Building Affordable Housing in Neighborhoods across New York City is a Central Component of the Bloomberg Administration’s Five Borough Economic Opportunity Plan
Mayor Michael R. Bloomberg and Governor David A. Paterson today announced that
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“Today’s announcement demonstrates that the Recovery Act is working now to jumpstart the nation’s ailing economy,” said U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan. “The TCAP program is significantly boosting our efforts to put the American people back to work, right here in
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Under the Recovery Act, the Tax Credit Assistance Program provides grants through a formula-based allocation to State housing agencies. The funds are helping jumpstart the market for construction of affordable housing by providing financing for the acquisition and construction of buildings for affordable housing. HUD awarded $2.25 billion in TCAP funding nationwide. Of the $250 allocated to
One of the developments is located on two separate sites in
The two buildings, developed through a joint venture between Phipps Houses and Urban Builders Collaborative, will be completed in the fall of 2011. All the units in this development will be permanently affordable to households with incomes up to $46,080 for a family of four and up to $32,280 for a single person. The total development cost of the project is $143.5 million. The New York City Housing Development Corporation is contributing $21.7 million and a loan of $71.4 million for the construction of the project, supported with a letter of credit provided by JPMorgan Chase and Bank of New York Mellon. In addition, JPMorgan Chase, acting through a placement by Richman Housing Resources, will invest $38.8 million in Low Income Housing Tax Credit equity to pay down the construction loan at permanent conversion. Phipps Houses will invest $1.9 million of its own funds as equity and will advance $700,000 provided by the New York State Energy Research and Development Authority to make energy-saving enhancements.
The
“The creation and preservation of affordable housing is critical to my district and our city, especially in the midst of the current economic crisis,” said Council Member Mark-Viverito. “
“The Tax Credit Assistance Program has been a crucial tool as we continue to move forward aggressively with the Mayor’s New Housing Marketplace Plan – the largest municipal housing plan in the country. In Fiscal Year 2009 alone,
“Despite the turbulence in the capital markets, the New York City Housing Development Corporation has continued to meet its goals under the Mayor’s housing plan, financing new affordable housing, preserving existing affordable developments, strengthening neighborhoods throughout the City, and in the course of it all generating jobs for New Yorkers,” said Housing Development Corporation President Marc Jahr.
“Building new housing in
“The Low-Income Housing Tax Credit Program is a critical tool for creating affordable housing, but the economic crisis has made it difficult to use this program to its full potential,” said DHCR Commissioner Deborah VanAmerongen. “Governor Paterson was the first Governor in the nation to propose that funding to boost affordable housing development and preservation be included in the economic recovery package. The Tax Credit Assistance Program will get stalled projects up and running and create quality affordable housing and stronger neighborhoods throughout
“Phipps Houses is very pleased to have worked with the State, the City, HDC and NYCHA to close this complicated and path-breaking development known as
In addition to the Hobbs Court-Ciena development, three other developments are getting Tax Credit Assistance Program financing. Two of them, the Balton and the Douglass, are located on
The Bloomberg Administration’s Five Borough Economic Opportunity Plan is a comprehensive strategy to bring
· The start of construction of an affordable housing complex in the
· Steps to prevent a speculative purchase of Ocelot Capital Group sites in the
· Plans for the first 120 units of the Seaview Senior housing project in
· SecondMarket, Inc. will create 367 new jobs in
· $1 million to create a shared commercial kitchen at La Marqueta in
· The start of construction of a 600-unit mixed-income complex in the
· The start of construction of major improvements to
· $100 million for 14 infrastructure projects across
· The adoption of the City’s plan for
· $350,000 in NYC Business Solutions Training Funds awarded to small businesses.
· Resources for workforce training to New Yorkers for jobs in a green economy.
· ImClone will locate its research headquarters at the City’s new bioscience complex.
· Enhancements to the City’s Minority- and Women-Owned Business
· The opening of a 125-unit mixed income housing development in the
· A plan to create 11,000 permanent industrial jobs on
· A record 10,500 job placements through the first half of 2009.
· A plan to convert unoccupied apartments and stalled sites into affordable housing.
· Eight initiatives to strengthen the media industry in
· The opening of
· The purchase of the Hunter’s Point South site to create a new, affordable neighborhood.
· A public campaign to help more New Yorkers get free foreclosure prevention services.
· The start of services of the Park Slope 5th Avenue Business Improvement District.
· A stimulus-funded bond program to spur commercial and industrial projects citywide.
· The City will use nearly $32 million to train 10,000 New Yorkers for jobs.
· New space for 20 small businesses in Bushwick, creating more than 80 industrial jobs.
· New initiatives to help support Hispanic-owned small businesses.
· The opening of China Construction Bank’s
· New international cruise activity, growing
· Steps to help
· Legislation that will green buildings and create 19,000 construction jobs.
· Green projects at the Brooklyn Navy Yard are creating more than 1,700 permanent jobs.
· Comprehensive initiatives to support the nonprofit sector and its 490,000 jobs.
· New programs to provide training and resources for City’s future entrepreneurs.
· 11 new initiatives to support the financial services sector and promote entrepreneurship.
· The citywide “Fashion’s Night Out” event to support retailers in all five boroughs.
· The start to construction of the
· City’s Workforce1 Centers in Harlem and
· Food Retail Expansion to Support Health (FRESH) program to encourage grocery stores.
· City-supported loans unavailable from banks to help small businesses stay in operation.
· Three new Financial Empowerment Centers offering free, one-on-one financial coaching.
· Stimulus funding to help the City provide summer jobs for 51,000 young New Yorkers.
· The opening of New Hope Walton Project, housing for low-income residents in
· New affordable housing at
· The Harlem Business Assistance Fund to help businesses relocate to the
· The expansion of NYC Business Express to help businesses obtain permits and licenses.
· The “Nine in ’09” campaign to promote economic activity in diverse neighborhoods.
· A Center for Economic Opportunity program put 4,000 low-income New Yorkers in jobs.
· Stimulus-funded community development projects that will strengthen neighborhoods.
· Stimulus-funded Housing Authority projects that will create jobs for 3,255 New Yorkers.
· The start of construction of 103 units of affordable housing in
· The opening of Home Depot in the
· The latest round of training funds to help small businesses train their employees.
· The placement of 50 laid-off New Yorkers into positions at entrepreneurial companies.
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· Help for a beer distributor to create 55 permanent and 30 construction jobs in the
· Comprehensive initiatives to support the nonprofit sector and its 490,000 jobs.
· Federal stimulus transportation projects that will create or preserve 32,000 jobs.
· Steps the City is taking to help small businesses adapt to conditions and avoid layoffs.
· A plan to create and retain 400,000 jobs over the next six years.