NEW YORK, NY – December 3, 2008 – (RealEstateRama) – The board of the New York State Affordable Housing Corporation (AHC) today approved $2 million in grants to create 51 units of affordable housing in New York City.
“Today’s approvals demonstrate our commitment to provide housing for low- and moderate-income New Yorkers, including those with special needs,” said Priscilla Almodovar, President and Chief Executive Officer of AHC. “Our actions reinforce Governor Paterson’s mission of making New York State a better place to live and work.”
The New York City approvals were included in $64.2 million in financings approved today by AHC and its parent agency, the New York State Housing Finance Agency, which will create or preserve 426 affordable housing units across the state.
Pacific and Dean Street Homes Phase II
AHC approved a $1.32 million grant to the New York City Housing Partnership Development Corporation for the construction of 11 three-family homes at scattered sites in the Ocean Hill/Brownsville section of Brooklyn.
Each home will contain a three-bedroom owner’s unit, a two-bedroom rental, and a one-bedroom rental. Several energy-efficient and cost-saving elements, including ENERGY STAR® appliances, energy-efficient or “cool” roofing, and the recycling of construction waste, are being incorporated into the construction of the project. The homes will be available to households earning up to $68,824 for a family of four.The proposed developer for the project is Pacific and Dean Street, LLC, which is controlled by TNS Development Group, Ltd. The total cost of the project is nearly $8.8 million. In addition to the AHC grant, the project will receive $1.7 million in subordinated land and $166,500 in capital funds from the NYC Department of Housing Preservation and Development (HPD).
2280 FDB Condo Apartments
AHC approved a $720,000 grant to the Housing Partnership Development Corporation to help build 18 affordable condominium units in Harlem in Manhattan.
The units will be located in an 89-unit, 12-story building at 2280 Frederick Douglass Boulevard. Seventy of the units will be market rate and one will be a superintendent’s unit. The affordable condominiums will be available to households earning up to $68,824 for a family of four.
The developer for the project is RGS Holdings, LLC. The total cost of the project is $10.48 million. In addition to the AHC grant, the project will be funded by subsidies from the sale of market-rate units and homeowner equity.
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AHC was established in 1985 to promote homeownership by low- and moderate-income households by providing financial assistance approved by the State Legislature 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
