CITY OF NEW YORK
DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT
Pursuant to Section 695(2)(b) of the General Municipal Law, Section 1802(6)(j) of the Charter and Section 1804 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 acquisition and subsequent sale of the following property (“Project Area”) in the Borough of the Bronx:
Address Block/Lot
1561 Walton Avenue 2845/47
The Project Area, which consists of vacant land, was previously sold by the City, pursuant to HPD’s Construction Management Program, for use as accessory parking that has since been underutilized. The City will acquire the Project Area and then convey it to a designated sponsor for the development of the project described below.
Under HPD's Extremely Low & Low Income Affordability 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 30% of the units may be rented to formerly homeless families.
Under the proposed project, the City will acquire and subsequently dispose of the Project Area to Neighborhood Restore Housing Development Fund Corporation, the designated sponsor (“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 convey the Project Area to 1561 Housing Development Fund Corporation (“1561 HDFC”), a subsidiary of Settlement Housing Fund, which will undertake the new construction of an eleven-story elevator building on the Project Area. When completed, the project will provide 59 units of rental housing for extremely low and low income individuals or families, plus one unit for a superintendent, and approximately 374 square feet of community facility space.
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-A4, New York, New York on business days during business hours.
PLEASE TAKE NOTICE that a public hearing will be held on April 29,, 2015 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.