Mount Hope Renaissance building in the Bronx Mount Hope Renaissance building in theBronx

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NEW YORK CITY—Mount Hope Housing Company, NCV Capital Partners, Lemor Development Group and the Community Preservation Corporation have closed on a $100 million transaction to preserve 515 units of affordable housing in the Bronx. The 13-building portfolio is in the Mount Hope neighborhood between E. 175th St. and East Burnside Ave.

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In Q1 2019, the apartments, ranging from studios to five-bedroom units, will be comprehensively renovated. This will include reconstruction of kitchens, bathrooms and energy efficiency upgrades.

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The project is being financed by equity investments from NCV and Lemor. CPC and its lending partner Amalgamated Bank are providing a $30 million construction loan. CPC is also providing a State of New York Mortgage Agency-insured permanent loan through a partnership with the New York City Retirement Systems.

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Additionally, the New York City Department of Housing Preservation and Development is providing a property tax exemption and low interest financing to ensure affordability.

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The property will remain subject to a 40-year HPD regulatory agreement. This will ensure that the units remain affordable for current and future tenants for the next four decades. Currently, 97% of rents in all of the apartments are affordable for New Yorkers earning 60% of the area median income or lower.

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Mount Hope Renaissance is part of Mayor Bill de Blasio's New York's Housing New York 2.0. The plan has set a city goal of producing 300,000 affordable homes by 2026.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.