July 17, 2017 Comments Off on Rents to Stay Low at 948 Apartments Views: 1202 New York News, Uptown/Bronx New York

Rents to Stay Low at 948 Apartments

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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