PUBLIC NOTICE
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 the Bronx:
Address Block/Lot(s)
3120 Park Avenue 2418/6
451 E. 159th Street 2381/43
This submission seeks approval for the disposition and development of two vacant City-owned properties located on Block 2418, Lot 6, and Block 2381, Lot 43 in the Bronx. The Mayor previously approved a project for the conveyance and development of the Disposition Area along with three properties located on Block 2647, Lots 43 and 44, and Block 2646, Lot 41 (Mayoral Approval Document dated August 15, 2002 (Cal. No. 2)). In 2010, the City conveyed the three additional properties in accordance with the prior approval but has never conveyed the Disposition Area. This submission seeks a new Mayoral approval for the Disposition Area.
Under the previous approvals, the Disposition Area was to be developed with two multiple dwellings containing approximately 16 units that would be affordable to and rented to households with incomes ranging from up to 60% of AMI to up to 90% of AMI. This submission proposes that the Disposition Area be developed with two multiple dwellings containing a total of 37 rental units (plus one unit for a superintendent) that would be affordable to households with incomes ranging from 80% of AMI to 90% of AMI and rented to households with incomes ranging from up to 90% of AMI to up to 110% of AMI. In addition, under the previous approvals, the Disposition Area was to be developed under the Low Income Rental Program. The Disposition Area will now be developed under the Neighborhood Construction Program.
Under HPD's Neighborhood Construction Program, sponsors purchase City-owned or privately owned land or vacant buildings and construct multifamily buildings in order to create up to 45 units of affordable rental housing on infill sites. 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. The newly constructed buildings provide rental housing to low-income households at a range of incomes.
Under the proposed Project, the City will sell the Disposition Area to HP Park and Elton Apartments Housing Development Fund Company, Inc. ("Sponsor") for the nominal price of one dollar per tax lot. The Sponsor will also deliver an enforcement note and mortgage for the remainder of the appraised value (“Land Debt”). The Sponsor will convey beneficial ownership of the Disposition Area to Park and Elton Apt. Owners, LLC (the “LLC”), a limited liability company, which will operate the Exemption Area. The Sponsor will then construct two buildings containing a total of 37 rental dwelling units plus one unit for a superintendent 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 September 13, 2017 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 five (5) business days prior to the public hearing. TDD users should call Verizon relay services.