NEW YORK – November 14, 2008 – (RealEstateRama) – The board of the New York State Housing Finance Agency (HFA) today approved $10 million in financing to renovate 111 units of affordable housing at Woodland Townhouses and Barkley Gardens in the Village of Liberty, Sullivan County.
“This financing demonstrates our commitment to preserve affordable housing even in these difficult economic times,” said Priscilla Almodovar, President and Chief Executive Officer of HFA. “It also reinforces the Paterson administration’s mission of making New York State a better place to live and work. I am particularly proud that we are able to help to bring these projects out of foreclosure and finance capital improvements that will improve the quality of the tenants’ lives.”
State Senator John J. Bonacic, Chairman of the Senate Housing Committee, said, “Safe, affordable, quality housing is the backbone of our community. The housing renovations made possible under this funding will improve the lives of hundreds of Liberty residents.”
Today’s actions were among $66.8 million in financings approved by HFA and the Affordable Housing Corporation (AHC) that will create or preserve 1,059 affordable housing units across the state.
HFA approved a $7.22 million mortgage and a $2.78 million second mortgage to finance the acquisition and rehabilitation of Woodland Townhouses and Barkley Gardens, which are Section 8 multifamily rental developments in Liberty. The two sites are about four miles apart.
Woodlands consists of seven residential apartment buildings with 60 units located at 9 Woodland Townhouse Road. Barkley Gardens is a senior development with 51 units in a five-story building at 280 North Main Street.
The borrower, Woodlands Barkley LLC, purchased the developments through a foreclosure sale in August, 2008. It agreed to keep the units affordable for another 20 years and make necessary repairs. Woodlands Barkley, which is controlled by Conifer Realty LLC, will undertake a major renovation that will include new doors, roofs, windows and sidings. Tenants will not be relocated during the rehabilitation. Apartments will be reserved for tenants with household incomes of up to $34,440 for a family of four.
The project’s total cost is $11.9 million. In addition to the HFA financing, a project-based Section 8 subsidy is expected to be continued for all units. The project will also receive an annual appropriation of $446,243 in Federal Low Income Housing Tax Credits; a loan to be determined from the Housing Trust Fund of the NYS Division of Housing and Community Renewal; and a real estate abatement from the Village of Liberty.
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The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multifamily affordable rental housing in New York State.
Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
