NEW YORK CITY-Properties once hindered by the credit crisis--like a stalled market-rate condominium project at 23-10 41^st Avenue in Long Island City, Queens--is now getting a major overhaul. Under the Housing Asset Renewal Program (HARP) of the New York City Department of Housing Preservation & Development, local officials announced on Monday that the formerly stalled site will be transformed into Queensboro, a 117-unit apartment complex targeted toward middle-income New York families.

The property is the second to be revamped under HARP, a $20 million pilot program administered by the city’s HPD, which focuses on turning newly-completed projects that are vacant and projects that have stalled mid-construction into affordable housing opportunities. The project’s new developer, Queensboro Development LLC, has received a $20.5 million loan for the redevelopment of the site through lender Bank of America Merrill Lynch, while the city will provide a $7.63 million low-interest construction and permanent loan, totaling $28.13 million altogether.

Out of the 117 units proposed, 108 will be made affordable. Of these subsidized rentals, 17 of the units will have rents affordable to households earning 100% of the Area Median Income (AMI), which equals $79,200 for a family of four in the borough, while 91 units will have rents affordable to a household earning 130% of the AMI, which is $102,960 for a family of four, according to the HPD. The property will also contain approximately 16,481 square feet of retail and 30 parking spaces. It will be complete in spring 2013.