Nearly $25 million in financing and grants was approved today to build and preserve 333 units of affordable housing in New York City. The actions were taken by the boards of the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corporation (AHC). The approvals included $18 million in financing to renovate the 125-unit Caroline Apartments in the Inwood section of Manhattan and a $2 million grant to the Housing Partnership Development Corporation to buy and renovate at least 50 foreclosed housing units in New York City.
"These approvals demonstrate the wide variety of affordable housing that 'nyhomes' finances," said Priscilla Almodovar President and Chief Executive Officer of 'nyhomes.'
"We are preserving Section 8 housing in Inwood in partnership with a private developer and the Metropolitan New York Coordinating Council of Jewish Poverty, which will provide services to the elderly and other residents in need. We are funding an innovate program to buy foreclosed homes in order to save neighborhoods hit hard by the subprime crisis. And we are providing grants to build new affordable homes in Bushwick, Melrose and East Harlem."
The Caroline Apartments HFA approved $18 million in financing to The Related Companies, L.P. to acquire and renovate The Caroline Apartments at 210 Sherman Avenue in the Inwood section of Manhattan. The Caroline is a 125-unit development in which all of units are set aside for Section 8 housing tenants with household incomes at or below $46,080 for a family of four. A unique feature of this financing is that the Metropolitan New York Coordinating Council of Jewish Poverty, a non-profit service provider and advocacy organization on behalf of the poor, has been brought into the project as a partner.
The Met Council will provide services to Caroline tenants and help train the property manager on the services the council provides. Also, Related has agreed to set aside at least 20% of the units for tenants with special needs, including the elderly and the disabled. Currently, 33 units, or 26% of the units, are designated for special needs households.
Mark Carbone, President of Related Affordable, said, "Related Companies is pleased to partner with the New York State Housing Finance Agency to upgrade and ensure the long-term preservation of affordability of Caroline Apartments in Inwood, New York. The rehabilitation of Caroline Apartments is indicative of Related's long-standing commitment to helping to ensure the availability of quality affordable housing for New Yorkers."
William E. Rapfogel, Met Council's CEO said, "The Met Council on Jewish Poverty is pleased to join with New York State and Related to ensure that people who need affordable housing will live in quality apartments and help preserve their neighborhoods. We are especially proud to help train the property manager of the Caroline and ensure that tenants receive the social services and benefits they require." The total project cost is $26.7 million. In addition to HFA financing, the project will receive an annual allocation of $809,127 in Federal Low-Income Housing Tax Credits and a 420-c property tax abatement from New York City.
