Date: 9/30/2005 4:32:34 PM Eastern Daylight Time
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NYC HDC Re-Launches its Website
The New York City Housing Development (HDC) has re-launched its Website which includes new features and menu items for easier access to information on HDC-financed affordable housing. New features include a Now Renting area which lists out developments that currently have applications available and a Program Finder section to assist apartment seekers with determining program eligibility. We encourage you to visit HDC�s improved web site at http://www.nychdc.com/ and to set us as a favorite link.
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The Sutton The Sutton is a 134-unit affordable homeownership development located at 102 Bradhurst Avenue in Central Harlem, financed under HDC�s newly created Cooperative Housing Program. Along with $4.5 million in taxable bonds sold to make a first mortgage, HDC provided $6.1 million of its corporate reserves to finance a 1% interest second mortgage.
The building includes studio, one, two and three bedrooms with prices ranging from $55,000 to $429,750. Minimum annual household income for eligible purchasers is estimated to be $36,000 with a 5% down payment and with a maximum income of $157,000. Cooperative loan financing may also be available to qualified purchasers from institutional lenders.
The Sutton is within walking distance of a Rite Aid and UPS store as well as an organic food mart and coffee-pastry shop. Further luxury services include underground parking, a fitness area, landscaped courtyard, state of the art kitchens and baths as well as attended lobby and laundry hookups for each apartment. In addition, all apartments are pre-wired and ready for cable TV and high-speed Internet access.
Located at 2342-2350 Webster Avenue in the Fordham neighborhood of the South Bronx, Jacob�s Place is an 8-story, elevator building with 63 rental units. The development also includes 7 units reserved for formerly homeless tenants as well as space for six classrooms for early childhood education, a community meeting room and a backyard recreation area for tenants. Financing for the development was made possible through HDC�s Low-Income Affordable Marketplace Program (LAMP).
HDC provided a $7 million loan from the sale of tax-exempt bonds and a 1% second mortgage loan of $2.8 million from its corporate reserves. Jacob�s Place is just one of the many developments created as a result of Mayor Bloomberg�s New Housing Marketplace, a 5-year$3 billion plan to create and preserve more than 65,000 homes and apartments citywide.
Jacob�s Place is named in honor of the late Astin Jacobo � a longtime neighborhood leader from the Crotona section of the Bronx. Known in the community as Jacob, Mr. Jacobo was a key player in the battle in Crotona and the Northwest Bronx for affordable housing, youth recreation and community preservation. Thus, in essence, Jacob�s Place celebrates the life and work of someone who has been a source of inspiration to many in the Bronx community.
Through innovative assistance and an unwavering effort to address the critical need for affordable rental housing in New York City, HDC created the City's first Mixed-income Program, also known as 50/30/20. This program was specifically designed to mix low- and middle-income restricted apartments with market-rate rental apartments. This program sets-aside 20% of the apartments for low-income tenants, 30% for middle-income tenants, and the remaining 50% are rented at market-rate.
The Aspen, a newly constructed seven-story building with 234 apartments and over 15,000 square feet of ground floor commercial space, is located at 1955 Avenue, East Harlem and opened up to residents in October 2004.
HDC provided a $44 million first mortgage through the sale of tax-exempt bonds and a 1% second mortgage was made in the amount of $2.75 million through its corporate reserves. Amenities at The Aspen include a laundry facility, exercise room, game room, outside, 2nd floor Courtyard and a 110-car garage.
In addition, the Harlem RBI will also be moving its headquarters, currently located across the street from 1955 First Ave, to a portion of the retail space. Thus, the Aspen is certainly a homerun for HDC as well as for the community that it serves.
The Fountains at Spring Creek
The Fountains at Spring Creek, located in East New York at 922 and 1101Forbell Street, consists of two newly constructed three-story buildings containing a total of 102 affordable apartments. Near the new Gateway Plaza Shopping Center, Fountains at Spring Creek, is part of the quality of life initiatives and economic revitalization efforts underway in East New York.
A partnership between the public and private sectors enabled the development, which cost $15.5 million to construct, to be financed as affordable housing for low-income residents. Monthly rents range from $586 - $753 for the studio, one- and two-bedroom apartments. HDC provided a $7.8 million construction loan through its Low-Income Affordable Housing Marketplace Program (LAMP).
Through this program tax-exempt bonds are issued to make a low-cost loan and qualify a development to receive Federal Low-Income Housing Tax Credits. WNC and Associates acted as the tax credit investor and Fleet Bank provided the Letter of Credit necessary to secure the bond financing. This combination reduces development costs and allows the rents to be more affordable.
HDC supplied $12.2 million of construction and permanent loan financing for an exciting development that exemplifies the maximization of affordable housing opportunities. The creation of Clinton Parkview Apartments, located at 555 West 52 Street, marks an unprecedented event in the history of Mid-Manhattan.
The 11- story, 96-unit building structure provides for an affordable housing component significantly greater than in a conventional "80/20" program, in which only 20% of the units are made available for occupancy by low-income households. In fact, it is the first entirely income restricted development to be built in Clinton since 1981.
Moreover, the Clinton Parkview Apartments contain a combination of one and two bedroom apartments, 70% of which are affordable to households earning no more than 60% of the City's median income, or $37,680 for a family of four. The remaining 30% of the units are be reserved for middle-income families earning no more than 165% of the City's median income.
The apartments include 66 apartments affordable to households earning between 40% and 60% of the City's median income including 27 one-bedroom apartments renting for $425 to $661/month and 39 two-bedroom units with monthly rents ranging from $512 to $795.
The monthly rents of the 29 middle-income apartments are also be set at levels well below the market rate for the neighborhood and the building includes nearly 4,000 square feet of ground floor retail space.