Construction has begun on a new affordable housing community in the Melrose neighborhood of the Bronx by the developer Omni New York. The $67.7 million project will encompass a 15-story building with 154 units and a 4,000 sqf ground floor community space. Of the total units, 30 percent will be reserved for formerly homeless residents, with half of those being permanently affordable. The remaining apartments will be affordable to low- and moderate-income households. Income limits range from $31,750 to $63,500 for an individual and $45,300 to $90,600 for a family of four. Funding for the scheme was provided by the New York City Housing Development Corp. (HDC) and the New York City Department of Housing Preservation and Development’s (HPD) Extremely Low and Low-Income Affordability Program (ELLA), Our Space Initiative and Bank of America.
“Morris II Apartments will be energy efficient and provide high quality, affordable housing to many New Yorkers – two things that are critical to the strength of the community,” stated Eugene Schneur, co-founder & managing director of Omni. “I would like to thank HPD, HDC and Bank of America as they were instrumental in getting this project to come to fruition.”
