NEW YORK, NY – May 7, 2009 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved four grants totaling $10.33 million to the Housing Partnership Development Corp. to build and rehabilitate 362 units of affordable housing in Manhattan, the Bronx and Brooklyn.
“Our funding will promote affordable homeownership by creating new homes in emerging neighborhoods across New York City,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “These grants demonstrate that the Paterson administration is dedicated to supporting homeownership even in this difficult housing market.”
The four grants are described below:
Via Verde Co-ops
AHC approved a $1.775 million grant to build a 71-unit co-op at East 156th Street and Brook Avenue in the Melrose section of the Bronx. The project will include eight one-bedroom, 54 two-bedroom and nine three-bedroom cooperative apartments.
The units are being designed to exceed Leadership in Energy and Environmental Design (LEED) Gold and enterprise Green Communities standards for environmentally responsible and energy-efficient design. The co-op will include a 35,000 square foot green roof that will provide open space for residents and space for gardening and to collect and recycle rainwater. The co-op will also include a health education and wellness center administered by Montefiore Medical Center, a health food store and a fitness center.
Income limits for potential purchasers will range up to $102,990 for a family of four. The developers are Via Verde Homes, LLC, whose principals are Jonathan Rose of Jonathan Rose Companies and Adam Weinstein of Phipps Houses.
The total cost of the project is nearly $40.6 million. In addition to the AHC grant and developer and homeowner mortgages and equity, financing includes $1.5 million in Resolution A funds provided by the Bronx Borough President”s Office; $1.79 million in tax credits provided under the New York State Brownfield Cleanup Program; $9.23 million in capital funds provided by the NYC Housing Development Corporation (HDC); $10.66 million in capital funds provided by the NYC Department of Housing Preservation and Development (HPD); $6.16 million in subordinated land provided by HPD; and $261,181 in capital funds provided by the New York State Energy Research and Development Authority (NYSERDA).
UHAB TPT 3 Co-ops
AHC approved a $3.02 million grant to help finance acquisition and rehabilitation of six buildings in the Bushwick and Flatbush sections of Brooklyn and the Harlem and Washington Heights sections of Manhattan.
The project will create 104 affordable co-ops, including one studio, 32 one-bedroom, 30 two-bedroom, 32 three-bedroom and nine four-bedroom limited-equity units. The rehab will include the replacement of the boiler, plumbing, wiring and gas distribution systems, windows and roofs. Each unit will be fitted with new insulation, weather stripping and Energy Star appliances and will be offered to eligible applicants for $2,500. The project will be financed by an underlying mortgage rather than debt held by individual residents.
Income limits for potential purchasers will range up to $68,813 for a family of four. The developer is the Urban Homesteading Assistance Board, Inc. (UHAB), a nonprofit housing organization based in Brooklyn.
The total cost of the project is $15.68 million. In addition to the AHC grant, the project will receive $8.92 million in Participation Loan Program funds provided by HPD, homeowner and developer equity, and bank financing.
UHAB TPT 4 Co-ops
AHC approved a $3.2 million grant to help acquire and rehab five buildings located in the Highbridge and Morris Heights sections of the Bronx, the Bedford-Stuyvesant and Brownsville sections of Brooklyn and the East Harlem section of Manhattan. The buildings will be gut rehabilitated, creating 121 limited-equity cooperative units, including five studios, 54 one-bedroom, 40 two-bedroom and 22 three-bedroom units.
The rehab work will include the replacement of boilers, plumbing, wiring, and gas distribution systems, windows and roofs. Each unit will be fitted with new insulation, weather stripping and Energy Star appliances and will be offered to eligible applicants for $2,500. The project will be financed by an underlying mortgage rather than debt held by individual residents.
Income limits for potential purchasers will range up to $68,813 for a family of four. The developer is UHAB.
The total cost of the project is $20.5 million. In addition to the AHC grant, the project will be funded by $13.28 million in Participation Loan Program funds provided by HPD, homeowner and developer equity, and bank financing.
Ely Avenue Condominiums
AHC approved a $2.145 million grant to help build 66 condominium units along Ely and Bartow Avenues in the Baychester section of the Bronx. The units will be built on 22 vacant sites and will consist of 38 three-bedroom and 28 two-bedroom apartments.
Income limits for potential purchasers will range up to $84,173 for a family of four. The developer is Stellar Development LLC.
The total cost of the project is nearly $18.83 million. In addition to the AHC grant, the project will be funded with homeowner and developer equity and construction financing provided by the Community Preservation Corporation.
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AHC, a subsidiary of the NYS Housing Finance Agency, was established in 1985 to promote homeownership by low- and moderate-income households. Financial assistance approved annually by the New York State Legislature, combined with other private and public investment, is used for the construction, acquisition, rehabilitation and improvement of owner-occupied housing.
Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
