A ribbon-cutting ceremony was held on Thursday for phase one of a $349 million mixed-use project for affordable housing in the Bronx.

The development is set to provide homes for more than 500 residents and will provide nearly three acres of public open space on the Harlem River.

The Bronx Point's housing and open space will also be the future home of The Hip Hop Museum, an early childhood space run by BronxWorks and engaging retail.

Elected leaders, community members and hip hop luminaries got together at Bronx Point for the event.

Organizers say over 60,000 people have already submitted applications.