Pursuant to Section 695(2)(b) of the General Municipal Law and Section 1802(6)(j) of the Charter, notice is hereby given that the Department of Housing Preservation and Development ("HPD") of the City of New York ("City") has proposed the sale of the following City-owned property (collectively, "Disposition Area") in the Borough of Manhattan:
Addresses Block/Lots
258-260 West 153rd Street 2038/55
262-264 West 153rd Street 2038/57
Under HPD's Low Income Program, sponsors purchase City-owned land or vacant buildings and construct or rehabilitate multifamily buildings in order to create affordable rental housing. Construction and permanent financing is provided through loans from private institutional lenders and from public sources including HPD, the New York City Housing Development Corporation, the State of New York, and the federal government. Additional funding may also be provided from the syndication of low-income housing tax credits. The newly constructed or rehabilitated buildings provide rental housing to low-income families. Subject to project underwriting, up to 20% of the units may be rented to formerly homeless families.
Under the proposed project, which will be developed on the Disposition Area and the privately owned site located at Block 2038, Lot 58 (collectively, the “Project Area”), the City will sell the Disposition Area to HCCI West 153 Housing Development Fund Corporation ("Sponsor") for the nominal price of one dollar per tax lot. The Sponsor will also deliver an enforcement note and mortgage for the remainder of the appraised value (“Land Debt”). The Sponsor will then construct one building containing a total of 50 rental dwelling units, plus one unit for a superintendent and approximately 16,753 square feet of community facility space on the Project Area.
The Land Debt will be repayable out of resale or refinancing profits for a period of thirty (30) years following completion of construction. The remaining balance, if any, may be forgiven in the 30th year.
The appraisal and the proposed Land Disposition Agreement and Project Summary are available for public examination at the office of HPD, 100 Gold Street, Room 5-O8, and New York, New York on business days during business hours.
PLEASE TAKE NOTICE that a public hearing will be held on June 25, 2014 at Second Floor Conference Room, 22 Reade Street, Manhattan at 10:00 a.m., or as soon thereafter as the matter may be reached on the calendar, at which time and place those wishing to be heard will be given an opportunity to be heard concerning the proposed sale of the Disposition Area pursuant to Section 695(2)(b) of the General Municipal Law and Section 1802(6)(j) of the Charter.
Individuals requesting sign language interpreters should contact the Mayor's Office Of Contract Services, Public Hearings Unit, 253 Broadway, Room 915, New York, New York 10007, (212) 788-7490, no later than five (5) business days prior to the public hearing. TDD users should call Verizon relay services.