Announcing 2310 Clarendon Road Closing

The Urban Homesteading Assistance Board (UHAB) announces the completion of rehabilitation and permanent financing of 27-units of affordable housing that will soon become a low-income cooperative. 

 

The loan closing on January 26, 2011was for 2310 Clarendon Road, a 27-unit building in Brooklyn, a Housing Development Fund Corporation (HDFC) which will be called "2310 Clarendon Road HDFC." 

 

The 80-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. JF Construction completed the construction and KV Lambiris provided architectural services.

 

 Financing for the rehabilitation was provided through NYC's HPD Participation LoanProgram which included a loan from NCB Capital Impact for $763,449, and a loan from HPD for $2,322,000.  Long time residents and low-income outside buyers have purchased shares in 2310 Clarendon Road HDFC, and are now homeowners.  

The cost to purchasers was $2,500 per apartment.  The rest of the purchase price was paid by a grant for first time homebuyers from the NYS Affordable Housing Corporation for $592,500. The residents will be electing a new Board of Directors and taking control of the cooperative in the next few months.  

 

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.