June 15, 2017 Comments Off on 494 Apartments Stay Affordable in Melrose Views: 488 New York News, Uptown/Bronx New York

494 Apartments Stay Affordable in Melrose

Another 494 apartments will keep their rents affordable, thanks to a $160 million deal between state officials, federal officials and developer MDG Design + Construction.

Michelangelo Apartments is a 43-year-old set of apartment towers built under New York’s Mitchell-Lama community in the Melrose neighborhood of the Bronx.

“This is an entire square block of the Bronx, with a beautiful courtyard that was down to dirt and concrete,” said Michael T. Rooney, co-founder and principal of MDG Design + Construction to Multi-Housing News (MHN).

The renovation and recapitalization is part of Governor Andrew Cuomo’s $1 billion House NY initiative, which seeks to transition 8,600 Mitchell-Lama apartments in serious need of repairs and upgrades into safe, quality housing by the end of next year.

Read More at MHN

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