July 17, 2017
Developers will replace broken elevators and renovate the 948 crumbling apartments at Stevenson Commons in the Bronx.
“Stevenson Commons will receive critical renovations and lock-in long-term affordability for over 940 households,” said Eric Enderlin, president of the City’s Housing Development Corp.
It’s a huge complex, originally built decades ago under New York’s Mitchell Lama program. Private developers LIHC Investment Group, Belveron Partners, and Camber Property Group partnered on the $127 million plan to repair and recapitalize the nine buildings. The redevelopment will switch the old rental subsidies at the property to a steady stream of federal, project-based Sec. 8 subsidies through the federal Rental Assistance Demonstration Program.
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