NEW YORK – The New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corporation (HDC), and the New York State Division of Housing and Community Renewal (HCR) joined Camber Property Group and other partners in The Bronx today to announced the start of construction on Stevenson Square, a $1 billion affordable housing and homeownership project in the Soundview section of The Bronx. Once completed, the first phase of the project will offer 116 rental units for older New Yorkers and 58 co-op homeownership opportunities, furthering the Adams Administration’s commitments in the Housing Our Neighbors Blueprint to increase the supply of affordable housing and homeownership opportunities across all five boroughs.

"We're in a housing crisis, and projects like Stevenson Square are how we build ourselves out," said Deputy Mayor for Housing, Economic Development and Workforce Maria Torres-Springer. "With its nearly 1,000 affordable units, affordable homeownership options, infrastructure upgrades, and community space, this project shows that this City won't sit on its hands in improving the lives of New Yorkers. We're building, showing results for our neighbors, and we're working with partners across government and private industry to make it happen."

“Every New Yorker deserves a chance at the American dream: owning a home, setting down roots, and becoming a part of a larger community – today’s groundbreaking is about more than just these wonderful new homes; it’s about keeping these dreams alive right here in The Bronx,” said HPD Commissioner Adolfo Carrión Jr. “We’re excited to see this development flourish and thrilled to be collaborating with our city and state partners to continue creating high quality affordable housing.” 

Today’s groundbreaking marks the start of Phase One of Stevenson Square, which will result in the construction of three buildings along Seward Avenue. The first will be a six-story, 117-unit rental building for older New Yorkers over the age of 62 with incomes at or below 50% of the Area Median Income, with 36 units set aside for formerly homeless households. The building will include an outdoor recreational space, a 5th-floor outdoor terrace, a community room, an office and social services, a nurse’s office, a gym, a bike room, and a laundry room. Funded by an award by HRA,  R.A.I.N. Total Care, Inc., a Bronx-based multi-service agency, will provide light-touch social services to residents, including assessments, counseling, referrals, and advocacy, alongside organizing recreational, social, and educational activities for residents.

The building also incorporates the latest sustainability standards by both complying with Enterprise Green Community standards and by utilizing Energy Star components and solar panels to off-set energy consumption. The $76-million project received 9% Low Income Housing Tax Credits from HPD, subsidy from HPD’s SARA program, tax credit syndication from Hudson Housing Capital, and construction financing from Bank of New York Mellon. Permanent financing will be provided by Freddie Mac, originated by M&T Bank. Section 8 Project-Based Vouchers for all 116 rental units were provided by NYCHA, and social services are funded by the New York City Human Resources Administration.

The other two buildings are neighboring four-story buildings with a combined 58 co-op units. Together, the buildings will include 11 one-bedroom, 31 two-bedroom and 16 three-bedroom units available to households earning between 70 to 80 percent of the area median income. The buildings will include dishwashers, in-unit washers and dryers, landscaped front and rear yards, and bike storage. The project will be financed with a construction loan of nearly $10 million from Enterprise, supplemented by subsidy from HPD and HCR totaling approximately $30 million, and nearly $4 million in Reso A City Capital contributed by Council Member Amanda Farias and Bronx Borough President Vanessa Gibson. 

Phase One of Stevenson Square is made possible through a public-private partnership, with financing from HPD, HDC, HCR, Council Member Farias, Borough President Gibson, Enterprise, Bank of New York Mellon, and Freddie Mac.

At the groundbreaking ceremony, HPD was joined by Bronx Borough President Vanessa Gibson, Majority Leader of the City Council Amanda Farias, State Senator Nathalia Fernandez, State Assembly Member Karines Reyes, Ruthanne Visnauskas, Commissioner of the New York State Division of Housing and Community Renewal, Camber Property Group, and other partners and community leaders.