Three Family House for Sale in the Bronx
Near Real Estate; Subsidized 3-Family unit Houses Are Rising in the Bronx
See the article in its original context from
April 1, 1994
,
Section A , Page
21Buy Reprints
TimesMachine is an sectional benefit for home delivery and digital subscribers.
About the Archive
This is a digitized version of an article from The Times's print archive, before the commencement of online publication in 1996. To preserve these manufactures as they originally appeared, The Times does non alter, edit or update them.
Occasionally the digitization process introduces transcription errors or other problems; nosotros are continuing to piece of work to improve these archived versions.
The three-family house, once a fixture of urban evolution, is beingness revived in the Bronx. It has added a new dimension to the publicly assisted evolution of new homes for people of moderate to heart income in New York City. Until recently, such development consisted only of one- and two-family unit houses.
In the three-family unit house, the possessor gets ane apartment and rents out the two others to help pay the mortgage. The concept is viewed by its supporters, including Fernando Ferrer, the Bronx Civic President, as a way to address the issues of affordability, population density and abode buying.
Five developments with three-family houses -- 167 detached houses with 501 apartments -- are planned or nether way in the civic. One is Highbridge Park, with 35 buildings under construction in the Highbridge department, non far from Yankee Stadium.
All of the projects are part of the metropolis'southward New Homes Program, whose sponsors include the Department of Housing Preservation and Development and the New York Housing Partnership, the nonprofit system that serves equally the development intermediary between the city and individual builders. The state and urban center each provide a uppercase subsidy of $37,500 a business firm, and the borough president's office has added $eighteen,000. The total subsidy -- $93,000 for each iii-family house -- lowers the sale price to $215,000. Buyers must earn less than $53,000 a year.
Another key is that the Federal National Mortgage Association, known as Fannie Mae, is financing the mortgages under new and more flexible underwriting guidelines. These allow buyers to utilize the rental income to pay off half of the monthly mortgage debt.
"3-family homes are seen equally the right density for the Bronx, providing domicile ownership and a sense of neighborhood," Clint Roswell, a spokesman for Mr. Ferrer, said.
But three-family unit homes have until recently been slow to catch on. Among the reasons are the college building costs and the higher income needed to qualify to buy them. Likewise, banks take often been hesitant to provide financing, fearing that owners might take difficulty securing tenants at suitable rents. Several safeguards are now in place to minimize such concerns, said Steven Brown, vice president at the Housing Partnership. The buyer's monthly income must be $1,250 more than the cost of the debt payments, plus taxes and insurance. A portion of the builder'due south sale proceeds volition also be used to create a reserve fund as actress protection for the lender against possible defaults.
The three-family-home concept was first tested at a Bronx development called Casa Theresa Homes, comprising fifteen houses in the East Concourse surface area. The success there provided a model that could exist repeated in other areas, Mr. Brown said.
"The goal is to increase density," he said, "and going forward there will be a strong bias to practise as many iii-family homes every bit possible."
Highbridge Park is the nigh avant-garde of the five electric current Bronx projects and the first new for-sale housing in the surface area in decades. Work likewise began three weeks ago on a tertiary project in the Eastward Tremont expanse. Called Tremont Terraces, information technology will contain 49 three-family houses priced at $209,000. There will also exist 12 two-family homes priced at $159,200.
The prefabricated homes at Highbridge Park are taking shape in six clusters on Nelson, Woodycrest and Ogden Avenues between West 165th and 168th Streets. The $11 meg projection is existence developed and built by the Leewood Real Estate Grouping of Staten Island.
All of the 3-story brick-and-aluminum-sided homes, designed by Jerome Grushkin & Associates of Staten Island, were presold to families with almanac incomes of $35,000 to $xl,000. Buyers needed a minimum of $14,000 in cash, roofing endmost costs and a five percent down payment, said Randy Lee, a principal at Leewood. The houses accept iii-car driveways, backyards averaging 21 feet wide by 25 feet deep and ane apartment on each floor. The lower-level units have one,040 square anxiety of space and two bedrooms. Those on the upper levels have i,070 foursquare feet of space and three bedrooms, and one unit, designed for the owner, has access to the yard. Monthly rents will be about $600 for the smaller units and $700 to $800 for the larger ones.
Tax abatements are existence provided, and 30-year stock-still-rate mortgages are being offered through the Fleet Mortgage Company of Westbury, 50.I. Gateway Country Bank of Staten Isle provided a $10 million loan to the project.
Occupancy for the first 13 homes, along Nelson and Woodycrest Avenues, is set up for late June. The rest will exist occupied past September, said Michael J. Cassino Jr., project managing director.
The evolution is "a viable showtime" to reshaping Highbridge, an area of xx,000 people where many residential buildings were abandoned in the 1970's, said Jose Gonzalez, marketing director at the Neighborhood Association for Intercultural Affairs, the community sponsor for Highbridge Park.
Source: https://www.nytimes.com/1994/04/01/business/about-real-estate-subsidized-3family-houses-are-rising-in-the-bronx.html
Postar um comentário for "Three Family House for Sale in the Bronx"