A new development in the Concourse Village neighborhood of the Bronx is offering 15 rent-stabilized apartments through a housing lottery. The apartments are available for households earning 130 percent of the area median income, with rents starting at $3,317 for a one-bedroom unit.
A new building with modern amenities
The building at 1140 Grant Ave. is a five-story structure with 25 units, designed by Rise Architecture and developed by Shaya Seidenfeld. The building features a brick facade with large windows and balconies. It also has security cameras, intercom devices, and an online platform for leasing, rent payment, and maintenance requests.
The apartments have hardwood floors, high ceilings, and spacious closets. The kitchens are equipped with name-brand appliances, countertops, and finishes. The bathrooms have ceramic tiles, bathtubs, and vanities. The units also have air conditioning and heating systems.
Eligibility and application process
The housing lottery is open for New Yorkers who earn between $113,726 and $227,630, depending on the size of the household. The income limits are based on 130 percent of the area median income, which is currently $113,000 for a two-person household.
The apartments available include one-, two-, and three-bedroom units, with rents ranging from $3,317 to $4,563 per month. The rent includes water, sewer, and trash removal, but tenants are responsible for electricity, including stove and heat.
To apply for the lottery, applicants must create a profile and submit an online application via NYC Housing Connect. The deadline for applications is April 1st, 2024. Applicants must not submit more than one application, or they could be disqualified.
The lottery will randomly select applicants and place them on a waiting list. The selected applicants will be contacted by the developer and invited for an interview. The applicants will have to provide proof of income, identity, and household size. The applicants will also have to pass a credit check and a background check.
The applicants who pass the interview and the screening process will be offered a lease. The lease will be for one year, with the option to renew. The lease will also include a rent stabilization rider, which will limit the rent increases and guarantee the tenants’ rights.
Benefits of rent-stabilized apartments
Rent-stabilized apartments are a rare and valuable opportunity for New York renters, as they provide long-term stability and affordability. Rent-stabilized apartments are regulated by the city’s Rent Guidelines Board, which sets the maximum allowable rent increases every year. The rent increases are usually lower than the market rate, and the tenants have the right to renew their leases automatically.
Rent-stabilized apartments also protect tenants from eviction, harassment, and discrimination. The landlords cannot evict tenants without a valid reason, such as non-payment of rent, violation of lease terms, or illegal activity. The landlords also cannot harass tenants by reducing services, making repairs, or creating nuisances. The landlords also cannot discriminate against tenants based on their race, religion, gender, sexual orientation, disability, or other protected characteristics.
Rent-stabilized apartments are a great way to secure a quality and affordable home in the city, especially in a new and modern building like 1140 Grant Ave. Interested applicants should apply as soon as possible, as the demand for these apartments is likely to be high.
