Announcing 42 Patchen Ave. Closing

NEW YORK– The Urban Homesteading Assistance Board (UHAB) announces the completion of rehabilitation and permanent financing of 8-units of affordable housing that will soon become a low-income cooperative.

The loan closing on April 28, 2010was for 42 Patchen Avenue, an 8-unit building in the Bedford Stuyvesant neighborhood of Brooklyn, a Housing Development Fund Corporation (HDFC) which will be called “Patchen’s Finest HDFC.”

The 79-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 Company, LLC did the construction and Edelman Sultan Knox Wood Architects LLP 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 $268,822, and a loan from HPD for $1,295,000.  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 $312,500 through the NYC Housing Partnership.  The residents will be purchasing the shares in their cooperative and taking control of the cooperative – Patchen’s Finest 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.

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

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Document: 

Announcing_42_Patchen_Closing.pdf