HPD Commissioner Wambua Continues Preference For Displaced Sandy Victims At East Clarke Place Court, A New Affordable Housing Development

HPD Commissioner Wambua Continues Preference For Displaced Sandy Victims At East Clarke Place Court, A New Affordable Housing Development Income-Eligible New Yorkers Displaced From their Homes Due To Storm Damage Receive 25% Preference in Lotteries for Low-Income Affordable Housing

Bronx, N.Y.- March 25, 2013 – (RealEstateRama) — New York City Department of Housing Preservation and Development (HPD) Commissioner Mathew M. Wambua today announced the latest City-subsidized affordable housing development to offer preference to income-eligible New Yorkers displaced from their homes by Hurricane Sandy. Twenty-five percent of the units in East Clarke Place Court now being marketed in the Highbridge section of the Bronx will be subject to the Sandy preference. All units are subject to a lottery managed by the developer and overseen by HPD and the City’s Housing Development Corporation (HDC).

The new 106-unit East Clarke Place Court is being developed as part of Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP). The NHMP is a multi-billion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of Fiscal Year 2014. For every dollar invested by the City, the Plan has leveraged $3.43 in private funding for a total commitment of more than $21 billion to fund the creation or preservation of over 144,781 units of affordable housing across the five boroughs, with more than 43,635 units financed in the Bronx. Through FY 2012, approximately $6.6 billion has been invested in the Bronx through the NHMP.

“Each development where we provide a preference for those displaced by the storm offers an opportunity for those families to begin their recovery process and restore stability in their lives,” said HPD Commissioner Mathew Wambua.

“These new developments not only add to this administration’s already impressive record of building quality, affordable housing, they now will help the families who need them the most urgently,” said Brad Gair, Director of the Mayor’s Office of Housing Recovery Operations.

East Clarke Place Court is currently accepting applications. Completed applications must be returned by regular mail only and must be postmarked by May 15th, 2013. Qualified applicants will be required to meet income and family size guidelines and additional selection criteria. To request an application, mail a postcard to ECP COURT c/o: Langsam Property Services, 1601 Bronxdale Avenue, Bronx, NY 10462. Or request an application via e-mail at ecpcourt2013 (at) gmail (dot) com. As per the City’s affordable housing lottery rules, current and eligible residents of Bronx Community Board 4 will receive preference for 50 percent of the units. In addition, income-eligible applicants who can document displacement by Hurricane Sandy and/or its related storms will receive preference for 25 percent of the units.

Located at 12 East Clarke Place and 27 East 169th Street in the Highbridge section of the Bronx, East Clarke Place Court will have a total of 106 units—21 of which will be set aside for the homeless. The remaining 84 apartments will be affordable to households earning up to 50 and 60 percent of Area Median Income (AMI), which is equal to a household income of $42,950/year and $51,540/year for a family of four, respectively. Of the 84 apartments, there is a preference for qualified households displaced by Hurricane Sandy for 21 units in the building. There are a total of 7 studio units, 28 one-bedroom units, 40 two-bedroom units, and 9 three-bedroom units with one unit set aside for the superintendent. The anticipated completion date for the development is February 2014.

East Clarke Place Court is a brand new two-building development that is near completion of its construction phase. The 11 story building on East Clarke will have 73 units and the 13 story building on East 169th Street will have 33 units. The buildings will be situated around an open space which will be used as a recreational area and will be built above one connecting cellar for mechanical systems and for parking. The parking garage will allow for 13 below grade parking spaces. Additionally, the project will include a 2,785-square-foot community facility, including an on-site laundromat.

The City of New York requires that subsidized apartments be rented through an Open Lottery System to ensure fair and equitable distribution of housing to eligible applicants. Marketing of the apartments and the application process for the lottery typically begin when construction is approximately 70 percent complete. For more information regarding the lottery process, current housing lotteries, how to apply to an open lottery, and if you would like to receive an e-mail when HPD updates its available apartment and home website listings for City-subsidized housing in the five boroughs, please visit the Apartment Seekers and Homebuyers pages at www.nyc.gov.

The total development cost for East Clarke Place Court is $37.7 million. HPD provided $3.9 million in 421a Funds and $2.4 million in HOME funds. HDC contributed tax-exempt bonds in the amount of $5.9 million in construction financing as well as a subsidized mortgage of $6.8 million. The Richman Housing Resources is the syndicator for tax credit equity in the amount of $14.4 million. The developer YTM Ltd added $467 thousand in private cash equity. Lastly, Reso A was contributed by Council Member Domenic Recchia in the amount of $750 thousand.

The project was developed by YTM Ltd and partners. East Clarke Place Court was designed by RKT&B Architects and Planners.

About the NYC Department of Housing Preservation and Development (HPD)
HPD is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and viable neighborhoods for New Yorkers through education, outreach, loan and development programs and enforcement of housing quality standards. It is responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to finance the construction or preservation of 165,000 units of affordable housing by 2014. Since the plan’s inception, more than 143,305 affordable homes have been created or preserved. For more information, visit www.nyc.gov/hpd

About the Mayor’s Office of Housing Recovery Operations
The Mayor’s Office of Housing Recovery Operations is committed to planning and implementing innovative and effective solutions to the housing needs caused by Hurricane Sandy. Through NYC Rapid Repairs, the City has already completed emergency repairs on more than 19,000 residences. These emergency repairs are free of charge and include the restoration of heat, power and hot water and other limited repairs to protect a home from further significant damage.

About the NYC Housing Development Corporation (HDC)
Since 2000, HDC has issued roughly 10% of all the multi-family housing revenue bonds in the U.S. and since 2003, when Mayor Bloomberg’s New Housing Marketplace Plan was launched, HDC has raised more than $6.7 billion in financing for affordable housing developments, including in excess of $1 billion in subsidy from corporate reserves. In Affordable Housing Finance magazine’s annual listing of the nation’s top ten funders of multifamily housing, HDC is the only municipal entity on the list. In 2013, HDC was the third largest affordable housing lender in the U.S. after Citi and Wells Fargo beating out Bank of America, JPMorgan Chase and Capital One. To date, under the Mayor’s plan, HDC has financed the creation or preservation of nearly 70,000 affordable units in multi-family buildings that also include 1.7-million square feet of commercial space. For additional information, visit: www.nychdc.com



 


 

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