The money taps out the HDC's bond allocation for the year before the year is even half through. "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," says Emily A. Youssouf, HDC president, in a statement.
"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," she says. "The fear is that deals that are ready to close now may not be there in '08." HDC issued $1.65 billion of affordable housing bonds in 2006 and $1.54 billion in 2005.
Of the boroughs, Queens is getting the most money, with $137 million going to two projects with an aggregate of 505 units. The vacant Queens Family Court Building at Parson Blvd. and 89th Ave. in Jamaica, will be replaced by a 346-unit rental and co-op apartment. The 159-unit seniors apartment at 138-52 Elder Ave. in Flushing will be rehabbed with the current tenants staying put.
Brooklyn has the most units involved, with 937 split across three rehabs and four new developments getting $76 million. Rehabs will be done for the 385-unit Brownsville five-building complex formerly known as Noble Drew Ali Plaza, as well as the 138-unit 260-280 Herkimer St. and the 102-unit Magnolia Place at 686 Lafayette Ave. Tenants in all three locations will stay during the renovations.
A lot at Atlantic Ave. and Suydam Place will become a 150-unit mixed-income apartment. An 80-unit, 10-story co-op will go up at 669 Atlantic Ave. Six buildings totaling 48 co-op units will be constructed at the corner of Bergen St. and Schnectady Ave. in Crown Heights, and 560A-566 Gates Ave. will be home to a new 34-unit co-op.
The Bronx is getting $62 million for five new constructions that will total 473 units. Of them, 162 units in two 10-story buildings will be built on a Grant Ave. parcel between E. 167th and 169th streets. A new 90-unit building is slated for 1085 Washington Ave. in Morrisania. Three buildings for middle-income families will rise at 1176 Anderson Ave., 1638 Undercliff Ave. and 1854 Anthony Ave., totaling 84 units. A garage at 3035 White Plains Rd. in Williams Bridge will become a seven-story building with 74 apartments plus 11,000 sf of retail space. And the corner of E. 156th St. and Elton Ave. in Melrose will gain a 63-unit complex.
Manhattan has ten small projects getting $46 million in funding. The locations are scattershot across the island - the Financial District, the East Village, Harlem – and will total 370 units.
Under Mayor Michael Bloomberg's New Housing Marketplace Plan, 165,000 units of affordable housing are scheduled to be available by 2013.
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