Announcing 21-23 Ave. C Closing

NEW YORK – The Urban Homesteading Assistance Board (UHAB) announces the completion of rehabilitation and permanent financing of 18-units of affordable housing that will soon become a low-income cooperative.

The loan closing on April 29, 2010 was for 21-23 Ave. C, an 18-unit building in the Lower East Side of Manhattan, a Housing Development Fund Corporation (HDFC) which will be called “Umbrella House HDFC.”

The 108-year-old building was a participant in the Lower East Side Homesteaders program.  UHAB served as developer/sponsor and interim owner, and Thomas A. Fenniman Architects provided architectural services.

Financing for the rehabilitation was provided through the combination of a loan from the National Cooperative Bank (NCB), sweat equity by homesteaders, 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 – Umbrella House 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.org or call the Homeownership Hotline at (212) 479-3333.

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

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Document: 

Announcing_21-23_Avenue_C_Closing.pdf