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DEAL OF THE DAY: New York Housing Agencies Approve $329M to Build, Renovate Affordable Housing
Published: July 24, 2008
By Anuradha Kher, Online News Editor
New York--The boards of the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corp. (AHC), recently approved more than $317 million in financing to build and preserve 278 units of affordable housing in all five boroughs of New York City.
The approvals included $315 million in financing for a multifamily 80/20 rental project in the Hudson Yards section of the far West Side of Manhattan; a $400,000 grant to the Neighborhood Housing Services of New York City (NHS) to finance home improvements for 85 housing units on sites in the Bronx, Brooklyn, Queens and Staten Island; and a $160,000 grant to the Housing Partnership Development Corp. and Habitat for Humanity-New York City to finance the construction of a four-story building with four affordable condos at 215 West 115th St. in central Harlem.
The AHC financing also included a $1.575 million grant to the Housing Partnership Development Corp. to finance 21 new two-family homes in the Bedford-Stuyvesant and Ocean Hill/Brownsville sections of Brooklyn and a $505,000 grant to the Housing Partnership Development Corp. to finance the construction of a 27-unit, seven-story co-op building at 1820 Madison Ave. in the east Harlem section of Manhattan.
All these multifamily developments must agree to set aside 20 percent of the units for low-income tenants and also satisfy several other criteria, including construction and finance readiness, compliance with New York City planning goals and commitment to energy efficiency.
"These financings demonstrate our commitment to providing a wide range of affordable housing opportunities throughout New York City," says Priscilla Almodovar, HFA and AHC President and CEO. "Whether it's building new high-rise rental units, new condos and two-family homes, or renovating existing homes, the Paterson Administration understands that affordable housing that is decent and in good repair makes our communities stronger, businesses healthier and neighborhoods more diverse.”
In addition, the HFA and the AHC also approved $12 million in financing to renovate 186 affordable housing units in Westchester county, including the issuance of tax-exempt bonds to fund an $11.75 million mortgage that will finance capital improvements at the College Arms Apartments, a 164-unit federally financed affordable building located in the Village of Sleepy Hollow.
The HFA financing will enable the borrower, an entity controlled by Marathon Development Group LLC, to purchase the College Arms Apartments and undertake renovations of the 10-story apartment building. Improvements will include repairing boilers, modernizing elevators and ventilation systems, installing new appliances and fixtures in individual apartments and improvements to common areas.
"Our agencies are dedicated to improving the affordable housing stock throughout New York State, particularly in high cost areas like Westchester county," says Almodovar.
The financing also includes a $300,000 grant to the Housing Action Council for home improvements on 22 homes throughout Westchester County. The assistance will go to owners of single-family and two-family homes as well as co-ops and condos.
The grant will finance improvements to bring the properties up to code compliance and increase energy efficiency, such as replacing roofs, doors, windows, and siding, and upgrading electrical, heating, and plumbing systems. The grant awards are limited to households earning up to $91,034 for a family of four.
