Construction crews have started turning dirt at River Avenue Apartments II at 1185 River Avenue in West Concourse, the Bronx, kicking off one of the corridor’s biggest affordable housing projects yet. The $225 million development will bring 292 affordable apartments to the neighborhood, with 173 units reserved for veterans, formerly homeless residents and people living with mental illness. Led by Community Access and Blue Sky Bronx, the project is the latest piece in the ongoing remake of the River Avenue stretch near Yankee Stadium.
Project Details And Funding
According to New York State Homes and Community Renewal, state support for River Avenue Apartments II includes low-income housing tax credits expected to generate about $90 million in equity, along with $60 million in subsidy and $9.8 million from the Homeless Housing and Assistance Program. Rental and operating subsidies will back 70 of the supportive units through the Empire State Supportive Housing Initiative, while 103 supportive units will be funded through NYC’s 15/15 rental assistance program. HCR lists the total project cost at $225 million and identifies Community Access and Blue Sky Bronx as the lead developers…