According to a Commercial Observer article, Walison Corporation is building an 81-unit affordable apartment structure called West Farms Apartments in the Crotona Park East section of the Bronx. The project is going to be used to transition the areas homeless that are living with HIV/AIDS from shelters to permanent housing. The project is scheduled to begin within the next two weeks.

Sterling National has financed 15 affordable housing deals within the last year that are currently in various stages of development. James Dittbrenner, the managing director of community development at Sterling National Bank, told Commercial Observer the bank is providing the financing for the construction, and added that if there is a need for a mortgage at the end of construction Sterling National would be providing the loan.

Dittbrenner was quoted by Commercial Observer saying “There aren’t enough developers or enough money to meet the need [for affordable housing] that exists, and I’m the luckiest guy in the world. I get to do something that makes me personally happy, and I know is helping other individuals.”

As Mr. Dittbrenner suggests, there is not enough affordable housing in Bronx to meet the demand. There is large community of apartments in Parkchester that has affordable rental apartments in the Bronx. Spread over 129 acres, the community consists of 171 structures that offer 1, 2, and 3 bedroom apartments. While most of the units are for sale, there is still a number of a available rentals. According to Streeteasy.com, in 2015 the median sale price of a unit in Parkchester was $110,000, as compared to $338,000 in all of the Bronx. During the same time frame, the median rent in Parkchester was $1295, and $1500 in the rest of the area.

Checking the newspaper headlines, most of what you see is tragedy. This story restores my faith in humanity just a bit.