PLEASE TAKE NOTICE that a public hearing will be held on April 9, 2025 at 10:00 a.m., or as soon thereafter as the matter may be reached on the calendar, at which time 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 Bronx. The public hearing will be held via conference call.
Address Block/Lot(s)
1093-1095 Jerome Avenue 2505/26 and 28
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 80 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, moderate income, and middle income families. 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 New Heights II 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. The Sponsor will then construct one building containing a total of approximately 60 rental dwelling units, plus one unit for a superintendent on the Disposition Area.
The Land Debt or the City’s capital subsidy may 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 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 (3) business days in advance of the hearing to ensure availability.