New affordable housing going up in the S. Bronx may not be so affordable
Construction is underway in the South Bronx where 14 new affordable housing units are going up in Melrose.
The price of the homes range from $270,000 to a little more than $300,000. The down payment on the homes is just 3 percent. To be eligible to buy the homes, applicants must earn between $45,000 and $56,000 a year. The only problem is that many residents in the area do not earn that much per year.
According to the 2000 Census, the median family income within a mile and a half radius of the new homes is mostly under $38,000 a year. But Neighborhood Housing Services says bringing higher income families to Melrose will bring stability to the area.
A lottery will be conducted to select who gets the homes. Applications are due by May 31