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NEW YORK CITY-The New York State Housing Finance Agency (HFA), along with its subsidiary–the New York State Affordable Housing Corporation (AHC)–is approving $66.8 million in financing to preserve and create 1,059 affordable housing units across the state of New York. Just shy of half that amount–$30 million–is allotted for 177 affordable units in the boroughs.

The majority of the city’s allotment will go toward 625 West 140th Street Apartments–an 11-story, 114-unit multifamily rental building. Currently, there is a vacant lot on the 625 W. 140th St. address, which is owned by Fortune Society, next to the Fortune Academy–a residential facility for homeless and former prison inmates. The HFA is approving $23.65 million for a mortgage along with a $4 million second mortgage to finance the construction of the apartment building. The total cost of the project is estimated at $42.3 million.

The Federal Low Income Housing Tax Credits will allocate $1.6 million annually to this project. In addition to that, there will also be an $8.3-million loan from the Supportive Housing Loan Program from the NYC Dept. of Housing Preservation and Development; a $5.5-million loan from the NYS Homeless Housing Assistance Program; a $1-million capital loan from the Manhattan Borough President; a $2-million capital loan from the New York City Council; a $250,000-grant from the Mayor’s Fund to Advance New York City; a $1.5-million loan from the Federal Home Loan Bank’s Affordable Housing Program; and a real estate tax exemption in accordance with HPD regulations, according to a release from the state.

The property is planned to have a rooftop garden, as well as program and community space for supportive services of its eventual residents. The new apartment facility wil be rented to tenants making a household income of up to $46,080 per year for a family of four.

The second city project to earn money from the HFA is Liberty Avenue Housing–a three-story, 47-unit apartment building in Brooklyn. The property to be located at 898-908 Liberty Avenue in Brooklyn will net a $1.4-million subsidy loan to help financing for the construction. The borrower is 902 Liberty Avenue LP–controlled by the Bowery Residents’ Committee.

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

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

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

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