Council Member Rafael Salamanca Jr. - Week in Review, January 4, 2019

IN THE NEWS: WEST FARMS PRESERVATION PROJECT KEEPS 343 APARTMENTS AFFORDABLE. Amidst the rapid development in the South Bronx, building and maintaining affordability for residents has been a top priority for Council Member Salamanca. This week, The Real Deal reported on Camber Property Group, Belveron Partners and the city’s Department of Housing Preservation's acquisition of 11 buildings in the West Farms neighborhood. The 11 buildings, comprised of 343 units will remain 100% affordable for 40 years, 2058."These buildings were going to lose their tax credits next year and therefore the previous owner had an option of an increasing rent at above market rate. They're making a $4 million capital investment, so there's boilers that need to be fixed, there's elevators that need to be redone, you have piping, the walls, roof so it needs to be done."