NEW YORK CITY—Habitat for Humanity New York City, the well-known, non-profit affordable housing developer and affordable housing advocate, with the real estate developer Almat Group and the New York City Department of Housing Preservation and Development broke ground on Sydney House, an affordable housing development in Williamsbridge, Bronx. Sydney House will be the largest multifamily development ever built by a Habitat for Humanity affiliate.
Located at 839-843 Tilden St., the 56-unit condominium will create homeownership opportunities for low- to moderate-income households. It will consist of 26 one-bedroom apartments, 23 two-bedroom apartments and seven three-bedroom apartments, as well as a shared 2,000 square-foot recreation area. Located near the 2 and 5 subway lines, homeowners will also have public transportation to sites including the Bronx Zoo, Bronx Park, Van Cortlandt Park, Pelham Park and City Island.
Sydney House will be the first project financed under HPD's Open Door program. The city plans to finance construction of 1,300 new affordable homes as part of Housing New York 2.0, Mayor de Blasio's plan to create and preserve 300,000 affordable homes by 2026.
Additional sources of financing also come from the capital funding budgets allocated by Bronx Borough president Ruben Diaz, Jr. and New York City council member Andy King, the New York State Homes and Community Renewal Department, the State of New York Mortgage Agency and Chase Bank.
“At Habitat for Humanity New York City, we know that the stability and financial benefits of homeownership are transformative for families and communities,” says Habitat for Humanity New York City CEO Karen Haycox.
Habitat homeowners pay low, fixed-income mortgages, never exceeding 33% of their monthly income, so each apartment is individually valued based on the homeowner's income. The non-profit receives donations from individuals and corporations, as well as grants and funding from government partners to build and preserve affordable homes. In addition, more than 5,000 volunteers each year help complete the projects on time and on budget.
“The Sydney House project will have a lasting impact on the surrounding community and we're looking forward to continuing our relationship with Habitat and supporting their mission,” says Sharmi Sobhan, executive director, Community Development Banking, Chase.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
