FOR IMMEDIATE RELEASE: September 12, 2002
For more information: Andy Reicher, Joe Center, 212-479-3300
Also see building and construction photos from Spring 2003.
NEW YORK, NY - 9/12/02 - West Harlem residents have taken major steps toward home ownership this summer. Fourteen buildings in the Amsterdam Avenue and 148th Street area that were previously owned by the city will get a complete rehabilitation and be made available to the tenants for a modest purchase price as part of a limited-equity co-operative housing project developed by the Urban Homesteading Assistance Board (UHAB) with major funding from the City of New York's Department of Housing Preservation and Development (HPD.) Construction on 12 buildings began in July. The other two are being used for relocation and will be renovated in the next couple years.
Tenants are being trained by UHAB to manage the buildings as co-op corporations. Once the renovations, which include wiring for high-speed Internet access and enhanced security features, are complete, residents will be able to purchase their apartments for $250. Monthly maintenance fees for the 1-3 bedroom apartments will range from $320-$520.
"It's a happy feeling, that's for sure. I can't wait to see it," says George Bouziotis, who has been living 521 W 148th St for five years. He recalls that when his partner Miguel Gomez moved in fifteen years ago, you needed plywood to walk across the floor because it was burnt and there were daily leaks. "We're looking forward to a problem-free environment," he says.
These limited-equity units will remain permanently affordable to low-income residents, as part of an effort to contribute to neighborhood stability and much-needed affordable housing. In a report comparing programs for city-owned buildings, researchers from the City University of NY Graduate Center for Human Environments (CUNY HERG) found that cooperative ownership performs very strongly in terms of management and housing quality, reduced problems with drugs and crime, and tenant satisfaction.
The city, through the Department of Housing Preservation and Development (HPD), will provide a budget of nearly $15.4 million to cover the cost of renovations. Section 8 rental assistance will be available to all existing tenants who need financial assistance to participate in the co-op conversion process. Due to the low monthly fees, however, few actually need assistance. Tenants will be relocated within the cluster of buildings during renovation.
The Urban Homesteading Assistance Board (UHAB) is a city-wide nonprofit that develops, trains, and supports low-income limited-equity co-ops. More recently, UHAB has also been involved as a developer, taking temporary ownership and managing the financing and renovation process before the buildings are converted to co-ops.
The West Harlem project is the largest single development project in UHAB's history, and will result in over 176 ownership units. The buildings are being renovated and converted to co-operative ownership under a variation of the city's long-standing Tenant Interim Lease (TIL) program.
About UHAB
For more than 25 years, UHAB has been helping residents take control of distressed, neglected or abandoned buildings, enabling them to become cooperative homeowners. UHAB provides on-going training and technical assistance in tenant participation and self-help housing. There are more than 1200 buildings that have been converted to co-operative housing though UHAB's assistance.
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