The board of the NYS Housing Finance Agency (HFA) approved $25.5 million in financings to renovate 459 affordable housing units in two Mitchell Lama projects.
The financings will provide for capital improvements at St. Simon's Terr. and the River Park Commons, both of which are located close to the downtown area near the Genesee River. The River Park Commons project will be known as the Hamilton Apartments upon completion of the renovations.
The NYS Affordable Housing Corp. (AHC), an HFA subsidiary, also approved a $600,000 grant to the Bishop Sheen Ecumenical Housing Foundation to help repair 112 housing units located in 13 counties in WNY, including Monroe County.
"Governor Paterson and the state legislature made an historic commitment to housing in the state budget and we are moving quickly to use those resources to upgrade our aging housing stock upstate," said Priscilla Almodovar, HFA president and CEO. "The 'Mitchell Lama Rehabilitation and Preservation' Program was created expressly to help projects like St. Simon's Terr. and the Hamilton Apartments renovate individual units and their common grounds. The Paterson administration understands that affordable housing that is decent and in good repair makes our communities stronger, businesses healthier and neighborhoods more diverse."
The first mortgages for St. Simon's Terr. and the Hamilton Apartments will be funded from the issuance of tax-exempt bonds. The HFA financings also include second mortgages that will be funded from the $304.2 million investment in housing approved in the state budget by the governor and the state legislature.
HFA approved a $7.8 million first mortgage and $5 million second mortgage to finance the acquisition and rehabilitation of St. Simon's Terr., a 256-unit Mitchell Lama located at 360 St. Paul St. The new borrower is an entity controlled by Landsman Development Corp., whose principal is Elliot Landsman. The total development cost is $15 million. The project is expected to receive $2.33 million from the U.S. Department of Housing and Urban Development (HUD) through an Interest Rate Reduction Agreement; HUD Section 236 enhanced vouchers for 244 tenants; a $175,000 loan from the NYS Energy and Development Authority (NYSERDA); an annual allocation of $425,500 in Federal Low Income Housing Tax Credits; and a local property tax abatement. The project's mortgages with the Empire State Development Corp. (ESDC) will be satisfied through partial forgiveness of the outstanding balance, a cash payment of $1.2 million and a $1.574 million purchase note loan.
HFA also approved a $10 million first mortgage and a $2.75 million second mortgage to finance capital improvements at a development to be known as the Hamilton Apartments, a 203-unit Mitchell Lama located at 185 Mount Hope Ave., The new borrower is an entity controlled by Conifer Realty LLC. The complex was built in 1975 with a HUD Section 236 mortgage, which limits tenant income. The project is a 13-story building that was originally part of a low-income complex known as River Park Commons. The total cost of the project is $18.5 million. The project is expected to receive $2.39 million through a HUD Interest Rate Reduction Agreement; brownfield tax credits from the NYS Department of Environmental Conservation; an annual allocation of $589,377 in Federal Low Income Housing Tax Credits; HUD rental assistance payments for Section 202 tenants; $500,000 from the city; and $242,400 in NYSERDA Multifamily Performance funds.
AHC approved a $600,000 grant to the Bishop Sheen Ecumenical Housing Foundation to help repair 112 housing units located in 13 counties in WNY. The total cost of the home improvements is $1.6 million. The project will receive $560,000 in Access to Home funds provided by the NYS Housing Trust Fund Corp., $300,000 in HOME funds provided by the NYS Division of Housing and Community Renewal, $90,000 in Rural Development funds provided by the U.S. Department of Agriculture, and $50,000 in Emergency Home Repair funds provided by Bishop Sheen Ecumenical Housing Foundation. Tags: