Views from the Northwest Bronx

Well-documented long-standing income, racial and ethnic disparities as well as health issues in the Bronx led to a disproportionate number of cases in the borough. 

In this post, we will focus on financing trends among owners and investors in private, rent-stabilized housing in New York City. Below is an attempt to capture some of the changes in the housing finance landscape over the past number of months and particularly since the beginning of the current public health crisis. Without predicting the future, we hope to raise a number of questions as to where that market is headed and how tenants might be affected, with an emphasis on data and  examples from the Bronx. 

UNHP is still buzzed from our Reclaiming Our Community Thru Affordable Housing, Art and Services Day on June 19th. The trifecta of events included a luncheon and information session for building operators, a ceremonial ribbon cutting at the mural created by The Royal KingBee and a well-attended Community Resource Fair.

With 13 UNHP Free Tax Preparation days behind us, 1,000 tax filers assisted and seven more service days in front of us, UNHP can proudly say that we are meeting, and possibly exceeding, our goals for our 2018 program.

On Saturday, October 28, four nonprofit experts, three NYC agencies, four local banks and 127 Bronxites came together to make the UNHP Bronxtober Resource Fest a successful community affordable housing and financial empowerment day.

On June 15th, UNHP, over fifty guests and our panelists concluded our #ViewsNWBX blog series with breakfast, a presentation and discussion of the emerging community development and affordable housing issues raised in our locally-focused on-line essay series.

UNHP delivered our free financial and affordable housing services to 71 Bronx bank customers at six branches, attended the Grand Openings of three new Bronx bank branches and assisted 69 Bronxites at two off-site events in the past 5 months.

UNHP is sharing the northwest Bronx views of neighborhood residents, community leaders, Bronx community development professionals and UNHP board members.

UNHP is sharing the northwest Bronx views of neighborhood residents, community leaders, Bronx community development professionals and UNHP board members.

The use of preferential rents—negotiated rents that are less than the legal rent— has become more prominent recently as an issue for tenants, in the news and in Bronx set-up sheets for multifamily building sales. In this piece, UNHP aims to discuss how preferential rents, once considered a benefit to tenants, could undermine the financial stability of multifamily buildings and its lenders as well as threaten the tenancy of Bronx residents - 70 percent of whom are already vulnerable to displacement.