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<\/a>A NEW PARTIALLY affordable housing complex at 19 and 21 East 198th Street in the Bedford Park section of The Bronx was formally opened and marked by a ribbon-cutting ceremony on Tuesday, July 7, 2026, in the presence of local officials and community members. The first five units of the building are now open.\u00a0\u00a0Photo by Miriam Qui\u00f1ones<\/p>\n
AG Holdings Group joined Bronx Borough President Vanessa L. Gibson, elected officials, community leaders, residents and project partners on Tuesday, July 7, to celebrate the completion of\u00a019 East 198th Street\u00a0and\u00a021 East 198th Street, two newly completed residential developments in the Bedford Park section of The Bronx.<\/p>\n
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Officials said that together, the two developments include\u00a0166 new apartments, including\u00a034 permanently affordable apartments, designated under New York State\u2019s 485-x Affordable Neighborhoods Program for households earning up to 80% of the Area Median Income (AMI)<\/a>.<\/p>\n Affordable housing is based on a household\u2019s percentage of AMI, which is set by the federal government on a yearly basis. Housing is considered affordable if it costs about one-third or less of household income and is regulated so the rent can\u2019t go up dramatically over time. An overview of AMI income bands and percent of AMI is provided below.<\/p>\n \u00a0<\/p>\n The AMI for all cities across the country is defined each year by the U.S. Department of Housing and Urban Development (HUD). The 2023 AMI for the New York City region is $127,100 for a three-person family (100% AMI). Norwood News asked HUD in the past if it could provide the AMI for a single person. We did not receive a response, despite following up.<\/p>\n Meanwhile, AG Holdings said the remaining apartments are market-rate units, and both buildings are multifamily residential developments. They said number 19 East 198th consists of 99 apartments, while number 21 comprises 67 units. They added that the development includes 20 parking spaces available for rent to residents of either building.<\/p>\n \u00a0<\/p>\n The ceremony featured public remarks from Gibson, AG Holdings Group Founder and President Andrea Gjini, and resident and superintendent Keith Hibbler before attendees gathered for a ceremonial ribbon-cutting and toured the completed development.<\/p>\n \u00a0<\/p>\n \u201cAffordable, dignified and safe housing is what working families, middle-class families, older adults, seniors and young people deserve,\u201d said Gibson. \u201cEvery new affordable home created here in The Bronx helps ensure that our borough remains a place where families can truly build a future together. AG Holdings is making a long-term investment in The Bronx and in the residents who call our borough home. This kind of sustained commitment matters because strong communities are built through lasting partnerships, initiatives and responsibility.\u201d<\/p>\n For his part, Gjini said, \u201cI come from a family that was always part of the middle class and working people. They taught me that if you want to grow and be successful in life, you have to work. That\u2019s why, whenever we purchase land, we automatically try to go affordable. We need to work with working people. We need to work with the middle class because every society with a strong middle class is going to be successful in the future.\u201d<\/p>\n \u00a0<\/p>\n Founded by Gjini, AG Holdings Group is described as \u201ca vertically integrated real estate development, construction and property management company focused on expanding housing opportunities throughout New York City.\u201d Company officials said that by overseeing development, construction and long-term ownership under one roof, it remains committed to investing in the neighborhoods it serves while also delivering quality housing across The Bronx.<\/p>\n The term \u201csustainable community growth\u201d was used on the company\u2019s website to describe its activities. Norwood News asked what this meant in practice and were advised that the phrase is used to describe the creation of \u201chousing that supports long-term neighborhood stability through durable construction, responsible property management, and expanding housing opportunities for Bronx residents. It refers to sustainable neighborhood investment rather than environmental sustainability.\u201d<\/p>\n The company also referred to the development being a \u201clong-term investment\u201d in the community and Norwood News also asked what that meant. AG Holdings Group officials said it means the company\u2019s commitment to \u201cowning, managing and maintaining the properties for the long term, while continuing to invest in the surrounding neighborhood through quality construction, professional property management, hiring locally whenever possible, supporting local businesses and vendors, and building lasting relationships within the community.\u201d<\/p>\n \u00a0<\/p>\n<\/a>A NEW PARTIALLY affordable housing complex at 19 and 21 East 198th Street in the Bedford Park section of The Bronx was formally opened and marked by a ribbon-cutting ceremony on Tuesday, July 7, 2026, in the presence of local officials and community members. The first five units of the building are now open. Pictured is the mailbox and lobby area.\u00a0
Photo by Miriam Qui\u00f1ones<\/p>\n<\/a>INCOME BANDS AND Percent of AMI
Source: NYC Department of Housing, Preservation & Development<\/p>\n<\/a>A NEW PARTIALLY affordable housing complex at 19 and 21 East 198th Street in the Bedford Park section of The Bronx was formally opened and marked by a ribbon-cutting ceremony on Tuesday, July 7, 2026, in the presence of local officials and community members. Pictured is a large, walk-in\u00a0closet.\u00a0
Photo by Miriam Qui\u00f1ones<\/p>\n<\/a>A NEW PARTIALLY affordable housing complex at 19 and 21 East 198th Street in the Bedford Park section of The Bronx was formally opened and marked by a ribbon-cutting ceremony on Tuesday, July 7, 2026, in the presence of local officials and community members. The first five units of the building are now open.\u00a0 Pictured is the backyard area overlooking Jerome Avenue, where the #4 train passes and where another building is being constructed.
Photo by Miriam Qui\u00f1ones<\/p>\n<\/a>A NEW PARTIALLY affordable housing complex at 19 and 21 East 198th Street in the Bedford Park section of The Bronx was formally opened and marked by a ribbon-cutting ceremony on Tuesday, July 7, 2026, in the presence of local officials and community members. The first five units of the building are now open. Pictured is a view from a window overlooking C-townsupermarket.\u00a0
Photo by Miriam Qui\u00f1ones<\/p>\n<\/a>A NEW PARTIALLY affordable housing complex at 19 and 21 East 198th Street in the Bedford Park section of The Bronx was formally opened and marked by a ribbon-cutting ceremony on Tuesday, July 7, 2026, in the presence of local officials and community members. The first five units of the building are now open. Pictured are Bronx Borough President Vanessa Gibson with Andrea Gjini, the owner of the building, after the ribbon-cutting.\u00a0
Photo by Miriam Qui\u00f1ones<\/p>\n