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BRONX, NY-The city will add to its affordable housing stock through a $29-million financing package. The New York City Housing Development Corp. approved the use of the tax-exempt bond financing for the construction of two buildings here.
The new projects, each 12 stories and containing 111 apartments, will be located at opposite ends of the borough. Both will be financed through HDC's Low-Income Affordable Marketplace Program which provides financing for the creation of affordable apartments reserved for households earning no more than $42,540 per year for a family of four.
The Rev. Ruben Diaz Gardens Apartments will be built at 967 Kelly St. at Westchester Avenue in the Longwood neighborhood. Next to the residential component, the building will contain 20,000 sf of ground-floor retail space, 27,000 sf of office space on three stories and 53 underground parking spaces. It will occupy a site that was a parking lot and two one-story retail sites. HDC agreed to provide a $14-million mortgage loan from the sale of tax-exempt bonds.
The project's co-developers are the Arker Cos. and Jackson Development Group. Arker has built 19 developments using HDC financing. JDG has worked with HDC once before--late last year the firm received financing for the construction of Morrisania Terrace, an eight-story, 42-unit apartment building on East 165th Street.
The Villa Avenue Apartments, located at 3121 Villa Avenue at East 204th St. in the Bedford Park neighborhood, will be owned by Senior Living Options Inc. and developed by an affiliate of Atlantic Development LLC. The building will occupy a site that was used as a surface parking lot. Atlantic has built 25 apartment buildings financed by HDC. For this effort, HDC is providing a $15-million loan from the sale of tax-exempt bonds.
Emily A. Youssouf, president of the HDC says it is important to "maximize and expand affordable housing opportunities for New Yorkers as well as to build on partnerships with local developers." Since July 2003, HDC has financed the construction or preservation of 20,143 apartments, which exceeded the goal set by Mayor Michael R. Bloomberg's New Housing Marketplace initiative. In fact, HDC is the most active issuer of bonds for multifamily affordable housing in the US. Most of HDC's loans are financed through the issuance of tax-exempt or taxable bonds, as well as through mortgages made directly from its corporate reserves.
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