May 30, 2017
The New York City Council voted to help finance much-needed renovations at the Dreamyard, a 301-unit affordable housing community in the University Heights and Morris Heights neighborhoods of the Bronx.
“Keeping our community affordable is my top priority,” said New York City Council Member Vanessa Gibson. “Thanks to this tax credit extension, we’ve secured the affordability of 301 apartments in the West Bronx for the next 40 years.”
Bronx Pro bought the 12 buildings from the City in 1999, and fixed them up with help from the federal low-income housing tax credit program. Now the buildings are reaching the end of the 15-year compliance period for the federal program.
City Council voted to renew the Article XI tax exemption for the property. The Article XI and additional City financing will fund roof work, window and door replacements, and other improvements.
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