction financing from Bank of New York Mellon. Permanent funding will be provided by Freddie Mac and originated by M&T Bank while Section 8 Project- Based Vouchers for all rental units were provided by NYCHA. Social services will be funded by the New York City Human Resources Administration.
The other two buildings in the Stevenson Square project are neighboring four-story buildings with a combined 58 co-op units. The buildings together will include 11 one-bedroom, 31 two-bedroom, and 16 three-bedroom units. Renters must earn between 70-80 percent of the area median income to be eligible. Building and unit amenities will include dishwashers, in-unit washers and dryers, landscaped front and rear yards and bike storage. These buildings will be financed with a construction loan of $10 million from Enterprise with a supplement by subsidy from HPD and Homes and Community Renewal (HCR) totaling $30 million, and $4 million in Reso A City Capital contributed by Council Member Amanda Farias and Bronx Borough President Vanesa Gibson.
At the completion of the entirety of the project, Stevenson Square will consist of 1,000 new affordable units, 30,000 square feet of community facility space, new tennis courts, a walking path, a sensory playground, and an outdoor recreation space.
Deputy Mayor for Housing, Economic Development and Workforce Maria Torres-Springer said, “We’re in a housing crisis, and projects like Stevenson Square are how we build ourselves out. With its nearly 1,000 affordable units, affordable homeownership options, infrastructure upgrades, and community space, this project shows that this City won’t sit on its hands in improving the lives of New Yorkers. We’re building, showing results for our neighbors, and we’re working with partners across government and private industry to make it happen.”
HPD Commissioner Adolfo Carrión Jr. said, “Every New Yorker deserves a chance at the American dream: owning a home, setting down roots, and becoming a part of a larger community – today’s groundbreaking is about more than just these wonderful new homes; it’s about keeping these dreams alive right here in The Bronx. We’re excited to see this development flourish and thrilled to be collaborating with our city and state partners to continue creating high quality affordable housing.”
Rick Gropper, Principal at Camber Property Group said, “Breaking ground on Stevenson Square represents the start of a transformational public private partnership to bring critically needed affordable housing to the Soundview community. The first phase of this $1 billion project will create affordable homeownership units as well as rental opportunities for seniors that will strengthen the community and provide a home for those who need it the most. Thank you to our elected officials and government and community partners for helping this incredible vision come to life.”
By: Meg Beauregard (Meg is the CityLaw intern, and a New York Law School student, Class of 2024).
New York City Department of Housing Prevention and Development (HPD), New York City Housing Development Corporation (HDC), and the New York State Division of Housing and Community Renewal (HCR): “City, State, and Partners Break Ground on Stevenson Square, Starting Construction on 174 Affordable Homes for Older New Yorkers and Homeownership Opportunities in The Bronx” (March 1, 2024).