A number of affordable apartments are either under development or currently being made available through the lottery system. Here is a look at just a few.
Inwood Library Redevelopment to Create 175 Affordable Apartments
The New York Public Library and the city have announced plans to redevelop the Inwood library at 4790 Broadway into a 14-story residential building. When complete, the development will boast 175 affordable apartments along with a three-story library at the base. Between 25 and 30 percent of the apartments will be permanently affordable through the Mandatory Inclusionary Housing (MIH) program.
Named the Eliza after Alexander Hamilton’s wife, Eliza Hamilton, the development will be finished through the city’s Extremely Low and Low-Income Affordability Program (ELLA). Apartments within the unit will range from studio to three-bedroom varieties and will be available to individuals earning between $20,040 and $40,080 per year. Families of three earning between $34,360 and $51,540 will also be eligible for the apartments. Approximately 20 percent of the units will also be set aside for families of three with earnings of less than $26,000 per year.
While construction is taking place, Inwood residents will have access to a temporary library. Plans for the development also include an Activities, Culture, Training (ACTS) center and a Pre-K facility.
The new building was designed by Fogarty Finger Architecture and Andrew Berman Architect. The city will retain ownership of the development’s property. As such, the city can take back control at the end of the affordability period of those that are not permanently affordable, unless the developer chooses to extend the affordability period.
Affordable Apartments in Bronx Hit the Housing Lottery
A new development named Norwood Gardens and located at 400 East 203rd Street in the Norwood neighborhood of the Bronx has launched a housing lottery for 117 apartments. The units in the development range from studio through three-bedroom floor plans. The units will be available to individuals or families earning either 60, 90, 100 or 130 percent of the median income, which translates to $31,989 to $143,910 depending upon the apartment size and number of people in the household. Studios are available for as little as $865 per month, while a three-bedroom may be as much as $2,302 per month.
The mixed-use building, which replaces a vacant lot, is being developed by the Stagg Group. Once complete, the building will stand 11 stories tall. Designed by Marin Architects, the building’s amenities include a recreation room, a laundry room and a fitness center. The deadline to apply is May 3rd.
Affordable Apartments at Former Rheingold Brewery Become Available
The former Rheingold Brewery site in Bushwick is now a development with several affordable apartments up for grabs. Located at 54 Noll Street and 123 Melrose Street, the development has recently put 183 affordable apartments in the lottery system. Known as European Gardens, the site is offering studios through two-bedroom apartments. 56 studios will be available for $947 per month, while 87 one-bedroom units will be available for $1,017 per month and 40 two-bedrooms will be available for $1,230 per month. Individuals earning 60 percent of the area median income, which comes to between $34,355 and $57,240, may apply up until May 3.