CORRECTED NOTICE
PLEASE TAKE NOTICE that a public hearing will be held on July 24, 2024 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 disposition of the real property identified below. 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 Staten Island:
Addresses Blocks/Lots
123 Father Capodanno Boulevard Block 3124, Lot 116
398 Hamden Avenue Block 3728, Lot 20
181 Moreland Street Block 3734, Lot 38
183-185 Moreland Street Block 3734, Lot 39
187 Moreland Street Block 3734, Lot 41
176 Kiswick Street Block 3736, Lot 20
457 Lincoln Avenue Block 3738, Lot 5
455 Lincoln Avenue Block 3738, Lot 6
111 Grimsby Street (Tentative 111 & 113) Block 3795, Lot 37 (Tentative Lots 37 and 38)
521 Lincoln Avenue Block 3802, Lot 5
770 Patterson Avenue Block 3873, Lot 28
529 Greeley Avenue (Tentative 527 & 529) Block 3881, Lot 1 (Tentative Lots 1 and 3)
1144 Olympia Boulevard Block 3884, Lot 14,15 (Tentative Lot 14)
Under the Open Door Program, eligible sponsors purchase City-owned or privately owned land and construct cooperative or condominium buildings affordable to moderate- and middle-income households. Where dictated by lot size, the program may also fund the construction of new one- to three-family homes. 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.
Upon construction completion, the sponsor will sell the homeownership units to households who agree to owner-occupy their units for the length of the regulatory period. If the homeowner sells or refinances during the regulatory period, the homeowner may realize up to 2% appreciation on the original purchase price per year of owner occupancy. Upon resale, the homeowner will also be required to sell to a household earning no more than the project’s income limit.
The proposed project consists of the new construction of approximately seven single-family and eight two-family homes containing a total of approximately twenty-three dwelling units on the Disposition Area.
Under the proposed project, the City will sell the Disposition Area to Resilient Homes Housing Development Fund Company, Inc. (“Sponsor”) for the nominal price of one dollar per tax lot, and the Sponsor will convey beneficial ownership of the Disposition Area to Resilient Homes, LLC (“Company”), which will develop the Disposition Area. The Company will also deliver an enforcement note, and the Sponsor and the Company (collectively, “Owner”) will deliver an enforcement mortgage, for the difference between the appraised value of the land and the purchase price (“Land Debt”).
Upon the sale of each homeownership unit to an initial purchaser, the Land Debt and City Subsidy, if any, will be apportioned pro rata to each unit. At such time, HPD may unsecure or forgive all or a portion of the Land Debt, and unsecure, but not forgive, all or a portion of the City Subsidy, based on the appraised value of a homeownership unit and/or, in the case of forgiveness of Land Debt, if HPD determines that the forgiveness is necessary to reduce the taxable consideration for a unit. The sum evidenced by the note and secured by the mortgage will be reduced to zero upon maturity of the Land Debt and City Subsidy, respectively, if the owner has complied with the program’s restrictions.
The appraisal and the proposed Land Disposition Agreement and Project Summary are available for public examination by emailing Margaret Carey at careym@hpd.nyc.gov on business days during business hours.
To make a request for accommodation, such as sign language interpretation services, please contact the Mayor’s Office of Contract Services (“MOCS”) via e-mail at disabilityaffairs@mocs.nyc.gov or via phone at (212) 298-0734. TDD users should call Verizon relay services. Any person requiring reasonable accommodation for the public hearing should contact MOCS at least three business days in advance of the hearing to ensure availability.