Developers opened a brand new affordable housing apartment building for homeless veterans Wednesday.

Many Bronx veterans are now living in the building on Jackson Avenue after returning from their tours of duty and being forced to live on the streets. Manny Ircarry, a veteran of the U.S. Air Force, says if it wasn't for the affordable apartment and the sense of community at the new building, he would feel hopeless.

In addition to offering veterans reasonably priced homes, the building also features on-site counseling and other resources to help veterans acclimate to civilian lifestyles once again.

Veterans can apply for housing within the building and then their rent payments go toward the mortgage on the building. According Priscilla Almodovar, a New York state developer, local businesses chipped in to purchase the property. Almodovar says the payment process is a good way to put money back into the economy.

"This type of housing is only successful because you get a group of individuals that have similar needs," Almodovar says. "They're in a community that understands those needs."

Developers say they are in negotiations with property owners to build more veterans housing in the area.