Home Laws & Taxes HDC Approves $8,000,000 for the Rehabilitation of Senior Housing in Brooklyn “Sons...

HDC Approves $8,000,000 for the Rehabilitation of Senior Housing in Brooklyn “Sons of Italy Apartments”

NEW YORK, N.Y., December 10, 2008 – (RealEstateRama) – The New York City Housing Development Corporation (HDC), has approved the issuance of $8,000,000 in tax-exempt bonds, for the rehabilitation of Sons of Italy Apartments. The Bonds will be issued as long-term variable-rate obligations and will be subject to the Private Activity Bond Volume Cap. 

The Sons of Italy Apartments is a fully-occupied, seven-story; 106-unit senior housing development located at 2629 Cropsey Avenue, in the Gravesend section of Brooklyn. The complex includes 16 on-site parking spaces, a laundry room, lobby area and community room. The proposed work includes improvements to kitchens, baths, and common areas. All appliances, cabinets and counters will be replaced as part of the renovation. The work will also include some window, floor and door replacements as well as sidewalk, parking and landscaping improvements, and replacement of the existing roof.

This redevelopment is part of HDC’s Low-Income Affordable Marketplace Program (LAMP), originally financed by the U.S. Department of Housing and Urban Development (“HUD”) under Section 202 of the Housing Act of 1959. Financing this project with tax-exempt bonds financing it qualifies it for the 4% federal low income housing tax credits. With this, SOI Preservation Housing Development Fund Group will be able to rehabilitate the premises and improve living conditions and services for existing low-income senior residents.

Since Mayor Bloomberg announced The New Housing Marketplace Plan in 2004, the New York City Housing Development Corporation has issued a total of $6,132,265,000 in bonds under the LAMP Program, and has preserved or developed 39,909 affordable units.

The New York City Housing Development Corporation (“HDC”) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout the five boroughs of New York City. HDC is implementing Mayor Bloomberg’s New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing over ten years. The New Housing Marketplace Plan is the largest municipal affordable housing effort in the nation’s history. Our programs are designed to meet the wide-range of affordable housing needs of the City’s economically diverse population.

Christina Sanchez (HDC)
(212) 227-2644,
csanchez (at) nychdc (dot) com