CORRECTED PUBLIC NOTICE
CITY OF NEW YORK
DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT
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 acquisition and disposition of the following property ("Disposition Area") in the Borough of Manhattan:
Address Block/Lot
225 West 140th Street 2026/15
The Disposition Area is a privately-owned vacant lot that HPD previously conveyed in 1999 to Maxwell Development L.P. Pursuant to accelerated UDAAP and disposition approvals by the City Council and Mayor, as part of a Neighborhood Entrepreneurs Program residential rehabilitation project. Under the original project, the Disposition Area was to be developed as a new residential building with no more than four units. The Disposition Area has not been improved. HPD will re-acquire the Disposition Area and then dispose of it to facilitate the proposed project.
Under HPD's Mixed Income Program: M2, sponsors purchase City- or privately owned land or vacant buildings and construct multifamily buildings in order to create affordable rental housing units with a range of affordability in which up to 25 percent of the units are affordable to low income households earning up to 60 percent of the Area Median Income (“AMI”) and the remaining units are affordable to other low-income households. Construction and permanent financing is provided through loans from private institutional lenders and from public sources including HPD, the New York City Housing Development Corporation, the State of New York, and the federal government. Additional funding may also be provided from the syndication of low-income housing tax credits.
Under the proposed project, the City will acquire the Disposition Area from Maxwell Development L.P. for a purchase price of one dollar ($1.00) and then immediately convey it to HP MJM Housing Development Fund Company, Inc. ("Sponsor") for the nominal price of one dollar. The Sponsor will convey beneficial ownership to 407 Lenox Avenue, LLC and 407 Lenox LIHTC Owner LLC (the “LLCs”) (the Sponsor and the LLCs are collectively known as “New Owner”). The Sponsor will also deliver an enforcement note and mortgage for the remainder of the appraised value (“Land Debt”). The New Owner will then construct one building containing a total of approximately 20 rental dwelling units and approximately 2,500 square feet of community facility space on the Disposition Area.
The Land Debt will be repayable out of resale or refinancing profits for a period of at least thirty (30) years following completion of construction. The remaining balance, if any, may be forgiven at the end of the term.
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-I, New York, New York on business days during business hours.
PLEASE TAKE NOTICE that a public hearing will be held on March 8, 2017 at 1 Centre Street, Manhattan, 20th floor, Room D 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 five (5) business days prior to the public hearing. TDD users should call Verizon relay services.