Announcing 375 Manhattan Ave. Closing

NEW YORK – The Urban Homesteading Assistance Board (UHAB) announces the completion of rehabilitation and permanent financing of 20-units of affordable housing that will soon become a low-income cooperative.

The loan closing on February 23, 2010 was for 375 Manhattan Avenue., a 20-unit building in Morningside Heights, a Housing Development Fund Corporation (HDFC) which will be called 375 New York HDFC.

The 90-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.  Novalex Contracting did the construction, and Edelman Sultan Knox Wood provided architectural services.

Financing for the rehabilitation was provided through an affordable participation loan from National Cooperative Bank (NCB) for $959,888 along with a loan from NYC HPD for $1,350,000. NCB's loan will be sold to the NYC Employee Retirement System through their Targeted Investment Program. 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 - New York 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: 

UHAB_Announcing_375_Manhattan_Ave._Closing.pdf