Governor Hochul Announces Completion of 58-Unit Affordable Homeownership Development in the Bronx

Stevenson Square Phase I Creates Affordable Co-op and Rental Housing in Soundview

Development Expands Affordable Homeownership Opportunities for Households Earning Up to 80 Percent of Area Median Income

Part of Governor Hochul’s Commitment To Expand Affordable Housing Opportunities Across New York

Governor Kathy Hochul today announced the completion of Stevenson Square Phase I, which includes a $53 million affordable homeownership development that creates 58 new cooperative homes in the Soundview neighborhood of the Bronx. This is the first phase of a multi-phase, mixed-use development that will transform the underutilized Stevenson Commons campus and include affordable homeownership and senior rental housing. Under Governor Hochul’s leadership, New York State Homes and Community Renewal (HCR) has created or preserved more than 11,000 affordable homes in the Bronx. Stevenson Square Phase I continues this effort and is part of Governor Hochul’s $25 billion five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide.

“Every New Yorker deserves the opportunity to put down roots in a community they love and the first phase of the Stevenson Square redevelopment is opening the door to affordable homeownership for 58 families and individuals,” Governor Hochul said. “By creating new homeownership opportunities alongside rental housing in a diverse community, we are expanding housing supply, helping New Yorkers build equity and making the Bronx and the Soundview neighborhood a more affordable place to live.”

Stevenson Square Phase I’s homeownership component consists of two newly constructed four-story buildings with 58 co-op homes affordable to households earning up to 80 percent of the Area Median Income with an average sales price of approximately $204,000. In addition to the co-op homes, Stevenson Square Phase I includes 117 affordable rental apartments for seniors age 62 and older.

The homes are part of the larger Stevenson Square campus, which was originally developed through New York’s Mitchell-Lama program in the 1970s. Camber Property Group acquired the 948-unit property in 2017 and subsequently created a master plan to transform underutilized areas of the campus and create more housing. This project, along with a rental component creating 117 affordable apartments for older adults, represents the first phase of that plan, with the second and third phases envisioned to create additional affordable rental homes.

Stevenson Square Phase I is all-electric and has achieved Enterprise Green Communities certifications, with sustainable features including a solar array, energy-efficient heating and cooling equipment, stoves, dishwashers, washers and dryers.

The co-ops feature landscaped front and rear yards to complement the low-rise residential character of the surrounding Soundview neighborhood. Residents are within walking distance of Pugsley Creek and Soundview Parks and have convenient access to the subway and the NYC Ferry. Residents also benefit from retail and community facilities already located at Stevenson Commons, including a supermarket and the Stevenson Family Health Center, which offers behavioral health care, primary care, dental care, pharmacy and social services.

Financing for the homeownership portion of Stevenson Square Phase I includes a mix of public and private sources, including $11.6 million through HCR’s Affordable Homeownership Opportunity Program, which provides financing to affordable housing developers to create affordable single-family houses, condos and co-ops. The New York City Department of Housing Preservation and Development (HPD) provided approximately $21.2 million through its Open Door program. Additional $3.8 million in Resolution A funding was provided from Council Member Amanda Farias, former Councilmember Ruben Diaz, Sr., and former Borough President Ruben Diaz, Jr. HPD also provided financing for the rental portion of the project.