The majority of the city's allotment will go toward 625 West140th Street Apartments--an 11-story, 114-unit multifamily rentalbuilding. Currently, there is a vacant lot on the 625 W. 140th St.address, which is owned by Fortune Society, next to the FortuneAcademy--a residential facility for homeless and former prisoninmates. The HFA is approving $23.65 million for a mortgage alongwith a $4 million second mortgage to finance the construction ofthe apartment building. The total cost of the project is estimatedat $42.3 million.

|

The Federal Low Income Housing Tax Credits will allocate $1.6million annually to this project. In addition to that, there willalso be an $8.3-million loan from the Supportive Housing LoanProgram from the NYC Dept. of Housing Preservation and Development;a $5.5-million loan from the NYS Homeless Housing AssistanceProgram; a $1-million capital loan from the Manhattan BoroughPresident; a $2-million capital loan from the New York CityCouncil; a $250,000-grant from the Mayor's Fund to Advance New YorkCity; a $1.5-million loan from the Federal Home Loan Bank'sAffordable Housing Program; and a real estate tax exemption inaccordance with HPD regulations, according to a release from thestate.

|

The property is planned to have a rooftop garden, as well asprogram and community space for supportive services of its eventualresidents. The new apartment facility wil be rented to tenantsmaking a household income of up to $46,080 per year for a family offour.

|

The second city project to earn money from the HFA is LibertyAvenue Housing--a three-story, 47-unit apartment building inBrooklyn. The property to be located at 898-908 Liberty Avenue inBrooklyn will net a $1.4-million subsidy loan to help financing forthe construction. The borrower is 902 Liberty Avenue LP--controlledby the Bowery Residents' Committee.

|

The estimated cost of the finished property is $15.7 million, soLiberty Avenue Housing will also receive a $6.58-million HPDSupportive Housing Loan; an allocation of $834,582 in Federal LowIncome Housing Tax Credits, annually; a $90,000 Mayor's Fund Grant;and a real estate property tax exemption. The units are solely fortenants who make up to $40,080 per family of four, as well as 31studio apartments reserved for formerly homeless tenants recoveringfrom chemical addictions, according to a state release.

|

The final project earning money from the HFA in the city is theHabitat for Humanity/Hart-Lafayette Homes. AHC is giving a $640,000grant to the Housing Partnership Development Corp. to finance andconstruct 16 affordable condominium units in the Bedford-Stuyvesantneighborhood in Brooklyn. The property, developed by Habitat forHumanity, will be available for families of four making $68,824 perhousehold and the unique addition, that the families themselveswill work alongside volunteers to build the units.

|

The estimated cost of the project is $7.4 million, so the HOMEfunds provided by the NYS Division of Housing and Community Renewalwill give $550,000; Habitat for Humanity will give $471,206 incapital funds; $506,000 in capital funds wil come from HPD;$720,000 in Housing Trust funds from HPD; and $965,000 inResolution A funds from HPD; as well as $1.05 million insubordinated land provided by HPD.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.