THE BRONX - Car owners who live in city housing may soon be re-evaluating their finances to afford higher parking prices.

The New York City Housing Authority (NYCHA) announced that the cost of parking will increase by nearly 500 percent starting May 1 when new management takes over its lots. The price tag for one regular spot will go from $75 a year to $340, and the cost of handicapped and senior spots will go from $60 to $272 a year.

Officials say the lots are being converted from general to reserved parking, with each person getting a specific spot assigned to them.

NYCHA officials say the changes will eventually take effect at all city complexes, but eight Bronx locations will be affected on May 1.

Those include the Bronx River houses, Bronx River Addition, Justice Sonia Sotomayor houses, Marble Hill houses, Monroe houses, Randall Balcome houses, Throggs Neck houses and Throggs Neck Addition.