Applications are now being accepted for 255 brand new affordable housing units in the South Bronx on the Grand Concourse and Concourse Village West.
The 255 units are spread across three buildings, 741 Concourse Village West, 702 Grand Concourse, and 180 E 156th Street and features indoor and outdoor recreation areas, bike room for storage, on-site laundry rooms, and on-site parking (additional fees applicable).
Rents at Concourse Village West are as low as $426 for 1 bedroom units for households making 30% of the area median income (AMI) with income requirements as low as $17,075 a year for these 1 bedroom units.
The development is located between the 2/4/5 line at 149th and Grand Concourse and the 4/B/D at 161st Yankee Stadium as well as the BXM4 express bus and walking distance to the Bronx Terminal Market, Franz Sigel Park, Concourse Plaza Mall, just to name a few.
The chart below shows the various rents for all units according to income requirements per AMI category.
As you can see, roughly 20% of units are set aside for the 30, 40, and 50% AMI category which is more in line with the real local median income level.
This particular development is accepting households as high as 110% to 130% of the AMI with incomes ranging from $44,503 on the lower end for a studio to as high as $183,300 a year for a family of 7 for a 3 bedroom unit.
These units account for over 40% of this development and once occupied, will surely shift the demographics of an ever changing area even further.
While this development does afford deep affordability, in an area that desperately needs it, it’s not enough.
Remember, do not contact us at Welcome2TheBronx regarding this development as we do not have anything to do with this or any real estate development. We’re just reporting the news.