The newly constructed residential building located on 716 Beach Avenue in Soundview, Bronx is now offering affordable housing apartments! The building is anticipated to receive a tax exemption through the 421a tax incentive program of the New York City Department of Housing Preservation and Development. Therefore, the building must assign 30% of its units to the affordable housing lottery of NYC.
Owner and developer L&R&G Contractors Corp were granted permits for a four-story, 10-unit residential building back in the fall of 2016. New York-based Fred Geremia Artitchets & Planners is the official architect of record. The new building will be around 10,372 square feet and its residential apartments should average about 821 square feet apiece. Demolition plans for the new building were filed early 2016. 716 Beach Avenue was completed in March 2018.
716 Beach Avenue has assigned 3 out of its 10 units to go to the New York City Affordable Housing Lottery. The selected units will range between one one-bedroom unit and two two-bedroom units. The rent range for the affordable housing units will be $1,300 per month for the one-bedroom unit and $1,500 for the two-bedroom units. Individuals and households earning between $44,752 and $138,710 annually are welcome to apply through June 12th, 2019.
Applicants who live in New York City will receive a general preference for the apartments. Individuals and households who meet the income and household size requirements in the chart above may apply. Qualified applicants will be required to meet additional selection criteria.