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 the sale of the following City-owned property (collectively, "Disposition Area") in the Borough of Bronx:
Address Block/Lot(s)
439 East 163rd Street 2384/20
925 Brook Avenue 2384/25
--- Brook Avenue 2384/28
915 Brook Avenue 2384/32
913 Brook Avenue 2384/33
911 Brook Avenue 2384/34
--- East 162nd Street 2384/38
433 East 162nd Street 2384/48
--- East 163rd Street 2384/ARO23
--- East 163rd Street 2384/8901
Portion of demapped street-bed of Melrose Crescent between East 162 and East 163 Streets (including former Lot 8900); Demapped portion of Brook Avenue between East 163 Street and Elton Avenue; Demapped portion of East 162 Street at Elton Avenue
Under HPD's Mixed Income Program: Mix and Match, sponsors purchase City-owned or privately owned land or vacant buildings and construct multifamily buildings in order to create affordable rental housing units with a range of affordability in which at least half of the units are affordable to low income households earning up to 60 percent of the Area Median Income (“AMI”) and the remaining units are affordable to other low income households. 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.
Under the proposed project, the City will sell the Disposition Area to Bronx Commons Housing Development Fund Corporation ("Sponsor") for the nominal price of one dollar per tax lot, and Sponsor will convey beneficial ownership to Bronx Commons LLC (the “LLC”) (the Sponsor and the LLC are collectively known as “Owner”). The Sponsor will also deliver an enforcement note and mortgage for the remainder of the appraised value (“Land Debt”). The Owner will then construct approximately one building containing a total of approximately 302 rental dwelling units, plus one unit for a superintendent and approximately 38,595 square feet of commercial space and/or community facility space on the Disposition Area.
The Owner will enter into a regulatory agreement providing that, for a term of at least 40 years, approximately 10% of the units will be set aside for homeless families with incomes up to 30% area median income (AMI) and their rents will be set at 30% of 30% of AMI for a period of not less than 30 years. For the remaining 10 years of the regulatory term these units will no longer be set aside for homeless families, however, they will remain affordable for families with incomes up to 30% of AMI and their rents will be set at 30% of 30% of AMI. Not less than 50% of the units will be rented to families and individuals whose incomes do not exceed approximately 60% of AMI, approximately 20% of the units will be rented to families and individuals whose incomes do not exceed approximately 80% of AMI, approximately 15% of the units will be rented to households whose incomes do not exceed 90% of AMI, and the remainder of the units will rented to families and individuals whose incomes do not exceed approximately up to 110% of AMI.
The Land Debt will be repayable out of resale or refinancing profits for a period of at least thirty (30) years following completion of construction. The remaining balance, if any, may be forgiven at the end of the term.
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 27, 2016 at 1 Centre Street, Manhattan, Mezzanine 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.