According to a release, a $67.5-million financing package for the land acquisition and construction of the project--to be known as Tapestry--has been arranged. The package was put together from a combination of:

• Tax-exempt bonds provided by the New York City Housing Development Corp., through its Mixed Income Housing Program;
• Permanent credit enhancement provided by Freddie Mac via Wachovia Multifamily Capital as delegated underwriter, and;
• Construction credit enhancement and swap rate provided by JP Morgan Chase Bank.

Through an investment fund, PNC Bank is purchasing the 4% low income housing tax credits that come as part of HDC's MIHP to provide low income housing tax credit equity. The credits are administered by HPD. Additional financial support related to energy conservation and green design is coming from the New York State Energy Research and Development Authority and the national Green Communities program.

In a statement, Robert C. Lieber, deputy mayor for economic development, comments, "As our city continues to grow, it is critical that we set the stage for projects that strengthen our communities and create new housing opportunities for all New Yorkers and that's just what we did with the rezoning of 125th Street and the Tapestry project." He adds that the project will help the Bloomberg administration reach its goal of 165,000 affordable housing units.

The project is part of the 125th Street River to River Rezoning, approved last April by the New York City Council. Tapestry is the first affordable housing development to result from the rezoning, according to a release. Jonathan Rose Cos. is working closely with the Manhattan borough president's office, local city council members, Community Board 11 and the Department of City Planning to integrate the project into the rezoning initiative.