Belmont: Launch of housing lottery for Cyrus Place apartment units, 4697 3rd Avenue

By SILE MOLONEY

Cyrus Place, 4697 3rd Avenue in Belmont, Bronx.
Image courtesy of NYC Housing Connect

An affordable housing lottery has been launched for units in Cyrus Place Apartments, an eight-story mixed-use building at 4697 Third Avenue in the Belmont section of the Bronx, as reported by YIMBY.

Designed by Curtis + Ginsberg Architects and developed by Bronx Pro Group, the structure offers 53 residential units and commercial space on the ground floor. Available on NYC Housing Connect, the online portal of the New York City Department of Housing, Preservation and Development, there are 44 units for residents at 30-80% of area median income (AMI) , whose qualifying income ranges from $16,560 to $118,400.

Residents will have access to an on-site concierge, elevator, residential patio, gym, bike storage, and communal on-site laundry facilities (additional charges apply). The accommodations are equipped with energy-efficient appliances and air conditioning.

At 30% of the AMI, there are four units with monthly rent ranging from $410 to $701, for incomes ranging from $16,560 to $44,400. At 40% AMI, there are six units with monthly rent ranging from $589 to $1,011, for incomes ranging from $22,698 to $59,200, and at 50% AMI there are has six units with monthly rent ranging from $768 to $1,322, for incomes ranging from $28,835 to $74,000.

Rendering of the indoor unit at Cyrus Place, 4697 3rd Avenue in Belmont, The Bronx.
Image courtesy of NYC Housing Connect

At 70% of AMI, there are 12 units with monthly rent ranging from $1,002 to $1,759, for incomes ranging from $36,858 to $103,600, and at 80% of AMI, there There are 16 units with monthly rent ranging from $1,163 to $2,037 for incomes ranging from $42,378 to $118,400.

Prospective tenants must meet income and household size requirements to apply for apartments. Applications must be postmarked or submitted online no later than March 16, 2022.

Cyrus Place Apartments is a newly constructed, 53-unit smoke-free apartment building located in the Bronx Community District 6 and is accessible by public transportation, including the B&D subway lines, as well as the Bx15, Bx17 , Bx41, Bus 60, 61 and 62.

This table helps residents understand the AMI income categories used by the New York City Department of Housing Preservation and Development to determine eligibility for affordable housing, which vary by household size.
Source: New York City Department of Housing Preservation and Development

Restaurants, shops, parks and playgrounds are within walking distance. Preference is given to residents of Bronx Community District 6. Tenants are responsible for electricity, including electric stove.

According to HPD and Bronx Pro Group, the building is financed through HPD’s New Construction Program (NCP), private bank loan, NYC HPD loan, NYSHCR 9% Low Income Housing Tax Credit (LIHTC) equity, Middle Income Housing Program funds (MIHP), a Community Investment Fund (CIF) loan, deferred developer fees, and project-based Section 8 bonds.

No deposit or processing fees apply. More information is available at http://www.bronxprogroup.com/projects-in-construction.

Editor’s note: Norwood News does not accept, process or refer any applications. Please refer to NYC Housing Connect for all application information.

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