Funding Is Part of $1 Billion “House New York” Initiative That Provides Overdue Maintenance and Guarantees Affordability at Nine Buildings within Three Separate Developments
Albany, NY – August 15, 2013 – (RealEstateRama) — Governor Andrew M. Cuomo today announced that New York State’s Housing Finance Agency (HFA) had approved the issuance of bonds and low-income housing tax credits (LIHTC) that will fund needed repairs, maintenance and capital improvements at nine different Mitchell-Lama buildings in the Bronx with a total of 1,276 units. As part of the refinancing, affordability at these developments will be extended for 40 years.
“This approval of $163 million in funding will go a long way in ensuring that these Mitchell-Lama buildings continue to provide homes that are livable, safe and affordable for our communities in the Bronx,” Governor Cuomo said. “Under House New York, we have committed $1 billion, the State’s largest investment in affordable housing in over a decade, to build and maintain affordable housing units for years to come across the state. With today’s announcement, funding will be made available for necessary repairs, maintenance, and capital improvements so these buildings can better serve the needs of New York’s families.”
Governor Cuomo has made preserving affordable housing a priority since taking office. The transfer of Empire State Development’s Mitchell-Lama housing portfolio to Homes and Community Renewal (HCR) earlier this year is part of the Governor’s $1 billion House New York program, the state’s largest investment in affordable housing in at least 15 years. House New York will create and preserve more than 14,300 affordable housing units over five years in both urban and rural areas across the State. The existing 8,600 Mitchell-Lama units are located in 35 separate housing developments statewide.
Darryl C. Towns, Commissioner/CEO of HCR, which includes HFA, said, “Funding these needed repairs and improvements in the Bronx today is just the first step on a much longer journey to provide funding for overdue maintenance at Mitchell-Lama developments across the state. I once again commend Governor Cuomo for proposing this initiative and for his unwavering commitment to high quality affordable housing for all New Yorkers. Under the Governor’s leadership, HCR worked last fall to preserve affordability at Co-op City in the Bronx, the State’s largest Mitchell-Lama development. We are ready to take on the challenge of renovating and preserving even more units in the months and years ahead.”
William Mulrow, Chair of the HFA Board said, “This Board’s approval of these bonds and credits today is a very big deal. Within months, thousands of tenants in the Bronx will see real and necessary improvements to their homes — with new features that will dramatically enhance heating, lighting and public safety, nevermind that the changes will also make the buildings much more physically attractive. I thank the Governor for his leadership and we look forward to funding many more of these important projects.”
The HFA Board today officially approved $156 million in bonds and $7 million in LIHTC for the following projects:
Bronx Park Phase I South East (a.k.a. Twin Parks SE)
2111 Southern Blvd, 800 & 820 East 180th Street (409 units)
$46 million in tax exempt bonds; $2.2 million in annual LIHTC – 4%
The scope of work includes façade; roof and window replacement; new bathrooms and kitchens; closet doors in the apartment interiors; security cameras; painting and upgrades for the hallways and lobbies; and major replacement of heating systems. New energy efficient LED lighting will be installed in the lobbies and hallways, reducing electricity usage and maintenance costs.
Bronx Park Phase II South West (a.k.a. Twin Parks SW)
1880 & 2000 Valentine Avenue, 1985 Webster Avenue, 2100 Tiebout Avenue (536 units)
$72 million in tax exempt bonds; $3.2 million in annual LIHTC – 4%
The scope of work includes: façade, roof and window replacement; new bathrooms and kitchens; closet doors in the apartment interiors; security cameras; painting and upgrades for the hallways and lobbies; and major replacement of heating systems. New energy efficient LED lighting will be installed in the lobbies and hallways, reducing electricity usage and maintenance costs.
Bronx Park Phase III North West (a.k.a. Twin Parks NW)
355-65 East 184th Street, 333 East 181st Street (331 units)
$38 million in tax exempt bonds; $1.6 million in annual LIHTC – 4%
The scope of work includes façade, roof and window replacement; new bathrooms and kitchens; closet doors in the apartment interiors; new energy efficient lighting; security cameras; and painting for hallways and lobbies; lobby upgrades; and new furnace and boilers.
New York State’s Mitchell-Lama Housing Program was first proposed by State Senator MacNeil Mitchell and Assemblyman Alfred Lama and was signed into law in 1955 by Governor William Averell Harriman. Under the state’s Private Housing Finance Law, the program provided for the creation of affordable housing, both rental and co-operatively owned, for middle-income residents. Developers received tax abatements and low-interest mortgages, subsidized by the federal, state, or New York City government. In total, 269 housing developments with 105,000 units were developed with State aid under the Mitchell-Lama Program.
New York State Homes and Community Renewal (HCR) consists of all the State’s major housing and community renewal agencies, including the Housing Finance Agency, the Affordable Housing Corporation, the Division of Housing and Community Renewal, State of New York Mortgage Agency, Housing Trust Fund Corporation and others. HCR is committed to collaborating with partners, and keeping homes affordable and communities strong by managing a portfolio of more than 190,000 multifamily units and administering more than $1.5 billion each year to expand affordable housing opportunities and build strong communities throughout New York State.
Contact:
Governor’s Press Office
NYC Press Office: 212.681.4640
Albany Press Office: 518.474.8418
press.office (at) exec.ny (dot) gov
