Affordable Housing

These affordable South Bronx rentals are still steep, with the cheapest apartments at $1,348/month

By Virginia K. Smith | May 16, 2017 - 12:15PM 

Applications have opened up for a handful of affordable apartments in the Melrose section of the South Bronx, per a new listing posted on NYC Housing Connect.

The apartments are a mix of one-bedrooms and two-bedrooms geared toward renters making 80 percent of the Area Median Income (aka AMI), which is between $46,218 and $76,320, depending on apartment and family size. However, at $1,348/month for a one-bedroom and $1,521/month for a two-bedroom, these rentals would still be tough to afford for a tenant making the required salary.

Click to enlarge below to see the full list of apartment sizes, prices, and income requirements:

As we've written previously, the frustrating unaffordability of rents in "affordable" units often comes down to the fact that, per federal policy, incomes are calculated before taxes rather than based on a tenant's actual take-home pay, which can represent a dramatic difference, particularly with NYC's steep taxes.

In any case, the building is setting aside 50 percent of its affordable units for current neighborhood residents, which in this case means residents of Bronx Community Board 3. If you're interested and think you might qualify, you can create a profile and apply online via NYC Housing Connect, or request a paper application by mailing a self-addressed envelope to 407 E 160 Development, LLC, PO Box 2041 New York NY 10159. (Don't apply more than once, or you could wind up disqualified.)

Applications are due by June 1st.

 

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