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HDC Press Releases
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Flushing Towers Set to
Open with 130 Units of
Middle-Income Housing on
Northern Boulevard
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Apartments Affordable to Middle-Income New Yorkers Conveniently Located within Walking Distance of Downtown Flushing
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New York, NY, June 14, 2001
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FLUSHING, QUEENS - New York City Housing Development Corporation (HDC) President Russell A. Harding and Queens Borough President Claire Shulman cut a ribbon today to commemorate the completion of North Main Towers, two residential buildings containing 130 units of affordable housing for middle-income New Yorkers and 4,800 square feet of ground floor retail space. For this project, HDC provided $14.2 million in loans from taxable bond proceeds, and a $3.725 million in one percent loans from corporate reserves.
Financed through HDC's New Housing Opportunities Program (New HOP), the project consists of two seven-storey buildings. The first tower contains 14 studios, 21 one-bedroom, and 35 two-bedroom apartments with rents ranging from $940 to $1,450 per month. The second tower, with occupancy beginning June 2001, contains seven studios, 33 one-bedroom, and 20 two-bedroom apartments with monthly rents ranging from $925 to $1,520. Amenities include a state-of-the-art video intercom system and laundry facilities conveniently located on the lobby level. Both buildings feature wood-paneled lobbies with tile flooring and spacious elevators. They surround a private driveway and courtyard decorated with a fountain and extensive landscaping. Covered and uncovered parking is available within the complex.
"During the Giuliani administration, addressing the housing needs of middle-income New Yorkers has become a priority for HDC," said HDC President Russell A. Harding. "Since we created the New Housing Opportunities Program, we have invested more than $250 million in over 2,000 units of middle-income housing throughout the five boroughs. Both local and national housing advocacy groups have recognized it as an ideal mechanism for addressing the City's housing needs."
Mayor Giuliani launched the New Housing Opportunities Program in October 1997, the first concerted effort by the City in more than 25 years to create affordable housing for middle-income New Yorkers. The program is designed to finance the new construction or substantial rehabilitation of rental and limited-equity cooperative housing that is affordable to middle-income families in all five boroughs.
Under New HOP, HDC issues taxable bonds to provide long-term, fixed-rate financing for rental and cooperative projects. Because of HDC's financial strength, the bonds carry very competitive rates. In addition, HDC uses its unrestricted corporate reserves to provide second mortgage loans for up to $40 thousand per unit at low interest rates. In exchange for the affordable rates, HDC requires developers to make rents affordable to middle-income residents. Allowable rents in these projects range from $500 for a studio to $1750 for a three-bedroom apartment. The maximum income of families moving into an apartment financed under the program may not exceed the lesser of seven or eight times the rent or 250% of median area income.
The developers for this project, The Ciampa Organization, whose principals are Dominick, Joseph D. Ciampa, Jr., Benjamin, Douglas and Joseph Ciampa, own and manage more than 1,100 residential units in twelve mid-rise buildings located primarily in Flushing and surrounding neighborhoods. With financing through HDC, the Ciampa Organization has developed four buildings with 216 apartments.
"We are very excited to bring North Main Towers to completion in downtown Flushing, and to continue the Ciampa family tradition of building quality housing in Queens," said Joseph D. Ciampa, Jr. "We compliment HDC on their vision to develop affordable housing in the boroughs, and for creating the financial program that made this project possible."
The rental complex is located at one of the major crossroads of Queens. Uniquely situated in a historic neighborhood, North Main Towers is within walking distance of the subway, buses and the Long Island Railroad. Borough President Claire Shulman said, "This project is a wonderful addition to our borough's affordable housing stock. I applaud the efforts of those who helped to make it possible. It is another success story for the New Housing Opportunities Program."
HDC's construction loan is guaranteed by a letter of credit provided by North Fork Bank. "We are delighted to partner with the Ciampa Organization and HDC on projects such as North Main Towers. This development is a wonderful example of successful public-private collaboration," said John Adam Kanas, President and CEO of North Fork Bank.
Through HDC, the City provides access to below market rate financing for the development of low and middle-income housing. HDC financing gives developers the opportunity to create new affordable housing units throughout New York City's five boroughs.
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