PUBLIC NOTICE
CITY OF NEW YORK
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 sold the following City-owned property in the Borough of Brooklyn:
Address Block/Lot(s)
1900 Park Place 1468/56 (Formerly p/o Lot 56, Lots 58 and 60)
416 Thomas S. Boyland Street 1468/63 (Formerly p/o Lot 56, Lots 63 and 64)
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 a tax exemption for the homes.
This submission is a proposed amendment (“Amended Project”) to a project previously approved
by the Council on December 21, 2009 (Resolution No. 2315) and by the Mayor on December 21, 2016
(Cal. No.16) (“Original Project”). Under the Original Project, the City sold the Disposition Area to Habitat
for Humanity Latent Thomas Boyland Street Housing Development Fund Corporation (“Sponsor”) on
February 10, 2017 to construct up to three (3) buildings containing a total of 25 condominium units for sale to low-income purchasers.
Under the Amended Project, the type of housing would change from condominium units to cooperative
units, but it is otherwise the same as the Original Project. Under the Amended Project, Sponsor will
construct up to three (3) buildings containing a total of up to 25 cooperative units for sale to a low-income cooperative. Shareholders must agree to occupy their units as a primary residence. The Land Debt and City Subsidy will be allocated to each cooperative unit and will evaporate with respect to such units over twenty (20) years of owner-occupancy in accordance with a formula determined by HPD. Purchasers will repay the Land Debt and City Subsidy attributable to their units by delivering cash and/or notes and appropriate security instruments to the City.
The appraisal and the proposed Amended 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 21, 2017 at 1 Centre Street, Manhattan, 20th fl. 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 seven (7) business days prior to the public hearing. TDD users should call Verizon relay services.