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City Scores Stimulus Funds for MF Projects

NEW YORK CITY-The four affordable housing projects are getting a total of $60 million in funding through the Tax Credit Assistance Program.

By Paul Bubny | Updated on August 17, 2009

NEW YORK CITY-The Bloomberg administration announced Monday that the city is spending $60 million in federal stimulus funds to develop four affordable housing projects in Manhattan and Brooklyn. Reportedly, New York is the first US city to launch new affordable housing with money from the Tax Credit Assistance Program administered by the US Department of Housing and Urban Development.

The four projects, with a combined cost of about $270 million, are expected to create a total of 739 units of affordable housing and generate 2,800 construction jobs. Largest of these is a $143.5-million East Harlem development located at two separate sites, which will be developed through a joint venture between Phipps Houses and Urban Builders Collaborative.

At the East 102nd Street site, a dozen walk-up buildings will be demolished and replaced by a nine-story, 259-unit property to be known as Hobbs Court. On an East 100th Street site, five vacant six-story buildings will be rehabilitated and combined into a single building of 81 units called the Ciena. Both sites were Federal Housing Administration-foreclosed properties that were transferred to the New York City Housing Authority in the late 1980s, and have been operated as Section 8 housing since then.

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