Property Resources Corp. and Camber Property Group landed nearly $60 million to finance a 161-unit affordable housing development in the Bronx.
The developers received $40 million in subsidies and tax-exempt bonds from the city’s Department of Housing Preservation and Development and the Housing Development Corporation for a project at 975 Tiffany Avenue. The joint venture secured $15 million in federal Low Income Housing Tax Credit equity and is throwing in another $5 million of its own money for the project, representatives for the company announced on Monday.
The eight-story project will feature units for tenants earning between 27 and 100 percent of the area median income. Another 24 units will be set aside for formerly homeless individuals and families. The building is designed by Peter Clements Architect.
“The city is facing an affordable housing crisis, and building 100 percent affordable projects like 975 Tiffany Avenue is what the city needs,” Council member and land use chair Rafael Salamanca said in a statement.
PRC and Camber are working on two other affordable housing projects in the Longwood section of the Bronx: 1000 Fox Street and 960 Simpson Street.