The development is partially funded out of the $25 billion affordable housing investment made by Hochul in her April budget agreement, which calls for the construction of 100,000 affordable units across the state in the next five years.
The Mount Hope Walton Apartments will be developed by Procida Development and the Mount Hope Housing Corp.
Funding for the project comes from multiple city and state resources. State financing of federal low-income housing tax credits will generate at least $23 million, and an additional $2.6 million subsidy will come from Homes and Community Renewal, the agency based in Manhattan that oversees affordable housing production and financing across the state. New York City’s Department of Housing Preservation and Development will contribute $15.8 million, and the New York City Council and Bronx borough president’s office are expected to add almost $2.3 million. Webster National Bank will provide any additional financing.
The city’s Economic Development Corp. will deed the publicly-owned land to the Mount Hope Housing Corp.
“Today’s groundbreaking marks the realization of a dream 20 years in the making,” said Fritz Jean, CEO of Mount Hope Housing Corp.