Renderings of the new co-op buildings that will be part of the Soundview campus. Image Credit: NYCHA

Seventy-two co-op units will be available for purchase. On October 2, 2020, the New York City Housing Authority (NYCHA) and the New York City Department of Housing Preservation and Development (HPD) announced that Lemle & Wolff Companies and Avante Contracting Corp will develop a 100 percent affordable homeownership housing development at NYCHA’s Soundview campus in the Bronx. The buildings will be located across the street to the north of Soundview Park along Lacombe Avenue at the cross street of Lacombe and Rosedale Avenue.

The development will include ten four-story townhouses with 72 co-op homeownership units. 27 of these units will be one-bedroom, 33 will be two-bedroom units; and 12 will be three-bedroom units. NYCHA residents will get preference for 25 percent of the new units. The development will also include a 25-space parking lot for NYCHA residents. Priority for these parking spaces will be given to seniors and residents with mobility issues.

The co-op apartments will range in price from $183,700 for a one-bedroom unit and $275,000 for a three-bedroom unit. The development’s construction is expected to cost $36.95 million. Funding was secured through a $14.7 million bank loan and subsidy secured through the Department of Housing Preservation and Development, and the New York State Affordable Housing Corporation and Resolution A program developed by Bronx Borough President Ruben Diaz Jr..

HPD Commissioner Louise Carroll stated, “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. 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.”

NYCHA Chair and CEO Greg Russ stated, “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. 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.”

By: Victoria Agosta (Victoria is the CityLaw intern and a New York Law School student, Class of 2022.)