Announcing 165-167-169 Ave. C Closing

NEW YORK – The Urban Homesteading Assistance Board (UHAB) announces the completion of rehabilitation and permanent financing of 24-units of affordable housing that will soon become a low-income cooperative. The building also contains 6 commercial units.

The loan closing on June 7, 2010 was for 165-167-169 Avenue C, a 24-unit building in the Lower East Side of Manhattan, a Housing Development Fund Corporation (HDFC) which will be called “165-167-169 Avenue C HDFC.”

The 107-year-old building was a part of HPD’s Tenant Interim Lease II (TIL II) program, aimed to return city-owned buildings to tenant ownership. UHAB served as developer/sponsor and interim owner, and Edelman Sultan Knox Wood provided architectural services.

Financing for the rehabilitation was provided through $3,872,375 of NYC Capital Funds. The residents will be purchasing the shares in their cooperative, and taking control of 165-167-169 Avenue C HDFC, in the next few weeks.

Press only: Dana Variano, UHAB Online Content Manager, variano@uhab.org

Document: 

Announcing_165-167-169_Avenue_C_Closing.pdf