By SÍLE MOLONEY

 

Cyrus Place, 4697 3rd Avenue in Belmont, The Bronx.
Image courtesy of NYC Housing Connect

An affordable housing lottery has launched for units at Cyrus Place Apartments, an eight-story mixed-use building at 4697 Third Avenue in the Belmont section of The Bronx, as reported by YIMBY.

 

Designed by Curtis + Ginsberg Architects and developed by Bronx Pro Group, the structure yields 53 residential units and ground-floor commercial space. Available on NYC Housing Connect, the NYC Department of Housing, Preservation & Development’s online portal, are 44 units for residents at 30 to 80 percent of the area median income (AMI), ranging in eligible income from $16,560 to $118,400.

 

Residents will have access to an on-site superintendent, elevator, a residential terrace, gym, bicycle storage room, and an onsite shared laundry room (additional fees apply). Units come with energy-efficient appliances and air conditioning.

 

At 30 percent of the AMI, there are four units with monthly rent ranging from $410 to $701, for incomes ranging from $16,560 to $44,400. At 40 percent of the AMI, there are six units with monthly rent ranging from $589 to $1,011, for incomes ranging from $22,698 to $59,200, and at 50 percent of the AMI, there are six units with monthly rent ranging from $768 to $1,322, for incomes ranging from $28,835 to $74,000.

Rendering of interior unit at Cyrus Place, 4697 3rd Avenue in Belmont, The Bronx.
Image courtesy of NYC Housing Connect

At 70 percent of the AMI, there are 12 units with monthly rent ranging from $1,002 to $1,759, for incomes ranging from $36,858 to $103,600, and at 80 percent of the AMI, there are 16 units with monthly rent ranging from $1,163 to $2,037 for incomes ranging from $42,378 to $118,400.

 

Prospective renters must meet income and household size requirements to apply for the apartments. Applications must be postmarked or submitted online no later than March 16, 2022.

 

Cyrus Place Apartments is a 53-unit, newly constructed, smoke-free building, located within Bronx Community District 6 and is accessible by public transportation, including on the B & D subway lines, as well as on the Bx15, Bx17, Bx41, 60, 61, and 62 buses.

This chart helps residents understand the AMI income categories used by New York City Department of Housing Preservation & Development to determine eligibility for affordable housing, which vary by household size.
Source: New York City Department of Housing Preservation & Development

Restaurants, shopping, parks, and playgrounds are within walking distance. Preference is being given to residents of Bronx Community District 6. Tenants are responsible for electricity, including electric stove.

 

According to HPD and Bronx Pro Group, the building is being financed through HPD’s new construction program (NCP), a private bank loan, an NYC HPD loan, NYSHCR 9% Low Income Housing Tax Credit (LIHTC) equity, Middle Income Housing Program funds (MIHP), a Community Investment Fund loan (CIF), a deferred developer fee, and Project-Based Section 8 vouchers.

What was formerly a vacant parcel, 4697 Third Avenue will be designed and constructed to a rigorous “Passive House” standard that will significantly reduce the development’s environmental impact, according to Bronx Pro Group. Passive house (German: Passivhaus) is a voluntary standard for energy efficiency in a building, which reduces the building’s ecological footprint.

 

Bronx Pro Group representatives say “the building activates healthy living conditions through active design, quality indoor air systems and building uses that feature fitness and exercise elements.” The ground-floor commercial space is expected to animate the retail corridor and, according to Bronx Pro Group, the space will be leased to a tenant who can contribute to the health and vitality of the neighborhood.

 

The total development cost is at $34 million. Overall, the 8-story building will contain approximately 9,483 square-feet of retail space and 53 apartments, 44 of which will be affordable units. The 53 units include seven studios, 19 one-bedroom units, 20 two-bedroom units, and 7 three-bedroom units.

 

Building amenities will also include a large terrace with a playground and gardening.

 

No deposits or application fees apply. More information is available at http://www.bronxprogroup.com/projects-in-construction.

 

Editor’s Note: Norwood News does not accept, process or refer any applications. Please refer to NYC Housing Connect for all application information. 

 

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Originally Appeared Here