The Bronx saw $2.3 billion in residential development last year, falling short of the 2016 total dollar figure for residential properties, according to a new report released by Bronx Borough President Ruben Diaz Jr.

Most of the new residential development across the borough is government funded, according to the report. In 2017, over 58 percent of new residential units were subsidized, with the vast majority going towards developing multi-family residential buildings. This includes a $70 million investment in new apartments near Creston Ave. and 191st Street in Fordham.

“We are making sure that new development works for those families who already call the Bronx their home,” Diaz said in a statement. “And that new attention in the Bronx helps everyone thrive.”

It is not clear how many of the impending subsidized units will benefit low-income residents in the borough, where a third of residents fall at or below the federal poverty line. The report also does not mention any information on eligibility or the cost to rent the newly-built residential units.

Last year, $164 million was invested in the mixed-use and mixed-income building that will sit at 425 Grand Concourse in Mott Haven. The planned building will include energy-saving solar panels and a garden roof deck.

Funding for building homes and apartments has increased over 700 percent since 2010, following the Great Recession. It was then that $281 million was invested into residential development. But in 2017, over $2.2 billion went to building new homes throughout the Bronx, with 4,299 of those new units being publicly funded.

Although most of the new development is in the South Bronx, Community District 7, which covers Norwood, had the sixth highest rate of residential development last year, out of the 12 Bronx community districts. Nearly 800 new residences were built in CD7 last year.