NEW YORK – December 14, 2007 – The board of the New York State Affordable Housing Corporation (AHC) yesterday approved $5.4 million in grants to build 139 affordable homes in the Bronx and Brooklyn in New York City.
The grants will go to the New York City Housing Partnership through its NYC Partnership Housing Development Fund and its development teams. With these grants and other financings approved at the December meeting, AHC and its parent organization, the NYS Housing Finance Agency (HFA), have now approved financing for 6,061 units of affordable housing since January 1, 2007.
“Access to affordable housing is a critical component in sustaining the economic security of our state’s working families,” said Governor Spitzer. “Through the remarkable accomplishments of our state housing agencies, more people can afford to live and work here—boosting our economy and creating stable neighborhoods throughout the state.”
“These approvals demonstrate our commitment to providing affordable housing in New York City,” said Priscilla Almodovar, President and Chief Executive Officer of AHC, “From condos in the Bronx to three-family homes in Brooklyn, we and our partners are building value in emerging communities and helping create stable neighborhoods for years to come.”
Jackson Bronx Condominiums—AHC approved a grant of $975,000 to subsidize the construction of 30 two-bedroom condominium units located at 2792 Sedgwick Avenue and 2316 Beaumont Avenue in the Kingsbridge and Fordham neighborhoods of the Bronx. The awards will be limited to households making no more than $77,679 for a family of four.
The developer/builder is Jackson Development Group, Ltd. and its construction arm, Jackson Builders, LLC. The total cost of the project is more than $8.5 million. Permanent financing will provided by AHC and homeowner mortgages.
Washington Bridge View Co-ops—AHC approved a grant of $1.56 million to subsidize the construction of 48 one- and two-bedroom cooperatives in a seven-story “green” building 1541 Plimpton Avenue in the Morris Heights section of the Bronx. The coops will include energy- and cost-efficient lighting and heating systems. The ground floor will include commercial/retail space and there will be parking below grade. The awards will be limited to households making no more than $94,122 for a family of four.
The developer is Mastermind Management, Ltd. The total cost of the project is more than $17.54 million. In addition to the AHC grant and homeowner mortgages, the project will receive $800,000 in Housing Trust Funds from the NYC Department of Housing, Preservation and Development (HPD) and $1.32 million in Resolution A funds, which are discretionary funds earmarked to support capital improvement projects and dispersed by the Bronx Borough President’s office.
Foxx-Leggett—AHC approved a grant of $1.683 million to subsidize the construction of a seven-story, 50-unit co-op at 713-17 Foxx Street on the corner of Leggett Avenue in the Longwood section of the Bronx. The awards will be limited to households making up to $77,679 for a family of four.
The developer is Blue Sea Development Company, LLC. The total cost of the project is $17.6 million. In addition to the AHC grant and homeowner equity, the project will receive nearly $1.6 million in land subordination, more than $2.2 million in capital funds and more than $6.6 million in Housing Trust Funds from HPD and $639,186 in Resolution A development funds from the Bronx Borough President’s office.
Marion-Sumpter Homes—AHC approved a grant of $1.185 million to subsidize the construction of 11 three-family homes located along Marion Avenue and Sumpter Street in the Bedford-Stuyvesant section of Brooklyn. The awards will be limited to households making no more than $77,679 for a family of four.
The developer is the Marion-Sumpter Development Corporation, which is a joint venture between the Central Brooklyn Community Services Corporation and Community Developers, Inc. The total cost of the project is more than $11.7 million. In addition to the AHC grant and homeowner mortgages, the project will receive land subordination of nearly $3.87 million provided by HPD and $653,552 in HOME funds provided by 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
