(Read more on the multifamily market and more on the debt and equity markets.)
NEW YORK CITY-Gov. Eliot Spitzer revealed a $510-million finance approval for the construction and renovation of 1,182 affordable housing units across the state. The projects and their financing were approved by the boards of the New York State Housing Finance Agency and the New York State Affordable Housing Corp. Counting this approval, agencies have now approved financing to create and preserve 4,739 units of affordable housing in New York State since Jan. 1.
"Establishing a foundation for economic security starts with expanding access to basic necessities such as affordable housing," says Spitzer in a prepared statement. "Expanding access to affordable housing helps revitalize struggling communities and grow our economy. If people cannot afford to live in New York, than businesses cannot afford to locate here."
Assemblyman Vito Lopez, chair of the Assembly Housing Committee, notes that New York State is becoming a leader in the development of affordable housing with the financing of more than 4,000 units since January. Priscilla Almodovar, president and CEO of HFA and AHC explains that "these approvals demonstrate Gov. Spitzer's commitment to turning HFA into a lender that creates and preserves affordable housing throughout the State. …With these projects, we are reinforcing our role in preserving the state's affordable housing stock, as well as building and integrating into our larger projects units for populations with special needs."
In New York City, HFA approved financing for: the 189-unit Brook Avenue Apartments in the Bronx, including 120 units of supportive housing, for $23.6 million; 117-unit 2271 Washington Ave. Apartments in the Bronx, which includes 30 units of supportive housing, for $22.3 million; 42nd Street and Dyer Avenue Apartments, and a mixed-use development in Manhattan that includes 163 affordable rental units, for $405 million.
In Rochester, HFA approved financing to create 64 units of supportive housing for Ridgeview Special Needs Apartments for $7.9 million and to create 67 units at the Mills at High Falls Apartments for $12.1 million. In Ithaca, , HFA approved financing for major capital improvements at the West Village Apartments, a 235-unit Mitchell Lama project, for $15.5 million. In Rockland County, HFA approved financing for the 28-unit Pine Street Homes in the Village of Nyack for $4.3 million.
In Westchester County, AHC approved two grants to the Housing Action Council to convert a former bank building into 12 affordable condominium units in the Village of Ossining for $480,000 and for home improvements throughout Westchester County for $300,000. In Orange County, HFA approved a mortgage for capital improvements to preserve the 100-unit Overlook Apartments in Middletown for $6 million. In Ulster County, HFA approved financing to build the Birches, an 81-unit senior independent living apartment complex in Esopus for $11.8 million.
At Finger Lakes/Rochester AHC approved a grant to the Bishop Sheen Ecumenical Housing Foundation, a Rochester-based nonprofit, to repair 56 homes of low-income seniors located in 13 counties in Western New York, including Monroe, Allegany, Chemung, Schuyler, Steuben, Tioga, Tompkins, Cayuga, Livingston, Seneca, Wayne, Ontario and Yates for $300,000. In Long Island, AHC approved a grant to the Community Development Corp. of Long Island to finance renovations of 50 homes in Nassau and Suffolk counties for $300,000.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
