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.

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