Photo courtesy of the Office of Assemblyman George Álvarez (A.D. 78)
Assembly Member George Álvarez (A.D. 78) announced a $3 million capital funding award for Keith Plaza in Belmont on Oct. 22, and $50,000 for adjacent Kelly Towers for its senior center, marking what was described as a major investment to improve housing infrastructure and strengthen community resources for local residents. The announcement was made during a press conference and check presentation at Keith Plaza Deck, located at 2475 Southern Boulevard in Belmont.
According to Hudson Valley Property Group, Keith Plaza, comprising 30 stories and 311 apartments, and adjacent Kelly Towers, comprising 17 stories and 301 apartments, were both built in 1975 under the Mitchell Lama housing program, and are restricted to 125% Area Median Income (AMI) rents. Tracey Towers in Norwood is also a Mitchell Lama housing program complex.
“As proud assembly representative for our beloved District 78, it’s a pleasure to announce this $3 million investment that will strengthen housing and community resources for our Bronx residents,” Álvarez said, addressing community leaders, tenants, and local officials. This is about dignity, stability, and opportunity. Every family deserves a safe, comfortable home and a foundation for a better future.”
Photo courtesy of the Office of Assemblyman George Álvarez
Officials from assemblyman’s office said the funding, part of the Community Resiliency, Economic Sustainability, and Transformation (CREST) initiative, will support key renovations and upgrades at Keith Plaza, ensuring the building remains “a safe and sustainable housing option for hundreds of Bronx families.”
Álvarez emphasized that investments like this one are essential to improving quality of life and creating long-term community impact. “This award is not just a financial investment, it’s a moral one,” he said. “When we invest in housing, we invest in people. We invest in stronger families, healthier children, and safer neighborhoods.”
The Assembly Member also thanked Assembly Speaker Carl Heastie (A.D. 83), Bronx Borough President Vanessa Gibson, and Council Member Oswald Feliz (C.D. 15), for their partnership and what he said was their shared commitment to uplifting Bronx communities. Heastie and Feliz also attended the event.
Photo courtesy of the Office of Assemblyman George Álvarez (A.D. 78)
“Together, we are building a stronger Bronx, one investment, one project, and one neighborhood at a time,” Álvarez said. “We will continue to fight for equitable investments that bring stability, opportunity, and pride to our district. Together, we rise higher, grow stronger, and remain Bronx Strong.”
According to State officials, New York Gov. Kathy Hochul’s Financial Year 2026 budget automatically reduced taxes in half for New York City Mitchell–Lama households, an action estimated to save Mitchell–Lama residents in New York City up to $50 million annually. State officials said the budget also includes a $4 billion affordability agenda comprising:
- a $2 billion inflation refund program, delivering up to $400 (each) to more than 8.2 million New Yorkers (with reports of checks arriving as of the end of October);
- a middle-class tax cut, the second of the governor’s tenure, bringing the tax rate for middle-class individuals and families down to their lowest levels in nearly 70 years;
- an expansion of the Empire Child Tax Credit, raising the credit amount up to $1,000 per child; and
- universal free school meals, saving parents and families up to $1,600 (each) per year.
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Welcome to the Norwood News, a bi-weekly community newspaper that primarily serves the northwest Bronx communities of Norwood, Bedford Park, Fordham and University Heights. Through our Breaking Bronx blog, we focus on news and information for those neighborhoods, but aim to cover as much Bronx-related news as possible. Founded in 1988 by Mosholu Preservation Corporation, a not-for-profit affiliate of Montefiore Medical Center, the Norwood News began as a monthly and grew to a bi-weekly in 1994. In September 2003 the paper expanded to cover University Heights and now covers all the neighborhoods of Community District 7. The Norwood News exists to foster communication among citizens and organizations and to be a tool for neighborhood development efforts. The Norwood News runs the Bronx Youth Journalism Heard, a journalism training program for Bronx high school students. As you navigate this website, please let us know if you discover any glitches or if you have any suggestions. We’d love to hear from you. You can send e-mails to norwoodnews@norwoodnews.org or call us anytime (718) 324-4998.