PUBLIC NOTICE
CITY OF NEW YORK
DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT
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 an amendment to the terms and conditions of the sale for the following properties (collectively, “Disposition Area”) in the Borough of Brooklyn:
Addresses Blocks/Lots
39 Maujer Street 2785/42
37 Maujer Street 2785/43
37 Ten Eyck Street 2791/35
33 Ten Eyck Street 2791/37
354 Bedford Avenue 2430/23
356 Bedford Avenue 2430/24
358 Bedford Avenue 2430/25
121 South 4th Street 2430/28
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.
This submission is a proposed amendment (“Amended Project”) to a project previously approved by the Council on April 6, 2011 (Reso. No. 771) and by the Mayor on April 25, 2011 (Cal. No. 6) (“Original Project”). The Amended Project changes the number of residential units and the amount of commercial and community facility spaces. The Amended Project also specifies the affiliate of the NYC Partnership Housing Development Fund Company, Inc. (the previously named sponsor) that will act as Sponsor.
Under the Amended Project, the City will sell the Disposition Area to HP Yuco Housing Development Fund Company, Inc. (“Sponsor”) for a nominal price of one dollar per tax lot. The Sponsor will also deliver an enforcement note and mortgage to the City for the remainder of the Disposition Area’s appraised value (“Land Debt”). The Sponsor will then construct four buildings with approximately 53 rental dwelling units with approximately 9,189 square feet of commercial space and approximately 1,867 square feet of community facility space (instead of 59 rental dwelling units, approximately 5,810 square feet of commercial space and approximately 422 square feet of community facility space as previously approved in the Original Project) on the Disposition 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 is available for public examination at the office of HPD, 100 Gold Street, Room 5-O8, 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.