Procida Construction Corporation has begun construction of Crotona Terrace, a 52-unit low and moderate income rental housing development at 1714 Crotona Park East in the Crotona section of The Bronx.

    "This is our fifth project for the state of New York since 1990, three of which are completed," said Billy Procida, co-president of the Procida company.

    "We’re pleased to be involved with yet another attractive, architecturally distinctive housing development in our borough."

    Of the $5.6 million cost, $4.35 million was financed through European American Bank, its first construction loan of this kind in four years.

    Located at Crotona Park and East 173^rd Street, Crotona Terrace is due to be completed in the spring of 1995.

    The land for the project was purchased by Procida at a city auction at the same time it bought what was to become Eae J. Mitchell Terrace, another New York State Division of Housing and Community Renewal development.

    Crotona Terrace is being built as turn-key project under the New York State Division of Housing and community Renewal’s Housing Trust Fund Program. The state has agreed to buy the project from the builder/developer for $5,634,800 and then transfer ownership of the project to the Mid-Bronx Desperadoes to operate as an affordable housing project.

    Half of the funding is being provided by the state, with the other half financed from the sale of tax credits through the Enterprise Equity Fund/Shearson Lehman.

    Amenities at Crotona Terrace include indoor/outdoor recreation areas, laundry facilities, on-site parking and elevators.

    As with that project, Crotona Terrace is a joint venture between Procida and the Mid-Bronx Desperadoes, a local community group, and the design is by the same architect, Liebman Melting.