A year ago, the Wall Street Journal broke the news that Habitat for Humanity was planning an affordable co-op in the Williamsbridge section of the Bronx. Now the project is one step closer to reality, because plans have been filed for a seven-story residential building at 839 Tilden Street, between Barnes and Bronxwood avenues.
New building applications call for 24 apartments spread across 52,775 square feet of residential space. The development, known as Sydney House, will have one-, two-, and three-bedroom apartments, which explains why the average unit will be a spacious 2,200 square feet. The co-ops will be priced for families who make 50 to 80 percent of the city’s Area Median Income. That means a family of three would need to earn between $38,150 and $78,336 a year to qualify for the apartments.
The building will also include a covered parking lot for 21 cars on the first floor.
Habitat has secured plenty of subsidies from state and city housing agencies for the $18 million project. The state is awarding $40,000 per unit, HPD is handing over $70,000 per unit, and the Bronx Borough President’s office has committed $800,000 in capital funding for the whole building.
The non-profit will also arrange fixed-rate, low-interest mortgages for buyers, according to WSJ. In exchange, each adult in a household will have to complete 250 hours of volunteer work with Habitat.
Almat Group, a for-profit developer headquartered in DUMBO, is teaming up with Habitat to build Sydney House. Norman Cox, of Union Street Studio LLC, will design the project.
The property spans 17,600 square feet and three tax lots. Two small houses occupy part of the development site, and it’s unclear whether Habitat intends to knock them down. Demolition plans for the two-family homes have not yet been filed. Public records show that the same family has owned the site since 1986.
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