$44M Keeps 139 Apartments Affordable

Renovation and new $43.5 million financing will keep the rents low at 139 apartments in the Highbridge neighborhood of the Bronx.

“1380 University Ave. will continue to serve low-income families, with affordability that is locked in for another 30 years,” said Eric Enderlin, president of the New York City Housing Development Corporation (HDC).

A tax-exempt mortgage and federal and state housing tax credits help pay for the work.

Built in 1968, the 17-story apartment tower needed masonry work, a new roof and boiler and upgrades to the plumbing, gas and electrical systems. Renovations improved the apartments and common areas, added parking and a laundry room, plus a 10,000-square-foot community garden terrace.

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