Construction on a $55 million affordable housing development in the Mount Hope section of the Bronx was launched this week. Known as Mount Hope Walton Apartments, the new development will include 103 affordable apartments and a 9,500 square foot community gymnasium.
The developers are Procida Development Group, LLC, and Mt. Hope Housing Corporation.
“On behalf of our third-generation Bronx-based family business, I would like to express our excitement, gratitude and optimism as we break ground on 1761 Walton Avenue,” said Procida Companies principal Peter Procida.
“ We look forward to having over 100 households move in when we are complete and having the new recreational space serve as a safe and welcoming resource to the community.”
A new $25 billion, five-year, comprehensive housing plan to increase housing supply by creating or preserving 100,000 affordable homes across New York was included in the 2022-23 enacted State Budget.
“We are making record investments in truly affordable housing,” said NYC Mayor Eric Adams. “We are bringing our resources to bear on the city’s affordable housing crisis, from financial resources to city-owned land.”
The new development will be constructed adjacent to the existing Mount Hope Community Center on Walton Avenue. The community gymnasium will include a fitness center and regulation-size basketball court for high school games.
The building’s upper floors will inclue of a mix of one-, two- and three-bedroom apartments. Additional residential amenities will include laundry facilities, two indoor recreation rooms, outdoor recreation space, and bike storage.
State financing for Mount Hope Walton Apartments Federal Low-Income Housing Tax Credits that will generate $23 million equity and $2.6 million in subsidy from New York State Homes and Community Renewal. City support for the project includes $15.8 million from the New York City Department of Housing Preservation and Development (HPD).
“Mixed-use, community-focused housing developments are vital to tackling our housing shortage while also preserving neighborhoods for long-term residents,” said New York City Chief Housing Officer Jessica Katz said.