"The completion of this 119-unit development means that dozens of Bronx residents and families will have a safe, stable place to call home and the wraparound services they need to thrive," Governor Hochul said. "This project complements our $25 billion housing plan by not only providing high-quality affordable housing but also creating strong, vibrant, and resilient communities."
Tremont Residences complements Governor Hochul's sweeping plans to make housing more affordable, equitable, and stable. In the FY 2023 State Budget, the Governor introduced and successfully secured a new $25 billion, five-year, comprehensive housing plan will increase housing supply by creating or preserving 100,000 affordable homes across New York including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
Tremont Residences has 95 studio, 14 one-bedroom, and 10 two-bedroom apartments that are affordable to households with incomes between 30 and 60 percent of the Area Median Income.
The developers, Camber Property Group and Slate Property Group, partnered with Westhab, Inc. to provide on-site support services for 71 households funded through an Empire State Supportive Housing Initiative award administered by the New York State Office of Mental Health. Services include case management, job readiness, placement, retention, referrals, and mental health services. Rental subsidies for the units are also included under the Empire State Supportive Housing Initiative funding from the Office of Mental Health.
A vacant single-story retail building was demolished to make way for the 11-story new building. The development's amenities include a social services office suite for residents, landscaped outdoor recreational space, full-time security, a 1,300-square-foot community room, fitness center, computer lab, reading lounge, bike storage, and laundry rooms on each floor.
The ground floor houses a 6,500-square-foot commercial space that is owned by a third party and is currently available for rent. The project is in a mixed-use, transit-rich area, near medical facilities, schools, shopping, and within walking distance of Crotona Park and Bronx Park, the Botanical Garden, and Fordham University.
Tremont Residences meets Enterprise Green Communities Standards and includes Energy Star appliances, solar panels, water conserving fixtures, low-VOC finishes, and coated windows. Insulation and roof coating and materials are designed to be energy efficient.
State financing for Tremont Residences includes $8.4 million in permanent tax-exempt bonds, Federal Low-Income Tax Credits that will generate $17.3 million in equity, and $20.5 million in subsidy from New York State Homes and Community Renewal. OMH Is providing nearly $1.8 million in annual ESSHI operating funding for the supportive housing and a total of $479,544 in Program Development Grant funding.
In the last five years, New York State Homes and Community Renewal has invested more than $1 billion to create or preserve nearly 7,500 affordable apartments in multifamily buildings in the Bronx.
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