Lottery opens for Longwood apartments
Camber property group creates lottery for 161-unit building on Tiffany St.
BY JASON COHEN
The lottery for 126 newly
constructed affordable housing
units in Longwood opened
on Thursday.
The Tiffany Street Apartments,
located at 975 Tiffany
St., include a wide range of
unit types, from studios to
one-, two- and three-bedroom
apartments. The building is
a mixed-income development
with apartments affordable
to residents earning a wide
spectrum of incomes between
27 percent of the Area Median
Income (AMI) up to 80 percent
AMI. Nearly 25 percent of the
building will be set-aside for
formerly homeless individuals
and families.
“It is important that new
affordable housing provides
options for families of all
types and sizes and the Tiffany
Street Apartments do
just that,” said Rick Gropper,
principal of Camber Property
Group. “By providing homes
for the formerly homeless
as well as large families we
are ensuring that New Yorkers
from all backgrounds
and have a chance to live and
thrive in our city as we recover
from the COVID-19 crisis.”
Amenities include an onsite
resident manager, fi tness
center, community gathering
space, outdoor recreational
space, bike storage and laundry
BRONX TIMES R 14 EPORTER, JULY 10-16, 2020 BTR
room.
The 161-unit project is a
joint venture between Property
Resources Corp. and
Camber Property Group, the
third such collaboration between
the two companies in
the south Bronx. The partnership
also developed 1000 Fox
St., an eight-story, 120- unit affordable
project and 960 Simpson
St., a six-story, 80-unit
building.
“PRC has been committed
to providing safe, quality
affordable housing in Longwood
and the surrounding
neighborhoods for close to
50 years and we could not be
prouder to be opening Tiffany
Street Apartments now,
when the need for affordable
housing has never been more
vital,” said Benjamin Linde,
principal of the Property Resources
Corporation.
The $60 million project
was funded through a combination
of $40 million in tax-exempt
bonds and subsidy from
HPD and HDC and $15 million
in Low Income Housing Tax
Credit equity. Chase Community
Development Banking
provided the construction period
credit enhancement and
Regions Affordable Housing
provided the tax credit equity
on behalf of JPMorgan
Capital Corporation. PRC and
Camber provided the remaining
$5 million. The building
was designed by Peter Clements
Architect P.C.
Details on the lottery, including
income requirements
and how to apply for apartments,
can be found at https://
bit.ly/2ApkOgM.
A rendering of the Tiffany Street Apartments. Courtesy of Peter Clements Architect
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