NEW YORK, NY – January 29, 2009 – (RealEstateRama) – The board of the New York State Housing Financing Agency (HFA) today approved $35.25 million in financing to build 106 affordable housing units–including 55 units for households with special needs–in the Morris Heights section of the Bronx.
“Our approval today demonstrates our commitment to providing affordable supportive housing for New York City residents,” said Priscilla Almodovar, HFA President and Chief Executive Officer. “This project meets a great need and demonstrates our ability to finance affordable housing in a time of limited public resources. Financing the Cedar Avenue Apartments also reinforces Governor Paterson’s mission to increase the supply of affordable housing even in these difficult economic times.”
The HFA financing will underwrite the construction of the Cedar Avenue Apartments, a 106-unit apartment building at 1854-1874 Cedar Avenue in the Bronx. The site currently contains five vacant single-family homes. All of the units in the development will be set aside for households earning up to $46,080 for a family of four.
Community Access, a manager of supportive housing, will provide on-site supportive services to all residents of the project. The borrowers will be entities controlled by Community Access and Alembic Development Co. LLC.
The total development cost is $40.1 million. In addition to the HFA financing, the project will receive an annual allocation of nearly $1.47 million in Federal Low-Income Housing Tax Credits; a $3 million NYS Homes for Working Families loan; debt service payments on a portion of the loan by NYS Office of Mental Health (OMH); $120,000 from the NYS Energy Research and Development Authority (NYSERDA); and a real estate tax exemption or abatement from New York City.
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The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multi-family affordable rental housing in New York State.
HFA Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
