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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 sale of the following City-owned property (collectively, "Disposition Area") in the Borough of Manhattan:
Address Block/Lot(s)
407 Lenox Avenue 1915/32
409 Lenox Avenue 1915/33
415 Lenox Avenue 1915/36
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 sell the Disposition Area to HP MJM Housing Development Fund Company, Inc. ("Sponsor") for the nominal price of one dollar per tax lot, and 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 78 rental dwelling units, plus one unit for a superintendent and approximately 7,500 square feet of commercial space and approximately 2500 square feet of community facility space on the Disposition Area and the adjacent private sites located on Block 1915, Lots 34 and 35.
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.
In accordance with the recent amendment of the Zoning Resolution, this project will be subject to Mandatory Inclusionary Housing.
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, 19th Floor, North 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.
Publication Date: February 15, 2017