Despite an economic slowdown nationally, developers are continuing to build in the Baychester section of the Bronx, often with the help of the Community Preservation Corporation -- a private not-for-profit that gives loans to small developers to help build affordable neighborhoods.
"We are quite confident that when the economy starts to improve that is a neighborhood that is going to do quite well," said Community Preservation Corporation Manhattan Director Bruce Dale. "Because what it is offering to a potential buyer is a community, a safe place to raise your children. A community that is affordable at their economic level."
A level that still could be a bit pricey for these sort of multifamily homes. For instance, on Ely Avenue, Shelter Rock builders is putting up 22 three-family homes. The asking price could be around $700,000, which might accommodate extended families or give a buyer the option to rent out apartments. Also on Ely Avenue, another developer has eight two-family houses waiting to be sold for around $500,000. A block over on Grace Avenue, 10 more new two-families are almost completed.
How is this "affordable housing"?
What ever happened to the yards text amendment that was supposed to stop exterior stairs from being built above the first floor?