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Title: Disposition
Property Disposition
Housing Preservation and Development (HPD)
Intergovernmental
1 Centre Street
New York, NY 10007
5/9/2018 1:00 AM
Current
4/3/2018
Public Hearings
Description

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 Bronx:

 

Address                                                                                     Block/Lot(s)

345 St. Ann’s Avenue                                                                2268/27 (Formerly Lots 23-30 & 32)

                                                                                                                    

       

Under HPD's Extremely Low and Low Income Affordability Program, sponsors purchase City-owned or privately owned land or vacant buildings and construct multifamily buildings in order to create affordable rental housing.  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 families with a range of incomes from 30% to 60% of the Area Median Income (“AMI”).  Projects may include a tier of units with rents affordable to households earning up to 100% of AMI.  Subject to project underwriting, up to 30% of the units may be rented to formerly homeless families and individuals.

 

Under the proposed project, the City will sell the Disposition Area to TCB Mott Haven Housing Development Fund Corporation ("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 then construct 1 building containing a total of approximately 169 rental dwelling units, plus one unit for a superintendent, and approximately 14,297 square feet of commercial space, and approximately 7,300 square feet of community facility space on the Disposition Area and will develop approximately 8,820 square feet of the Disposition Area as open space.

 

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  May 9,  2018 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/translators should contact the Mayor's Office Of Contract Services, Public Hearings Unit, 253 Broadway, 9th Floor, New York, New York 10007, (212) 788-7490, no later than ten (10) business days prior to the public hearing.  TDD users should call Verizon relay services.


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