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.
The second city project to earn money from the HFA is Liberty Avenue Housing--a three-story, 47-unit apartment building in Brooklyn. The property to be located at 898-908 Liberty Avenue in Brooklyn will net a $1.4-million subsidy loan to help financing for the construction. The borrower is 902 Liberty Avenue LP--controlled by the Bowery Residents' Committee.
The estimated cost of the finished property is $15.7 million, so Liberty Avenue Housing will also receive a $6.58-million HPD Supportive Housing Loan; an allocation of $834,582 in Federal Low Income Housing Tax Credits, annually; a $90,000 Mayor's Fund Grant; and a real estate property tax exemption. The units are solely for tenants who make up to $40,080 per family of four, as well as 31 studio apartments reserved for formerly homeless tenants recovering from chemical addictions, according to a state release.
The final project earning money from the HFA in the city is the Habitat for Humanity/Hart-Lafayette Homes. AHC is giving a $640,000 grant to the Housing Partnership Development Corp. to finance and construct 16 affordable condominium units in the Bedford-Stuyvesant neighborhood in Brooklyn. The property, developed by Habitat for Humanity, will be available for families of four making $68,824 per household and the unique addition, that the families themselves will work alongside volunteers to build the units.
The estimated cost of the project is $7.4 million, so the HOME funds provided by the NYS Division of Housing and Community Renewal will give $550,000; Habitat for Humanity will give $471,206 in capital funds; $506,000 in capital funds wil come from HPD; $720,000 in Housing Trust funds from HPD; and $965,000 in Resolution A funds from HPD; as well as $1.05 million in subordinated land provided by HPD.
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