Rehab Completed on 20-unit Building in Harlem: Low Income Residents Prepare for Homeownership in coming weeks.
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Rehab Completed on 20-unit Building in Harlem: Low Income Residents Prepare for Homeownership in coming weeks.

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NEW YORK, NY – October 30, 2009 – (RealEstateRama) — The Urban Homesteading Assistance Board (UHAB) announces the completion of rehabilitation and permanent financing of 20-units of affordable housing that will soon become a low-income cooperative.

The loan closing on Monday was for 537 West 156th St., a 20-unit building in West Harlem, a Housing Development Fund Corporation (HDFC) which will be called Palace United.

The 102-year-old building was taken by the City of New York from the previous owner for non-payment of taxes as part of the Department of Housing Preservation and Development’s (HPD)Third Party Transfer Program.  UHAB served as developer/sponsor and interim owner.  Edelman Sultan Knox Wood Architects LLP provided architectural services.

Financing for the rehabilitation was provided through an affordable participation loan from National Cooperative Bank (NCB) for $639,829 along with a loan from NYC HPD for $1,388,323. NCB’s loan will be sold to the NYC Employee Retirement System through their Targeted Investment Program. The low-income residents and outside purchasers will be able to “buy their apartments” for $2,500 with the rest of the purchase price paid by a grant for first time homebuyers from the NYS Affordable  Housing Corporation for $524,500 through the NYC Housing Partnership.  The residentswill be purchasing the shares in their cooperative and taking control of the cooperative – Palace United – in the next few weeks.

UHAB is a nonprofit organization that creates, supports and preserves affordable limited-equity cooperative housing in New York City.
Information about getting affordable apartments in  co-ops sponsored by UHAB and in existing co-ops visit www.uhab.coop .

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UHAB was founded in 1973 to help transform New York City renters in distressed, foreclosed, and abandoned property into homeowners who collectively own and govern housing cooperatives.
 
Since then UHAB has created over 30,000 units of affordable co-ops in 1,700 buildings, and continues to work with residents to create and sustain high-quality housing co-operatives that will remain affordable, in perpetuity, to people of modest means. Within in the next three years, 2,000 homeownership units will be generated for low-income families. UHAB is involved in converting 25 former NYCHA buildings into private co-ops run by former tenants. Three co-ops in the Bronx have been completed.

Contact:

Jess Wisloski
Communications, Webmaster
Urban Homesteading Assistance Board
120 Wall St., 20th Fl.
NY, NY 10005
(212) 479-3312
(718) 360-7113 cell

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