DEPARTMENT OF HOUSING PRESERATION & DEVELOPMENT
PUBLIC NOTICE
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)
1370 Lyman Place 2970 52
Under HPD's LIHTC Preservation Program, sponsors rehabilitate vacant and/or occupied multifamily buildings that previously received Low Income Housing Tax Credits (LIHTC) together with buildings that did not previously receive LIHTC in order to create affordable rental housing units. Construction and permanent financing is provided through loans from private institutional lenders and from HPD.
HPD has designated Don L. W. Housing Development Fund Corporation ("Sponsor") as qualified and eligible to purchase and redevelop the Disposition Area under the LIHTC Preservation Program. HPD proposes to sell the Disposition Area to the Sponsor at the nominal price of one dollar.
Upon conveyance, as part of a larger project, the Sponsor will rehabilitate the one multiple dwelling in the Disposition Area to provide two rental dwelling units. The overall project is comprised of the rehabilitation of an aggregate of 11 multiple dwellings on the Disposition Area and on privately-owned properties located on Block 2940, Lot 38; Block 2964, Lot 21; Block 2970, Lots 31, 34, 38, 43, 47 and 49; and Block 2976, Lots 82, 87 and 92 which, upon completion, will provide an aggregate of 270 rental dwelling units and 16 commercial spaces.
The Sponsor seeks to finance the larger rehabilitation using tax exempt bonds, HPD subsidy, and existing project reserves. The overall project will provide rental housing for households with incomes up to 60% of area median income.
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 June 8, 2016 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 seven (7) business days prior to the public hearing. TDD users should call Verizon relay services