NEW YORK CITY-The first deal has closed in a $20-million pilot program to turn vacant and stalled apartment projects into affordable housing. Coming up behind the first deal in the Bloomberg administration’s Housing Asset Renewal Program are more would-be projects than the program’s current funds can handle, according to a release from the city’s Department of Housing Preservation and Development and City Council Speaker Christine Quinn.

In the initial HARP-subsidized project, developer Tali Realty LLC’s stalled 26-unit condo project at 382 Lefferts Ave. in Brooklyn will go forward as 46 affordable rental units. Original lender Community Preservation Corp., which had moved to foreclose after the project stalled in late 2008, is providing $6.1 million of the total $9.1 million worth of construction and permanent financing, with the remainder coming through HARP.

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