news

Bronx Secures Funding for New Affordable Housing Projects

With a rezoning endorsement and major financing secured, Bronx neighborhoods face implementation choices on new apartments and affordable units.

By The Bronx News Desk · Published July 24, 2026

How we reported this

This article was written by AI from the linked sources and was not reviewed by a journalist before publishing. New York Weather News is part of The Daily Network and follows our reasonable editorial care.

The New York City Council unanimously endorsed a rezoning plan covering Morris Park, Van Nest and Parkchester to create approximately 7,000 new apartments near four commuter rail stations by 2027. SCALE Lending issued a $305 million construction loan for two towers at 355 Exterior Street in Mott Haven that will yield 755 rental units. Construction has topped out on Phase 2 of The Peninsula in Hunts Point, a 100 percent affordable complex delivering 740 homes plus retail and open space. La Central’s $343 million Phase 2 is also moving forward.

Rezoning Plan and Local Impact

The endorsed rezoning targets East Bronx neighborhoods including Morris Park, Van Nest and Parkchester. It focuses on sites near four commuter rail stations. The plan sets a target of approximately 7,000 new apartments by 2027. Local officials now must decide how to sequence permitting, infrastructure upgrades and community review processes for the sites.

Financing and Construction Updates

SCALE Lending provided the $305 million loan for the Mott Haven towers at 355 Exterior Street. The project will produce 755 rental units. In Hunts Point, Phase 2 of The Peninsula has topped out and will add 740 affordable homes along with retail and open space. La Central’s Phase 2 carries a $343 million budget and continues through its own construction schedule.

Key Decisions Ahead

Next steps center on coordinating the rezoning approvals with active construction timelines. Agencies and developers must align station-area infrastructure work with the 2027 apartment target. Project teams will also manage sequencing of affordable units at The Peninsula and La Central alongside the market-rate units financed in Mott Haven. These choices will determine delivery pace across the affected neighborhoods.

Sources Include (But not Limited to)

{"sources":[{"url":"https://newyorkyimby.com/neighborhoods/bronx","title":"New York YIMBY Bronx coverage"},{"url":"https://www.nytimes.com/2024/08/15/nyregion/bronx-rezoning-housing-apartments.html","title":"NYT Bronx rezoning report"},{"url":"https://newyorkyimby.com/neighborhoods/the-bronx","title":"New York YIMBY Bronx projects"},{"url":"https://www.multihousingnews.com/bronx-project-moves-forward-with-343m-phase-2/","title":"Multi-Housing News La Central Phase 2"}]}