Long Lin launches Bronx housing lottery at 2951 Wallace Avenue with rents from $2,092

• Long Lin rolls out housing lottery for 36-unit Bronx building
• Eight units available at 80% AMI with rents up to $2,419
• Deadline to apply set for April 28, 2026

What Long Lin is delivering in the Bronx

Long Lin has launched an affordable housing lottery for 2951 Wallace Avenue, a six-story residential building in the Allerton section of the Bronx. The project adds 36 units to the neighborhood, with a portion set aside under the city’s affordability program. The development reflects continued activity in smaller-scale multifamily projects across the Bronx, where local developers are targeting income-restricted housing while maintaining steady rental income.

What the unit mix and pricing mean for renters

The lottery includes eight units designated for households earning 80 percent of the area median income. These units are split between one-bedroom and two-bedroom apartments. Monthly rents are set at $2,092 for one-bedrooms and $2,419 for two-bedrooms, with income eligibility ranging from about $81,000 to $140,000. While labeled affordable, these rent levels reflect the ongoing upward pressure on pricing even within regulated housing, especially in supply-constrained New York submarkets.

How design and amenities support leasing

The building was designed by Angelo Ng & Anthony Ng Architects and includes features aimed at attracting stable tenants. Amenities include parking, an elevator, and outdoor space, while units come equipped with air conditioning and hardwood flooring. Tenants will cover utilities, including electricity, heat, and hot water, which is a key consideration for total occupancy cost.

What this means for Bronx multifamily investors

Projects like 2951 Wallace Avenue highlight a consistent strategy among smaller developers: combining modest scale with income-restricted units to secure stable occupancy and predictable cash flow. For landlords, the Bronx continues to offer opportunities where demand for housing remains strong across both market-rate and affordable segments. With applications closing on April 28, this project underscores how quickly affordable inventory moves and how competitive the rental market remains