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HDC Press Releases
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April
12, 2006
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NYC Housing Development Corp. Approves Financing For 222 Bronx
Apartments for Low-Income Working Families
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— Rev. Ruben Diaz Gardens and Villa Avenue Development Receive Approval —
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| local.live.com |
| Before: Site where the Rev. Rubén Diaz Garden
Apartments will be built
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| After: The Rubén Diaz Apartments
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April
12, 2006 – The New York City Housing Development Corporation (“HDC”) today
approved the use of $29 million of tax-exempt bond financing for the
construction of two buildings in the Bronx that will contain more than 200
affordable apartments. Since July 2003, HDC has financed the construction or
preservation of 20,143 apartments, exceeding its goals under Mayor Michael R.
Bloomberg’s New Housing Marketplace initiative. HDC is the most active issuer
of bonds for multi-family affordable housing in the United States.
The buildings, each 12 stories tall and containing 111 apartments, will be
located at opposite ends of the borough. Both of the developments will be
financed through HDC’s Low-Income Affordable Marketplace Program (“LAMP”),
which provides financing to developers for the creation of affordable
apartments reserved for households earning no more than $42,540 for a family of
four.
The first development to receive financing approval, the Rev. Ruben Diaz
Gardens Apartments, will be built at 967 Kelly Street at Westchester Avenue in
the Longwood neighborhood. Adjacent to the HDC-financed residential component,
the building will contain 20,000 square feet of ground floor retail space,
27,000 square feet of office space on three stories and 53 underground parking
spaces.
The building will occupy a site formerly used as a parking lot and two
one-story early-1930s retail buildings that housed the full-block S&D Discount
Furniture Warehouse, which closed in January 2003 after a smoky five-alarm
fire, unchecked by the afternoon snow, caused part of the roof to collapse. The
new apartment building is to be named after the Rev. Ruben Diaz, Sr., a New
York State Senator representing Hunts Point, Soundview, Melrose, Longwood and
Parkchester. HDC agreed to provide a $14 million mortgage loan from the sale of
tax-exempt bonds.
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| local.live.com |
| Before: Site where the Villa Avenue
Apartments will be built
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| After: Villa Avenue Apartments
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The
Arker Companies, a co-developer of the building, have built 19 developments
using HDC financing. The other co-developer of the building, the Jackson
Development Group, has collaborated with HDC once before: In December, it
received financing for the construction of Morrisania Terrace, an eight-story,
42-unit apartment building on East 165th Street in the Bronx.
Financing was also approved for Villa Avenue Apartments, located at 3121 Villa
Avenue at East 204th Street in the Bedford Park neighborhood. The building will
occupy a site one block west of the Grand Concourse that was formerly used as a
surface parking lot and will be owned by Senior Living Options, Inc. The
developer is an affiliate of Atlantic Development, LLC, whose primary focus is
the development of residential multi-family housing in New York. Atlantic has
built 25 apartment buildings financed by HDC. HDC is providing a $15 million
loan from the sale of tax-exempt bonds for the Villa Avenue Apartments.
Both of the buildings approved today will be rent stabilized and will include a
mix of apartment sizes ranging from studios to three-bedroom units.
“Approvals of financial transactions like these exemplify HDC’s commitment to
maximize and expand affordable housing opportunities for New Yorkers,” said
Emily A. Youssouf, President of the New York City Housing Development
Corporation. “We are pleased to build on our strong partnerships with local
developers to create much-needed housing opportunities in all five boroughs.”
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