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NEW YORK CITY—Non-profit organizations are making a splash in the Bronx, competing for development sites to build affordable housing incentivized by the New York City Housing Preservation and Development agency. The market demand for affordable housing and swaths of incentivized development opportunities has made the Bronx a target for investment, according to Jonathan Squires, director at Cushman & Wakefield.

Non-profits are pulling up a seat to the development table, building affordable housing to capitalize on NYC HPD subsidies, which award tax Credits to new construction or substantial rehabilitation projects in the five boroughs where at least 20% of the apartment units are for low-income households. Also, many non-profits want to carve out their slice of land from the well-spring of development opportunities in the borough.

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