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HDC Press Releases
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June 13, 2007
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HDC Announces $320 Million in Affordable Housing Finance
To Build or Preserve 2,285 Apartments in 4 Boroughs
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HDC’s Tax-Exempt Bond Allocation Fully Depleted for 2007
Pending State or Federal Action
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| Lucille Messina/HDC |
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Before: The vacant Queens Family Courthouse located at 89th Avenue and Parsons Boulevard… |
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| FXFowle Architects |
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After: will be replaced with 346 affordable rental and cooperative apartments. |
June 13, 2007 – The New York City Housing Development Corporation (“HDC”) today announced that $320 million in financing would be used to build or preserve 2,285 affordable apartments in 36 buildings in the Bronx, Brooklyn, Manhattan and Queens. But with the approvals announced today, the Corporation also announced that it would not be able to finance any further low-income, mixed-income or 80/20 housing until January unless State or Federal officials took action to replenish the Corporation’s supply of private activity bond volume cap.
“In conjunction with our partners at the State level, we have submitted an innovative proposal to our legislators in Washington that would, if enacted, free up several hundred million in tax-exempt bonding capacity to create housing for hard-working New Yorkers this year,” said Emily A. Youssouf, president of HDC. “Pending action by State or Federal officials, HDC’s pipeline of $500 million in affordable housing developments for 2007 will have to wait until 2008. The fear is that deals that are ready to close now may not be there in ’08.”
Developments announced today have or will receive financing from tax-exempt and taxable bonds and/or from HDC’s corporate reserves. They will provide housing for low and middle-income households in four boroughs.
Queens
Two buildings containing 505 apartments will benefit from $137 million in financing from HDC.
- In Jamaica, the vacant Queens Family Courthouse will be replaced with 346 affordable rental and cooperative apartments. The new building will retain the façade of the Courthouse, located at Parsons Boulevard and 89th Avenue. HDC will finance the construction of 277 rental apartments and 69 co-op apartments.
- In Flushing, a building with 159 apartments for seniors at 138-52 Elder Avenue will be rehabilitated as the tenants remain in place.
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Brooklyn
In Brooklyn, $76 million will flow into three rehabilitation projects and four new construction projects that together will contain 937 apartments.
- The partially vacant, five-building, 385-unit complex in Brownsville formerly known as Noble Drew Ali Plaza will be rehabilitated as tenants remain in place.
- A vacant lot at the corner of Atlantic Avenue and Suydam Place will be transformed into a 150-unit mixed-income apartment building with 75% of its apartments reserved for low-income households and 25% of its apartments reserved for middle-income households. Twelve studio apartments in this building will be reserved for developmentally disabled adults who will have access to in-building social services provided by the Brooklyn Bureau of Community Service.
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A new 10-story co-op with 80 low, middle and market-rate apartments will be built on the vacant lot at 669 Atlantic Avenue between South Portland Avenue and South Oxford Street, across the street from the Atlantic Yards site.
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Six new four-and-a-half story buildings containing a total of 48 middle-income co-op apartments will be built at the corner of Bergen Street and Schnectady Avenue in Crown Heights.
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Magnolia Plaza, a 102-unit building at 686 Lafayette Avenue in Bedford-Stuyvesant, will be rehabilitated and upgraded as tenants remain in place.
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A new co-op with 34 middle-income apartments will be built on the empty lot at 560A-566 Gates Avenue between Tompkins and Throop Avenues in Bedford-Stuyvesant.
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A 138-unit building at 260-280 Herkimer Street, built in 1977 as part of early efforts to revitalize Bedford-Stuyvesant, will be rehabilitated and upgraded as tenants remain in place.
Manhattan
Ten buildings from Harlem to the Financial District will be built or rehabilitated with $46 million in HDC financing. Together, these projects will create 370 apartments reserved for low-income households.
- A nearly vacant building at 110 Fulton Street in the Financial District will be gut rehabilitated to create 28 apartments reserved for low-income households.
- Mannie L. Wilson Tower, a 1920s-era building with 102 apartments for seniors located at the corner of Manhattan Avenue and Hancock Place, will be rehabilitated as tenants remain in place.
- In the East Village, 65 apartments for low-income households will be built or preserved under a unique partnership with the New York City Housing Authority. Two vacant NYCHA-owned buildings at 426 & 428 East 11th Street (between First Avenue and Avenue A) will be gut rehabilitated and combined into one structure; the vacant NYCHA-owned building on the same block at 410 East 11th Street will also be gut rehabilitated; and two new contextual buildings will be built on vacant lots at 617-21 East 9th Street and 212 East 7th Street, both between Avenues B and C.
- In East Harlem, a large empty lot at 225-241 East 118th Street (between Second and Third Avenues) will be transformed into a seven-story building with 76 apartments reserved for low-income households and nearly 4,400 square feet to be used by Friendly Hands for social services for seniors.
- Two new buildings will be built and one vacant one restored on the block bounded by Park and Madison Avenues and 131st and 132nd Streets. Together, these two new buildings and the rehabilitated one (at 1948 Park Avenue), will contain 99 apartments for middle-income families.
The Bronx
Eight buildings containing 473 apartments for low- and middle-income families will be built in the Bronx with $62 million from HDC.
- Two 10-story buildings containing 162 co-op apartments reserved for middle-income households will be built on the empty lot on Grant Avenue between East 167th and 169th Streets.
- The empty lot at 1085 Washington Avenue at East 166th Street in Morrisania will be transformed into a new building with 90 apartments reserved for low-income households. The building will include 10,000 square feet of community space, most of which will be occupied by Dream Yard, an arts-in-education nonprofit organization.
- In the west Bronx, three buildings reserved for middle-income families will rise on infill sites. These three buildings, to be built at 1176 Anderson Avenue, 1638 Undercliff Avenue and 1853 Anthony Avenue will contain a total of 84 apartments.
- The vacant auto repair garage at 3035 White Plains Road at Adee Avenue in Williams Bridge will become a seven-story mixed-use building with 74 apartments for low-income households and 11,000 square feet of retail space.
- At the corner of East 156th Street and Elton Avenue in Melrose, a new 63-unit apartment building for low-income households will rise on a vacant lot. The new building will include space for a community garden.
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