This community of 263 affordable 2 and 3 bedroom residences will be available to people with an annual household income between $25,000 and $50,000 and a savings of approximately $6,000. Melrose Court is a feasible and an affordable investment for potential home buyers because the State's Affordable Housing Corporation, the City of New York and the borough of the Bronx have provided subsidies which reduce the purchase price to $52,000 for a 2 bedroom home and $73,000 for a 3 bedroom.
It is important to note that Melrose Court is the first phase of a much larger development that will be adjacent. Melrose Court will establish the architectural characteristics, the ownership patterns and the entire philosophy of what will be known as Melrose Commons.
Procida Construction Corporation, a Bronx-based real estate development and construction firm, was designated as developer for Melrose Court. The firm builds, develops and markets real estate in the New York Metropolitan area. Founded in 1928 Procida maintains a strong presence in the industry and since 1988 has been a successful sponsor of affordable housing in New York.
The buildings feature new concrete and steelframe construction with attractive brick and aluminum siding facades. Other features include gas heating, thermopane windows, ceramic tile bathrooms, Euro-style kitchen cabinets, frost-free refrigerator and gas range, and washer and dryer connections. There will also be security gates with an intercom system throughout the development.
Each home at Melrose Court will have a private entrance and the development will be designed around private landscaped courtyards with beautiful seating areas and walking paths. It is centrally located in a growing community of the Bronx and offers easy access to public, transportation, schools, major medical services, shopping and recreational facilities.
What is most important, is that a development of this nature gives families, that might not otherwise be able to afford it, the opportunity to own their residence in a substantial and growing community. Melrose Court offers the ideal life-style in a perfect setting.