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)
331 Ralph Avenue 1556 / 7
329 Ralph Avenue 1556 / 8
Under the New Infill Homeownership Opportunities Program (NIHOP), HPD promotes the new construction of one- to three-family homes, 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 of a cooperative project, the sponsor sells the units to eligible purchasers who have agreed to owner-occupy for a minimum of 20 years. The Land Debt and City Subsidy will be allocated to cooperative units, will evaporate with respect to each unit over 20 years of owner-occupancy in accordance with a formula determined by HPD, and will be repayable out of resale or refinancing profits.
HPD has designated Ralph Avenue I Housing Development Fund Corporation (“Sponsor”) as qualified and eligible to purchase and redevelop 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 two four-unit buildings containing a total of 8 new cooperative units for sale to low income purchasers.
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.