NYS Housing Finance Agency Approves $24.2 Million in Financing for 100-Unit Apartment Complex in Yonkers

NEW YORK, NY (09/10/2009)(readMedia)-- The board of the New York State Housing Finance Agency (HFA) today approved $24.2 million in financing to build the Grant Park Apartments, a 100-unit low-income apartment complex in the City of Yonkers.

"The project takes advantage of underutilized public land to create new affordable housing for low-income Yonkers residents," said Priscilla Almodovar, HFA President and Chief Executive Officer. "Grant Park Apartments reinforce the Paterson administration's mission to create housing for our neediest citizens even in these difficult economic times."

Grant Park Apartments will consists of four separate apartment buildings and a community facility located at two locations: 1 Loehr Place, which was the site of a portion of the former Mulford Gardens public housing complex, which has been demolished; and 9 Vineyard Avenue, the site of a former firehouse that has been torn down.

Sixty-eight of the units will be reserved for tenants with household incomes of under $63,180 for a family of four. The remaining apartments will be set aside for tenants with Section 8 contracts and who have household incomes up to $31,580 for a family of four.

The borrower will be an entity controlled by The Richman Group Capital Corporation and a related entity will manage the property. The Municipal Housing Authority of the City of Yonkers (MHACY) will provide community and supportive services to help residents achieve greater self-sufficiency.

The total development cost is $45 million. In addition to the HFA financing, the project will receive an annual allocation of $1.8 million in Federal Low-Income Housing Tax Credits; a $4 million HOPE IV Loan from the U.S. Department of Housing and Urban Development; a $3.6 million loan from the Westchester County Housing Implementation Fund; a 30-year payment-in-lieu-of-taxes agreement with the City of Yonkers Industrial Development Agency; Section 8 project-based and annual contribution contracts from MHACY for 57 units; and an allocation from the Federal Tax Credit Assistance Program (TCAP) created by the Federal stimulus bill.

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The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multifamily affordable rental housing in New York State.

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