July 20, 2022
Governor Kathy Hochul and Mayor Eric Adams today announced the start of construction on a $55 million affordable housing development in the Mount Hope section of the Bronx. Known as Mount Hope Walton Apartments, the new development will include 103 affordable apartments-including 16 for those who formerly experienced homelessness- and a 9,500 square foot community gymnasium.
"Every New Yorker deserves high-quality affordable housing, and this new housing development is part of my administration's commitment to increase the supply of high-quality housing across the Bronx," Governor Hochul said. "This $55 million mixed-use development will enhance the neighborhood, improve the lives of its residents, and strengthen the community they call home. By joining forces with Mayor Adams, we are making sure everyone in New York has the dignity of a roof over their heads."
"The new construction at 1761 Walton in the Mount Hope section of the Bronx will provide 103 new affordable apartments for struggling New Yorkers," said Lieutenant Governor Delgado. "This new project will not only provide housing for struggling New Yorkers, but also a new gymnasium that will benefit this community."
New York City Mayor Eric Adams said, "We are making record investments in truly affordable housing, and this project will ensure that New Yorkers from 103 households have a safe, clean place to rest their heads at night. We are bringing our resources to bear on the city's affordable housing crisis, from financial resources to city-owned land, and our close partnership with Governor Hochul is ensuring that we 'Get Stuff Done' for New Yorkers."
Mount Hope Walton Apartments is part of Governor Hochul's sweeping plans to make housing more affordable, equitable, and stable. The Governor has introduced and successfully secured, in the 2022-23 enacted State Budget, a new $25 billion, five-year, comprehensive housing plan that 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.
The new development will be constructed adjacent to the existing Mount Hope Community Center on Walton Avenue. The community gymnasium will include a fitness center and regulation-size basketball court for high school games. The space will be leased to a nonprofit operator for a nominal rent, with programming available to residents and the community.
The building's upper floors will consist of a mix of one-, two- and three-bedroom apartments. All 103 apartments are affordable to households earning at or below 80 percent of the Area Median Income. Sixteen apartments will be reserved for families experiencing homelessness.
Additional residential amenities will include laundry facilities, two indoor recreation rooms, outdoor recreation space, and bike storage.
The developers are Procida Development Group, LLC, and Mt. Hope Housing Corporation.
State financing for Mount Hope Walton Apartments Federal Low-Income Housing Tax Credits that will generate $23 million equity and $2.6 million in subsidy from New York State Homes and Community Renewal. City support for the project includes $15.8 million from the New York City Department of Housing Preservation and Development (HPD) through the Mix and Match program. The New York City Economic Development Corporation (EDC) also deeded city-owned land to Mount Hope Housing for the development. The New York City Council and Borough President provided $2.25 million in combined Reso A funding. Additional financing is being provided by Webster National Bank.
Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "Mount Hope Walton Apartments will bring more than one hundred much-needed quality affordable homes to the Bronx and expand recreational facilities for residents of the Mount Hope neighborhood. And for the families who will soon call this home, they will benefit from a conveniently located apartment that provides easy access to valuable community resources and services. Congratulations to Procida Development, the Mount Hope Housing Corporation and our partners in government for this accomplishment that will improve the lives of so many New Yorkers."
New York City Housing Preservation and Development Commissioner Adolfo Carrión Jr. said, "New York City's comprehensive housing blueprint prioritizes the creation of affordable housing that can also bring amenities that meet the community's needs. Mount Hope Walton Apartments will bring 103 affordable homes to the Mount Hope neighborhood, as well as provide a community gym with programming for residents and their neighbors. Congratulations to Mount Hope Housing Company and Procida Companies for breaking ground on this wonderful development. We look forward to welcoming residents home soon."
New York City Chief Housing Officer Jessica Katz said, "Mixed-use, community-focused housing developments are vital to tackling our housing shortage while also preserving neighborhoods for long-term residents, which is at the heart of 'Housing Our Neighbors,' a citywide blueprint for housing and homelessness. These 103 new affordable apartments and the new gym will strengthen the Mount Hope neighborhood, help our neighbors experiencing homelessness, and better support the community's current and future residents. Congratulations to everyone involved."
New York City Economic Development Corporation President and CEO Andrew Kimball said, "This new mixed-use development delivers on key commitments laid out in Mayor Adams' housing blueprint to increase and provide safe, affordable housing to more New Yorkers. We are proud to have worked with the Mount Hope Housing Company to facilitate the land sale to bring over 100 affordable homes and recreational opportunities to the Mount Hope neighborhood."
Procida Companies Principal Peter Procida said, "On behalf of our third-generation Bronx-based family business, I would like to express our excitement, gratitude and optimism as we break ground on 1761 Walton Avenue. At Procida we specialize in realizing the potential of even the most challenging sites to develop. It brings us great joy to have helped Mount Hope Housing deliver on its vision. We look forward to having over 100 households move in when we are complete and having the new recreational space serve as a safe and welcoming resource to the community."
State Senator Gustavo Rivera said, "We need real affordable housing in the Bronx and these new 103 units at 1761 Walton Avenue are a welcomed addition to our neighborhood. This new housing development will provide working families with an affordable place to live and help New Yorkers struggling with homelessness to achieve long-term stability with a place to call home. I'm excited about the new recreational center and the partnership with Mount Hope Community Center to offer community members a safe space to enjoy healthy activities. I commend the City and State for working together and investing in critical housing projects for the Bronx."
Assemblymember Yudelka Tapia said, "Affordable housing is the lifeline that sustains and grows many local communities. This monumental investment in building affordable housing helps ensure that there are more opportunities for growth among the many residents who call this district home. I am glad to see that Mount Hope, an organization that has provided countless opportunities to many Bronx residents, rededicate themselves to this tradition by investing in Mt Hope Walton Apartments. I look forward to continuing our partnership in making the Bronx an affordable place to live."
Bronx Borough President Vanessa Gibson said, "Through this $55 million affordable housing development in the Mount Hope section of the Bronx that includes 103 affordable one-, two- and three-bedroom apartments, with 16 of them set aside for those impacted by homelessness, Procida Development Group, LLC and Mount Hope Housing are answering the call of housing advocates citywide who correctly assert that housing is a human right. The project also ensures neighborhood residents are provided the opportunity to apply to the facility that includes recreational space, a workout room, a basketball court and other amenities that further demonstrate their leadership as a model for other developers looking to build locally, to follow."
Mount Hope Housing Company CEO Fritz Jean said, "Today's groundbreaking marks the realization of a dream 20 years in the making. 1761 Walton will help Mount Hope deliver on its mission of providing community development, affordable housing and youth services all together on this amazing campus. 'Amazing things are happening here' is a motto of ours and this new building will be the embodiment of that ideal. We appreciate the expertise, resilience and creativity of our partners at the Procida Companies. Finally, we extend our gratitude to the government agencies and elected leaders who helped fund this project and make the dream into a reality."
Mount Hope Walton Apartments reflects the goals of Mayor Adams' "Housing Our Neighbors" blueprint for getting New Yorkers into safe, high-quality, affordable homes. The first city housing plan to cover the entire spectrum of New Yorkers' housing needs and options, the blueprint includes a commitment to leveraging non-residential spaces in affordable housing to meet community needs.