Search
 

HFA Approves $30M for NYC Affordable Housing

NEW YORK CITY-The state approved a total of $66.8 million in financing to preserve and create 1,059 affordable housing units throughout the state.

By Ryan Clark | Updated on November 06, 2008

NEW YORK CITY-The New York State Housing Finance Agency (HFA), along with its subsidiary–the New York State Affordable Housing Corporation (AHC)–is approving $66.8 million in financing to preserve and create 1,059 affordable housing units across the state of New York. Just shy of half that amount–$30 million–is allotted for 177 affordable units in the boroughs.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.