New York, NY – November 6, 2009 – (RealEstateRama) — New York City Department of Housing Preservation and Development (HPD) Commissioner Rafael E. Cestero today announced the recipients of the agency’s second round of funding from the American Recovery and Reinvestment Act’s Tax Credit Assistance Program (TCAP). $28.7 million in federal TCAP funds will be distributed to ten (10) developments in New York City to help finance the construction or rehabilitation of approximately 604 units of affordable housing in the Bronx, Brooklyn, and Manhattan. Earlier this year, New York City became the first City in the nation to begin construction of new affordable housing using TCAP funds. Building affordable housing in neighborhoods across New York City is a central component of the Bloomberg Administration’s Five Borough Economic Opportunity Plan to create jobs for New Yorkers today, implement a vision for long-term economic growth and build affordable, attractive neighborhoods.
“This TCAP funding is exactly the kind of critical resource the industry needs to help keep projects moving, get ground broken, and put hardworking people into quality affordable housing,” said HPD Commissioner Cestero. “These new projects will add an additional 600 units of affordable housing and will further strengthen and stabilize the neighborhoods we serve. I thank our congressional delegation, and our partners at the State and federal levels for helping to bring these much needed federal dollars to New York City.”
Under the Recovery Act, TCAP provides grants through a formula-based allocation to State housing agencies to help jumpstart the market for construction of affordable housing by providing financing for the acquisition and construction of buildings for affordable housing. Earlier this year, U.S. Housing and Urban Development (HUD) awarded $2.25 billion in TCAP funding nationwide. Of the $250 million allocated to New York State, New York City received $85 million. $28.7 million is being made available for HPD’s second round of TCAP funding which will be distributed to ten development projects. All of the 604 units created through this round of funding will be affordable to families earning at or below 60% of the Area Median Income (AMI) or what is equal to an annual income of $46,100 for a family of four.
|
Recipient |
Development Borough/Address |
Description |
Total Affordable Units |
TCAP Funding |
|
Postgraduate Center for Mental Health |
Bronx: 2950 Grand Concourse |
New Construction: 51 units for supportive housing, remaining units will be 60%AMI |
77 |
$3,100,000 |
|
Jericho Project |
Bronx: 2701 Kingsbridge Terrace |
New Construction: 46 units for supportive housing, remaining units will be 60%AMI |
76 |
$6,200,000 |
|
Center for Urban Community Services |
Bronx: 2007 Hughes Ave |
New Construction:55 units for supportive housing, remaining units will be 60% AMI |
92 |
$8,888,486 |
|
CAMBA Housing Ventures
|
Brooklyn: 97 Crooke Avenue |
New Construction:32 units for supportive housing, remaining units will be 60% AMI |
53 |
$2,239,403 |
|
West End Intergenerational Residence – True Colors |
Manhattan: 267-269 West 154th St |
New Construction:30 units for supportive housing, remaining units will be 60% AMI |
31 |
$2,798,232 |
|
Lantern Group Vicinitas Hall |
Bronx: 507-513 East 176th St |
New Construction:41 units for supportive housing, remaining units will be 60% AMI |
68 |
$1,000,000 |
|
Belmont Arthur LDC – Stebbens Project, L.P. |
Bronx: 758 East 168 St |
Rehabilitation: Develop affordable housing at or below 60% AMI |
78 |
$1,233,102 |
|
HCCI – West 149th St. Apartments, L.P. |
Manhattan: 208 West 149 St |
Rehabilitation: Develop affordable housing at or below 60% AMI |
62 |
$2,222,488 |
|
Promesa HDFC – Promesa Apartments, L.P. |
Bronx: 366 East 154 St |
Rehabilitation: Develop affordable housing at or below 60% AMI |
50 |
$678,611 |
|
West Harlem Group Assistance – Unity Apartments, L.P. |
Manhattan: 121 West 133 St |
Rehabilitation: Develop affordable housing at or below 60% AMI |
17
|
$339,678 |
|
|
TOTAL |
604 |
$28,700,000 |
During HPD’s first round of TCAP funding New York City spent roughly $60 million to help finance four developments now underway. Located in Harlem, the Hobbs Court-Ciena development which is comprised of two buildings will offer a total of 340 permanently affordable apartments. Also in Harlem, the Balton and the Douglass Park will provide a combined 216 affordable housing units. Livonia Terrace in East New York will provide 173 affordable units. In total they will comprise 739 units of affordable housing and create more than 2,800 construction-related jobs.
Please visit HPD’s website for more information regarding the competitive selection process for TCAP funding.
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New York City’s Five Borough Economic Opportunity Plan
The Five Borough Economic Opportunity Plan is a comprehensive strategy to bring New York City through the current economic downturn as fast as possible. It focuses on three major areas: creating jobs for New Yorkers today, implementing a long-term vision for growing the city’s economy, and building affordable, attractive neighborhoods in every borough. Taken together, the initiatives that the City has launched to achieve these goals will generate thousands of jobs and put New York City on a path to economic recovery and growth.
The NYC Department of Housing Preservation and Development (HPD)
HPD’s mission is to promote quality housing and viable neighborhoods for New Yorkers. It is the nation’s largest municipal housing preservation and development agency. Responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing, HPD also actively promotes the preservation of affordable housing through education, outreach, loan programs and enforcement of housing quality standards. For more information visit www.nyc.gov/hpd
