NEW YORK—Wednesday, March 5, 2008—The New York State Affordable Housing Corporation (AHC) today approved $3.125 million in grants to build 89 new homes in the Bronx and Brooklyn in New York City.
The grants will go to the Housing Partnership Development Corporation through its NYC Partnership Housing Development Fund and its development teams.
“I am proud that the Affordable Housing Corporation is able to finance these new homes in emerging neighborhoods in Brooklyn and the Bronx in New York City,” said Priscilla Almodovar, President and Chief Executive Officer of AHC. “Our mandate is to help low- and moderate-income New Yorkers become homeowners. These grants demonstrate that despite the current turbulence in the housing market, we are still able to help working class families become homeowners.”
Senator José M. Serrano (D-Bronx/Manhattan) said, “This is New York State not just acknowledging the housing crisis, but devising comprehensive solutions to address it. The new projects also bring long-term vision to the community, especially in the areas of energy conservation. This really is great news for the residents of the 28th Senate District.”
Assemblyman Luis M. Diaz (D-Bronx) said, “I am extremely proud to support the $1.455 million grant by the NYS Affordable Housing Corporation to build a 10 story, 39-unit condominium in my district. This grant will help transform vacant property into affordable residential units that will allow its residents to become owners of real property.”
Senator John L. Sampson (D-Brooklyn) said, “Providing quality and affordable housing is a giant step in helping New Yorkers achieve the American Dream—home ownership. The approval of this grant is not just an investment in communities; it is an investment in our future. ”
Assemblywoman Diane Gordon (D-Brooklyn) said, “I am pleased that the East New York community will now be able to share in the American Dream of homeownership through the $862,500 grant approved and given to the New York City Housing Partnership for East New York Cluster 6.”
Dan Martin, President and Chief Executive Officer of the Housing Partnership Development Corporation, said, “I am pleased that these grants will enable the Housing Partnership to create homeownership opportunities through the construction of condominiums and multifamily homes in emerging New York City communities where they are needed most.”
The projects are as follows:
New Hope-Morris—AHC approved a $1.455 million grant to the Housing Partnership Development Corporation to build a 10-story condominium with 39 units at 2017-21 Morris Avenue in the Morris Heights section of the Bronx. The site is currently vacant.
Eligible households can not have incomes of more than $84,187 for a family of four and some of the units will be targeted to households with lower incomes. The developer will be the Mount Hope Housing Company, Inc.
The total cost of the project is $11.95 million. In addition to the AHC grant and developer and homeowner equity, financing includes $2 million in HOME funds from the New York City Department of Housing Preservation and Development (HPD), $548,158 in city capital from HPD, $1.75 million in Resolution A funds from the Bronx Borough President’s Office, and financing from Banco Popular.
East New York Cluster 6—AHC approved an $862,500 grant to the Housing Partnership Development Corporation to build 27 new units of affordable housing on scattered sites in the East New York section of Brooklyn. The grant will help finance the construction of nine two-family homes and three three-family homes. Eligible households must have incomes under $102,007 for a family of four.
The new homes will be built on vacant property under HPD’s New Foundations Homeownership Program. The developer will be Horsford & Poteat Realty Corporation and its building arm, Apex Building Company.
The total cost of the project is $10.5 million. In addition to the AHC grant and homeowner and developer equity, the project will receive construction financing from Wachovia, land valued at $2,426,595 provided by HPD and $1.82 million in Article 16 funds from HPD.
Mother Gaston & Dean Street Residences—AHC approved an $807,500 grant to the Housing Partnership Development Corporation to build 23 new units of affordable housing to be located on and around sites on Mother Gaston Boulevard and Dean Street in the Ocean Hill-Brownsville section of Brooklyn.
The grant will finance construction of seven three-family homes and one two-family home. The units will be equipped with “Energy Star” appliances and be built to promote energy efficiency. The sites will be purchased from the city as part of HPD’s New Foundations Home Ownership Program. The awards will be limited to households with incomes that do not exceed $84,187 for a family of four.
The proposed developer for the project is Dabar-Oceanhill-Brownsville, LLC. The total cost of the project is nearly $6.5 million. In addition to the AHC grant and homeowner and developer equity, the project will receive $3.6 million in financing from Wachovia, and $1.78 million in land and $285,000 in city capital from HPD.
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AHC, a subsidiary of HFA, 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
212-688-4000 x679
plentz (at) nyhomes (dot) org
