Announcing 2185 Pacific St. Closing

BROOKLYN – The Urban Homesteading Assistance Board (UHAB) announces the completion of rehabilitation and permanent financing of 16-units of affordable housing that will soon become a low-income cooperative.

The loan closing on May 27, 2010 was for 2185 Pacific Street, a 16-unit building in Bedford-Stuyvesant, Brooklyn, a Housing Development Fund Corporation (HDFC) which will be called “NY Pacific Street HDFC.”

The 91-year-old building was taken by the City of New York from the previous owner for non-payment of taxes as part of the Department of Housing Preservation and Development’s (HPD) Third Party Transfer Program.  UHAB served as developer/sponsor and interim owner.  ELH Construction Corp. did construction, and Edelman Sultan Knox Wood provided architectural services.

Financing for the rehabilitation was provided through NYC’s HPD Participation Loan Program which included a loan from the Community Preservation Corporation (CPC) for $624,859 and a loan from HPD for $1,935,000.  The low-income residents and outside purchasers will be able to "buy their apartments" for $2,500 with the rest of the purchase price paid by a grant for first time homebuyers from the NYS Affordable Housing Corporation for $537,500 through the NYC Housing Partnership.  The residents will be purchasing the shares in their cooperative and taking control of the cooperative – NY Pacific Street HDFC - in the next few weeks.

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

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Document: 

Announcing_2185_Pacific_St._Closing.pdf