NYS AHC Approves $977,500 in Grants to Build 93 Affordable Housing Units in New York City

NEW YORK, NY (12/03/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved $977,500 in grants to the Housing Partnership Development Corporation to help build 93 new affordable housing units in New York City.

"These grants will create new housing and provide new homeownership opportunities in Brooklyn, Manhattan and the Bronx," said Priscilla Almodovar, AHC President and Chief Executive Officer. "Our financings demonstrate that Governor Paterson is committed to generating new housing even in these difficult economic times."

Atlantic Terrace

AHC approved a $475,000 grant to subsidize 19 co-ops that are part of an 80-unit complex currently under construction in the Fort Greene section of Brooklyn. The 10-story building will be located on Atlantic Avenue between South Portland Avenue and South Oxford Street.

The 19 affordable units will consist of six one-bedroom units, 10 two-bedroom units and three three-bedroom units. Another 40 of the building's units have already been designated as affordable and will be subsidized by a previous AHC grant of $1.6 million awarded in June 2007. The household income limit for the 19 units in this phase of the project is $101,990 for a family of four.

All of the units in the building will feature Energy Star appliances, including washers and dryers, bamboo flooring, water-saving plumbing fixtures, and high-speed internet access. Green design elements will be incorporated into the building's construction and overall design.

The homeowners will be required to provide 10% of the subsidized sale price as a down payment and will be encouraged to seek mortgages from the State of New York Mortgage Agency (SONYMA), a sister agency of AHC. The developer will be Atlantic Terrace 12, LLC, which consists of the Fifth Avenue Committee, Inc., Line Development, LLC, and Magnusson Architectural Planning, PC.

The total cost of the project is nearly $48.9 million. In addition to the AHC grant, the project will receive $475,000 in Resolution A funds provided by the Brooklyn Borough President's Office, $130,407 in Affordable Housing Program funds provided by the Federal Home Loan Bank, $875,781 in capital funds provided by NYC Housing Development Corporation (HDC), $356,250 in capital funds provided by the NYC Department of Housing Preservation and Development (HPD), $3.31 million in land subordination provided by HPD, $329,008 in a crossover subsidy provided from the sale of the market rate units, plus homeowners mortgages and equity.

St. Nicholas Park

AHC approved a $160,000 grant to subsidize the construction of four units in St. Nicholas Park, a 22-unit, 11-story condominium in West Harlem located at 362 St. Nicholas Avenue. The developer is ELH Management, LLC.

The four units will consist of one studio, one one-bedroom and two two-bedroom units. All of the units in the building will feature Energy Star appliances and energy-saving electrical, heating/cooling and plumbing systems. The household income limit for the AHC-subsidized units is $68,813 for a family of four.

The total cost of the project is $1.93 million. In addition to the AHC grant, the project will receive $424,181 in land subordination provided by HPD, a $724,900 crossover subsidy provided from the sale of the market rate units, and homeowner mortgages and equity.

Via Verde Co-ops

AHC approved a $342,500 grant to help subsidize 70 of the units in the 150-unit Via Verde Co-ops located at East 156th Street and Brook Avenue in the Melrose section of the Bronx.

AHC had previously awarded $1.775 million to the project in May. This second grant will make the units available to a broader band of low-income homebuyers and increase the subsidy for the lowest income band.

The project is being designed to exceed Leadership in Energy and Environmental Design (LEED) Gold and Enterprise Green Communities standards for environmentally responsible and energy-efficient design. In addition to providing open space for residents, a green roof will be used for gardening and to collect and recycle rainwater. Other features of the project include a health education and wellness center administered by Montefiore Medical Center, a health food store and a fitness center.

The homeowners will be required to provide 10% of the subsidized sale price as a down payment and will be encouraged to obtain SONYMA mortgages for the remaining 90% of the sales price. Eligible household income limits for the AHC-subsidized units will range from $49,280 for a family of two to $107,800 for a family of four. The developers of the project will be Via Verde Homes, LLC, whose principals are Jonathan F. P. Rose of Jonathan Rose Companies and Adam Weinstein of Phipps Houses.

The total cost of the project is $38.13 million. In addition to the AHC grant, the project will receive $1.5 million in Resolution A funds provided by the Bronx Borough President's Office, $1.68 million in tax credits provided under the NYS Brownfield Cleanup Program, $4.6 million in capital funds provided by HDC, $9.09 million in capital funds provided by HPD, $712,630 in HOME funds provided by HPD, $6.16 million in subordinated land provided by HPD, $195,150 in capital funds provided by the New York State Energy Research and Development Authority, and homeowner mortgages and equity.

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AHC, a subsidiary of the NYS Housing Finance Agency, was established in 1985 to promote homeownership by low- and moderate-income households. Financial assistance approved annually by the New York State Legislature, combined with other private and public investment, is used for the construction, acquisition, rehabilitation and improvement of owner-occupied housing.

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