PLEASE TAKE NOTICE that a Real Property Hearing will be held on Wednesday, August 12, 2020, at 10:00 AM. The Public Hearing will be held via Conference Call. Call-in #: 1-646-992-2010, Access Code 717-876-299.
Pursuant to Section 695(2)(b) of the General Municipal Law and Section 1802(6)(j) of the Charter, 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 Brooklyn:
Address Block/Lot
515 Blake Avenue 3766/1
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 80% of the Area Median Income (“AMI”). Projects may include tiers 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 Supportive Housing Loan Program, HPD funds the rehabilitation or new construction of buildings which provide supportive housing for the homeless, people with special needs, and other persons of low income. HPD works with the Department of Homeless Services, the Department of Health and Mental Hygiene, the Human Resources Administration’s HIV/AIDS Services Administration, and other public agencies to ensure that the completed projects receive appropriate building security and social services.
Under the proposed project, the City will sell the Disposition Area to Neighborhood Restore Housing Development Fund Corporation ("Sponsor") for the nominal price of one dollar per tax lot. The Sponsor will subsequently convey the Disposition Area to HELP 515 Blake Avenue Housing Development Fund Corporation (“Owner”). The Owner will also deliver an enforcement note and mortgage for the remainder of the appraised value (“Land Debt”). The Owner or its affiliates will demolish an existing 192-unit transitional housing facility and then construct approximately four buildings containing a total of approximately 507 rental dwelling units, plus three units for superintendents, and approximately 3,945 square feet of commercial space on the Disposition Area.
The proposed project will be developed in three phases. Phase 1 will be the construction of one approximately 183-unit building for occupancy by homeless and low income persons, plus one unit for a superintendent, and approximately 1,745 square feet of commercial space, to be conveyed under HPD’s Supportive Housing Loan Program. Phase 2 will be the construction of one approximately 70-unit building for occupancy by homeless and low income persons, plus one unit for a superintendent, to be conveyed under HPD’s Supportive Housing Loan Program. Phase 3 will be the construction of two buildings with a total of approximately 254 units plus one superintendent unit, with approximately 2,200 square feet of commercial space, to be conveyed under HPD’s Extremely Low and Low Income Affordability Program.
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 by contacting HPD at pearsona@hpd.nyc.gov on business days during business hours.
In order to access the Public Hearing and testify, please call 1-646-992-2010, Access Code: 715 951 139 no later than 9:55 AM. If you need further accommodations, please let us know at least five business days in advance of the Public Hearing via e-mail at DisabilityAffairs@mocs.nyc.gov.