HDC’s Board Approves $43M in Taxable Multi-Family Mortgage Revenue Bonds & Cooperative Housing Mortgage Revenue Bonds

NEW YORK, NY – December 3, 2009 – (RealEstateRama) — The New York City Housing Development Corporation (HDC) Board of Directors voted today to approve $43 million in taxable Multi-Family Mortgage Revenue Bonds and Cooperative Housing Mortgage Revenue Bonds for the new construction of Via Verde Apartments and Via Verde Cooperative Apartments, located in the Bronx.

The developments will be built on a vacant urban renewal site at 700 Brook Avenue, on the Southeast corner of East 156th Street and when completed will contain 151 rental units and 71 cooperative apartments. The city’s Department of Housing Preservation and Development (HPD) currently controls a portion of the site, with remainder expected to be purchased by the mortgagors, Via Verde Rental Management Corporation and Rose Via Verde Homes Manager. Via Verde will be a LEED-Gold development with three distinct building types: one 20-story tower at the north end of the site, six 12-story mid-rise buildings in the middle and three to four-story townhouses to the south. The rental units will make up the tower and the northern portion of the midrise buildings, and the co-op units are located in the lower portion of the midrise and the townhouses. Retail and community facility spaces are located in the center portion midrise buildings.
The Via Verde Apartments will include three condominium units: residential, commercial and community. This building will have 151 units, 12 will be studios, 48 one-bedroom units, 74 two-bedroom units and 17 three-bedroom units. All of the units will be rented to households earning no more than 60% of the Area Median Income (AMI), which is $46,080 for a family of four.

The Via Verde Cooperative Apartments, the 4th unit in the condominium, is expected to have 71 co-op units: seven one-bedrooms, 55 two-bedroom units and nine three-bedroom units. The cooperative portion will be affordable to households warning between 70% AMI ($53,760 for a family of four) and 100% AMI ($76,800 for a family of four). HDC will provide $6.5M for the first permanent mortgage loan to the cooperative cooperation.

About the New York City Housing Development Corporation (HDC):
The New York City Housing Development Corporation (HDC) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout the five boroughs of New York City. Our programs are designed to meet the wide-range of affordable housing needs of the City’s economically diverse population. In partnership with the NYC Department of Housing Preservation & Development, HDC works to implement out Mayor Michael R. Bloomberg’s New Housing Marketplace plan to create of preserve 165,000 affordable housing units by 2014. Since the plan launched in 2004, HDC financed more than 43,000 homes for low- , moderate- and middle-income New Yorkers. The New York City Housing Development Corporation is rated AA by S&P and Aa2 by Moody’s.

Contact:
Christina Sanchez, HDC  (212) 227-2644

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The New York City Housing Development Corporation (“HDC”) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout the five boroughs of New York City.  HDC is implementing Mayor Bloomberg’s New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing over ten years. The New Housing Marketplace Plan is the largest municipal affordable housing effort in the nation’s history.  HDC’s programs are designed to meet the wide-range of affordable housing needs of the City's economically diverse population.

Contact:
Christina Sanchez
Phone: (212) 227-2644

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