The majority of the city's allotment will go toward 625 West 140th Street Apartments--an 11-story, 114-unit multifamily rental building. Currently, there is a vacant lot on the 625 W. 140th St. address, which is owned by Fortune Society, next to the Fortune Academy--a residential facility for homeless and former prison inmates. The HFA is approving $23.65 million for a mortgage along with a $4 million second mortgage to finance the construction of the apartment building. The total cost of the project is estimated at $42.3 million.

The Federal Low Income Housing Tax Credits will allocate $1.6 million annually to this project. In addition to that, there will also be an $8.3-million loan from the Supportive Housing Loan Program from the NYC Dept. of Housing Preservation and Development; a $5.5-million loan from the NYS Homeless Housing Assistance Program; a $1-million capital loan from the Manhattan Borough President; a $2-million capital loan from the New York City Council; a $250,000-grant from the Mayor's Fund to Advance New York City; a $1.5-million loan from the Federal Home Loan Bank's Affordable Housing Program; and a real estate tax exemption in accordance with HPD regulations, according to a release from the state.

The property is planned to have a rooftop garden, as well as program and community space for supportive services of its eventual residents. The new apartment facility wil be rented to tenants making a household income of up to $46,080 per year for a family of four.