NEW YORK—Thursday, June 12, 2008—The board of the New York State Housing Finance Agency (HFA) has approved $8.5 million in financing for major capital improvements at the Park Drive Manor I Apartments in Rome in Oneida County.Park Drive Manor I Apartments is a 102-unit Mitchell Lama project located at 100 Park Drive, Rome. The financing comes from HFA’s Mitchell Lama Rehabilitation and Preservation (RAP) program, which provides support for capital improvements. In return, owners agree to keep rents affordable for the next 40 years.
“This project demonstrates our commitment to improving the quality of Mitchell Lama projects in Oneida County. Last year, we financed improvements at Park Drive Manor II and we are happy to do the same for its sister project, Park Drive Manor I,” said Priscilla Almodovar, HFA President and Chief Executive Officer. “These developments, built decades ago, require extensive renovations. By providing the financing, we improve the quality of the tenants’ lives and ensure that their apartments remain affordable for the foreseeable future.”
Park Drive Manor I Apartments consists of 12 townhouse-type apartment buildings. The new owner, Park Drive Manor One Associates, L.P., will undertake substantial rehabilitation of the apartments during which time the tenants will be temporarily relocated. Improvements include new roofing, replacement of interior and exterior doors and windows, and new efficient appliances. The renovations are expected to take 18 months to complete. In April 2007, HFA financed a similar rehabilitation of Park Drive Manor II Apartments, which is located adjacent to Park Drive Manor I.
Eighty-one of the units will be occupied by tenants with incomes that do not exceed $31,260 for a family of four. The remaining units will be reserved for tenants eligible for Federal subsidies.
The total cost of the project is nearly $9.5 million. HFA is providing a $5.3 million mortgage, plus a second mortgage of $3.2 million. The project will also receive an annual allocation of $311,000 in Federal Low Income Housing Tax Credits and a payment-in-lieu-of-tax agreement with the City of Rome for property tax abatements. In addition, federal and local rental subsidies are expected to be available to tenants.