Rehab Completed on 142-unit Building in Brooklyn
Low-income residents prepare for homeownership in coming weeks
NEW YORK – The Urban Homesteading Assistance Board (UHAB) announces the completion of rehabilitation and permanent financing of 142 units of affordable housing that will soon become a low-income cooperative.
The loan closing on Thursday, November 19 was for 420 Georgia Ave. and 405 Williams Ave., a 142-unit development in East New York. The new owner, Williams and Georgia Towers HDFC, is a project-based Section 8 development with a strong tenant association that has fought for many years to preserve their property as a Housing Development Fund Corporation (HDFC).
The two buildings were taken by the City of New York as part of the Department of Housing Preservation and Development’s (HPD) Third Party Transfer Program. UHAB served as developer/sponsor and interim owner. MDG Design and Construction was the general contractor.
Financing for the rehabilitation was provided through an affordable loan with participation from the Low Income Investment Fund (LIIF) for $4,099,315 and from NYC HPD for $6,279,455. LIIF’s loan was sold to the NYC Employee Retirement System through their Targeted Investment Program. The low-income residents will be able to "buy their apartments" for $700, in order to provide this homeownership opportunity to residents who are receiving Section 8 rental subsidy for families earning less than 50% of New York City’s Area Median Income, or, for a family of four, $38,400 or less.
The residents will be purchasing the shares in their cooperative and taking control of the cooperative – Williams and Georgia Towers - 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 (212) 479-3333.
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