Announcing 209 E 7th Street Closing

NEW YORK – The Urban Homesteading Assistance Board (UHAB) announces the completion of rehabilitation and permanent financing of 19-units of affordable housing that will soon become a low-income cooperative.

The loan closing on June 24, 2010 was for 209 E 7th Street, a 19-unit building in the Lower East Side of Manhattan, a Housing Development Fund Corporation (HDFC) which will be called “209 East Seventh Street HDFC.”

The 111-year-old building was a participant in the Lower East Side Homesteaders program.  UHAB served as developer/sponsor and interim owner.  Paul Castrucci provided architectural services.

Financing for the rehabilitation was provided through the combination of an affordable participation loan from National Cooperative Bank (NCB), sweat equity, and a grant from the New York State Weatherization Assistance Program. NCB's loan will be sold to the NYC Employee Retirement System through their Targeted Investment Program. The residents will be purchasing the shares in their cooperative and taking control of the cooperative – 209 East Seventh Street HDFC - in the next few weeks.

UHAB is a nonprofit organization that creates, supports, and preserves affordable limited-equity cooperative housing in New York City.  For buyer information about affordable apartments in co-ops sponsored by UHAB, and/or units in existing HDFC co-ops, visit www.uhab.coop or call the Homeownership Hotline at (212) 479-3333.

Document: 

Announcing_209_E_7th_Street_Closing.pdf