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Title: Amended Van/Buren/Greene
Property Disposition
Housing Preservation and Development (HPD)
Intergovernmental
1 Centre Street
New York, NY 10007
6/8/2016 10:00 AM
Archived
5/6/2016
Public Hearings
Description

PUBLIC NOTICE

URBAN DEVELOPMENT ACTION AREA PROJECT

 

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 Brooklyn:

 

                         Address                                                      Block/Lot(s)

 

                        716 Lafayette Avenue                                 1791/17

                        718 Lafayette Avenue                                 1791/18

                        720 Lafayette Avenue                                 1791/19

                        494 Gates Avenue                                       1814/15

                        461 Tompkins Avenue                                 1852/9

                        463 Tompkins Avenue                                 1852/8

                        633 Madison Street                                      1641/68                

                                                                                     

Under the New Infill Homeownership Opportunities Program (NIHOP), HPD promotes the new construction of one- to three-family home and small buildings with condominium and cooperative units to foster mixed-income communities by providing affordable homeownership opportunities targeted to New York City’s workforce community. 

 

Under NIHOP, housing development fund company sponsors purchase City-owned land for one dollar per tax lot and construct one- to three-family homes or buildings containing condominium or cooperative units. The sponsor also delivers a note and mortgage for the difference between the appraised value of the land and the purchase price (“Land Debt”).  Construction financing may be provided through loans from the City ("City Subsidy"), the New York State Affordable Housing Corporation, private lenders and developer equity.  The City provides tax exemption for the homes.

 

Upon completion, the sponsor sells the homes to eligible purchasers who have agreed to owner-occupy for a minimum of twenty years.  The Land Debt and City Subsidy, if any, are apportioned pro rata to each home and may be unsecured at the time of sale based on the home's post-construction appraised value.  Purchasers repay the Land Debt and City Subsidy, if any, attributable to their homes by delivering a note and a mortgage and/or conditional grant agreement to the City.  The sum evidenced by the note and secured by the security instruments will be reduced to zero after twenty years of owner occupancy.  Initial purchasers and subsequent owners are required to make payments to the City out of resale or refinancing profits.

 

This submission is a proposed amendment (“Amended Project”) to a project previously approved by the Mayor on July 16, 2008 (Cal. No. 1) (“Original Project”).  The Amended Project changes the name of the Sponsor from NYC Partnership Housing Development Fund Company, Inc. to Restored Homes Housing Development Fund Corporation, changes the program from the New Foundations Program to the New Infill Homeownership Opportunities Program and substitutes three vacant lots in the Disposition Area that are currently Green Thumb gardens (Block 1791/Lots 62, 63, 64) with three alternate lots (Block 1852/Lots 9 and 8 and Block 1641/Lot 68), but is otherwise the same as the Original Project. 

 

Under the Amended Project, which consists of the Disposition Area and the privately-owned lots located at Block 1795/Lot 15, Block 1801/Lot 8 and Block 1789/Lot 80 (collectively, “Project Area”),  Restored Homes Housing Development Fund Corporation (“Sponsor”) will purchase the Disposition Area under the New Infill Homeownership Opportunities Program.  HPD proposes to sell the Disposition Area to the Sponsor at the nominal price of one dollar per tax lot.  Upon conveyance, the Sponsor will also deliver a note and mortgage for the difference between the appraised value of the land and the purchase price

 

("Land Debt").  The Sponsor will then construct up to 10 new 2-family homes on the Project Area, containing a total of up to 20 dwelling units for sale to low income purchasers.

 

The Land Debt and City Subsidy, if any, will be apportioned pro rata to each home and may be unsecured at the time of sale based on the home's post-construction appraised value.  Purchasers will repay the Land Debt and City Subsidy, if any, attributable to their homes by delivering a note and mortgage and/or conditional grant agreement to the City.  The sum evidenced by the note and secured by the security instruments will be reduced to zero after twenty years of owner occupancy.  Initial purchasers and subsequent owners will be required to make payments to the City out of resale or refinancing profits.

 

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 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 seven (7) business days prior to the public hearing.  TDD users should call Verizon relay services.


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