Little Italy RestorationApartments at 21 Spring Street.

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NEW YORK CITY- LIHC Investment Group and Rockport MortgageCorporation have landed a $74 million FHA Section 223(f)refinancing loan to maintain the affordability of the Little ItalyRestoration Apartments located at 21 Spring St. in Manhattan.

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At the loan closing, LIHC and HUD entered into a new 20-yearSection 8 contract and agreed to further extend the number of yearsremaining on the prior Section 8 contract. In total, this agreementwill extend the property's Section 8 status through 2043.

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A portion of the loan proceeds will go to funding the completionof capital improvements for a higher standard quality of life forcurrent residents. This includes upgrades to all kitchens with newgranite countertops and stainless-steel appliances. Units willundergo bathroom renovations that include new vanities, medicinecabinets, sinks and faucets,  bathtub surrounds and tileflooring. Vinyl plank flooring is slated for installment throughoutkitchens, living rooms and hallways.

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"We are delighted to use our expertise to preserve LIRA asaffordable housing in a community that desperately needs it," saidAndrew Gendron, principal at LIHC Investment Group, in a preparedstatement. "The suite of improvements and upgrades planned for theproperty will benefit the many seniors and longtime residents whocall LIRA home, while extending the service life of the building.Transactions such as these require the support of many partners,and we'd like to thank our regional HUD office and Rockport forcontinuing to work with us to preserve affordable housing in thefive boroughs."

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HUD has continuously prioritized the preservation of affordablehousing through FHA preservation programs to assist multifamilyproperty owners in conserving the existing stock of affordablehousing, according to Dan Lyons, managing partner of RockportMortgage Corporation, in a prepared statement.

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"It's well-known that there is a serious shortage of affordablehousing stock in the country at this time," he said. "Workingclosely with a partner like LIHC, who truly understands thebenefits of these preservation programs, as well as with the localNew York HUD Office, enabled us to secure the long-termaffordability of this property."

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In addition to apartment unit upgrades, the building's commonareas will get a facelift, including door replacements, LEDlighting upgrades and common area painting for halls, commonspaces, stairwell doors and door frames as a part of thefinancing.

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.