DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT
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)
668 Vermont Street 3841 / 32
666 Syndicates Avenue 3865 / 46
668 Syndicates Avenue 3865 / 47
642 Hinsdale Street 3866 / 41
1745 Linden Boulevard 3866 / 68
650 Alabama Avenue 4295 / 19
21 Malta Street 4295 / 72
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.
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.
This submission is a proposed amendment (“Amended Project”) to a project previously approved by the Mayor on October 24, 2007 (Cal. No. 1) (“Original Project”). The Amended Project changes the program from the New Foundations Program to the New Infill Homeownership Opportunities Program, changes the number of units from 22 to 19, and changes the disposition price from a total negotiated price of $22,000 to $1 per tax lot.
Under the Amended Project, NYC Partnership Housing Development Fund Company, Inc., the designated sponsor, will purchase the Disposition Area and construct up to two two-family homes and five three-family homes, with a total of up to 19 dwelling units, for sale to low-income purchasers. The Amended Project is part of the larger Mother Gaston Hinsdale project, which will result in the construction of 49 low-income housing units across 17 scattered sites.
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 December 21, 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.