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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 Manhattan:
Address Block Lot(s)
212 East 117th Street 1666 41
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 Hope East of Fifth Housing Development Fund Company ("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 per tax lot.
Upon conveyance, as part of a larger project, the Sponsor will rehabilitate the one multiple dwelling in the Disposition Area to provide fourteen (14) rental dwelling units. The overall project is comprised of the rehabilitation of an aggregate of thirty nine (39) multiple dwellings located on privately-owned properties as well as the Disposition Area in the East Harlem neighborhood of Manhattan which, upon completion, will provide an aggregate of 506 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 August 17, 2016 at One Centre Street, 20th Floor, Conference Room D, 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.