Mount Hope Renaissance
Bronx, New York
Mount Hope neighborhood of the Bronx
Acquired in 2019, Mount Hope Renaissance is an in-place rehabilitation of 515 affordable housing units within 13 buildings located in the Mount Hope neighborhood of the Bronx in partnership with a local not-for-profit and development partners.
The scope of work includes the replacement of kitchens and bathrooms, energy efficiency measures like new windows, energy efficient boilers, water efficiency measures and important building improvements such as new roofs and elevator modernization.
Mount Hope Renaissance was financed with a construction loan from the Community Preservation Corporation (CPC), HPD subsidy and developer equity. Mount Hope Renaissance was financed under HPD’s Participation Loan Program (PLP) and includes a range of affordability tiers with rents affordable to households earning from 30% of AMI to 90% of AMI. The total development cost is $100MM and the scope of work is approximately 98% complete.