For over twenty years, the MBD target area, located in the Bronx Community District #3 and bordered on the north by the Cross Bronx Expressway, the west by Crotona Park, the east by the Sheridan Expressway and on the south by East 167th Street, experienced a cycle of massive disinvestment, housing abandonment, and population loss.

Traditionally a solid moderate income community, the area began experiencing a decline in the late 1960's. Through a combination of new and moderately priced housing opportunities and the flight to the suburbs, immigration of poorer residents and continual disinvestment by landlords of their properties, the area began an economic decline which escalated within several years. By 1974, arson-for-profit became an everyday occurrence. The already rapid process of commercial, economic and social decline was further exacerbated by the relocation of families who could afford to do so.

Ultimately, what was needed and what resulted was a locally initiated community revitalization effort. The target area, which was given national notoriety as the home of such a famed symbol of urban decay as Charlotte Street has now become a focal point for sustained revitalization.

Over the years, MBD has established a strong track record in housing rehabilitation as the community sponsor and developer of hundreds of units of Section 8 housing. In addition to the sponsorship of Crotona VI, Crotona VII and MBD I buildings, MBD has assisted in the rehabilitation, rent-up and management of MBD II and MBD III. These buildings, involved substantial rehabilitation were completed in the Fall of 1980. As the community co-sponsor, MBD acts as the liaison between tenants and the buildings owner and is responsible for tenant selection, tenant orientation, providing management assistance, handling tenant grievances and organizing tenant related activities in each building. These development efforts have leveraged millions of dollars in public and private investment for the community.

One of the most critical components of MBD's housing revitalization program has been the acquisition and rehabilitation by MBD of a severely deteriorated, yet fully occupied building located on the first block of the Charlotte Gardens single family homes sub-division. As owner, developer and building manager, MBD packaged and secured the necessary construction and permanent financing; MBD is responsible for all phases of development and rehabilitation work. The project was financed through the City's Participation Loan Program, with the participation of private lende'rs, private foundations and the syndication of the tax shelters to individual investors. The project represents an investment of 1.2 million dollars from public and.private sources and the provision of a newly rehabilitated housing for low-income families.

MBD is also responsible for the planning, development and construction of four Section 202 Housing for the Elderly projects. Construction and rent-up was completed on a building which required substantial rehabilitation and now has been fully occupied since May, 1986.

MBD has co-sponsored the development of Aquinas Housing for the Elderly, a building which has been fully occupied since July, 1987. In the Fall of 1985, HUD designated MBD as owner and developer of Bryant Mews Housing for the Elderly and Rose Ellen Smith Housing for the Elderly. Bryant Mews and Rose Ellen Smith have been substantially rehabilitated. Construction on both these projects began in September, 1987. MBD has submitted an application for conditional commitment to HUD for Mid-Bronx Plaza Housing for the Elderly. These projects represent affordable rental housing to the area's inventory and an investment of over 23 million dollars.

MBD has also played a major role in developing homeownership opportunities for residents of the South Bronx. As the community sponsor, marketing and sales agent for the Charlotte Gardens Manufactured Homes Program, MBD has successfully managed the project's marketing and sales program and has assisted in the development of single family sub-division. With the successful sell-out of the program, MBD's marketing program is looked upon by other housing agencies as the model for other homeownership programs. Charlotte Gardens represents an investment of approximately 12 million dollars.

In response to our successful marketing program, HUD awarded MBD a Technical Assistance Contract to plan, develop and implement a new homes program located south of and adjacent to Charlotte Gardens. The project known as Salters Square is two phases of homes developed in conjunction with Procida Development Corporation. Construction of the first phase began in April, 1987 and the completion date was the Summer of 1988.

The development of Salters Square has shown that private sector developers and lenders are willing to invest again
in the Crotona Park East community. The project represents a total investment of approximately 18 million dollars with
a leverage of four dollars of private investment for every dollar of public investment.

Additionally, MBD has been chosen to participate in a HPD/LISC Housing Demonstration Program. The proposed project, Charles H. Miller Terrace involves the rehabilitation of low income housing to serve approximately 320 people.

Finally, as further recognition of our efforts and accomplishments, HUD awarded MBD a second Technical Assistance Contract to plan, develop and implement two new projects. One project involves the gut rehabilitation of building to become a co-op or condominium for low and moderate income individuals. The second project involves the new construction of two family homes for moderate income families. The projects represent an additional 20 million dollars invested in our target area.