The Department of Housing Preservation and Development for the city is making efforts to increase the availability of affordable housing options for residents of New York. As part of this initiative, they are exploring a new location on Clinton Avenue to potentially develop more affordable homes.
According to Zillow’s 2022 report, the average rent in Bedford Park and Tremont fell between $2,300 to $2,500. However, the NYU Furman Center’s analysis revealed that the yearly average income for Bronx residents in 2022 was $45,640, which is 37% lower than the average income of $72,150 across the city.
According to Aileen Reynolds, who serves as a representative from HPD, cases similar to the one mentioned are precisely what the department is striving to address.
According to Reynolds, it is necessary for private developers to ensure that affordable housing is available for various income levels and individuals residing in New York. Over the past two years, the Bronx has witnessed the creation of 3,300 affordable apartments, and an impressive 9,000 apartments have been produced in total.
Residents can now take advantage of the increased availability of affordable housing units. One such option is a five-story building located at 2150 Clinton Ave, which is now open for the housing lottery. Current residents report a high level of satisfaction with the building, making it a desirable option for those seeking affordable housing.
The residency of tenants in these apartments is under rent stabilization throughout their stay.
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