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NYC Department of Housing Preservation & Development
Press Room

FOR IMMEDIATE RELEASE

September 18, 2000

Press Contacts:
Department of Housing
Preservation & Development
Contact: Carol Abrams
(212) 863-5176

New York City Partnership
Contact: Bud Perrone (212) 843-8068
Rubenstein Associates, Inc.

RIBBON-CUTTING CEREMONY MARKS COMPLETION OF PLAZA DE LOS ANGELES, A NEW DEVELOPMENT OF AFFORDABLE HOMES IN THE BRONX

Public Officials and Community Leaders Join NYC Department of Housing Preservation and Development and NYC Housing Partnership To Celebrate Homeownership in New York City

(Bronx, NY) September 18, 2000 - Public officials, developers, community leaders and new homeowners gathered today for a ribbon-cutting ceremony to celebrate the completion of Plaza de Los Angeles, a development of 35 affordable three-family homes in the Melrose section of the Bronx.

Located on Elton Avenue between 156th and 159th Streets, Plaza de Los Angeles was constructed through New York City's largest new housing construction program, the Partnership New Homes Program , a public/private initiative of the New York City Department of Housing and Preservation Development (HPD) and the New York City Housing Partnership.

Each home consists of an owner's unit and two additional rental units. The owner's apartment has three bedrooms and two full baths. A one-bedroom rental is located on the second-floor, and a two-bedroom rental is located on the third floor. Each homeowner enjoys a private rear yard with parking. In keeping with program guidelines, the homes were purchased by families with annual incomes between $32,000 and $70,950.

"It is fitting that we celebrate completion of Plaza de Los Angeles in September, which is Homeownership Month in New York City. Along with our many partners, we are helping City residents attain their dream of owning a home while further stabilizing and preserving this vibrant Bronx community," said New York City Housing Preservation and Development Commissioner Jerilyn Perine.

In addition to the Housing Partnership and HPD, the New York State Affordable Housing Corporation provided a total of $1,050,000 in subsidies for Plaza de Los Angeles. Bronx Borough President Fernando Ferrer provided $892,500 in grants. New York City contributed the land and $1,050,000 in subsidies. Chase Manhattan Bank acted as construction lender. Citibank and Chase are providing permanent mortgage loans to the purchasers. CitiMortgage, an affiliate ofCitigroup's Center for Community Development Enterprise, provided mortgage loans totaling more than $5 million for 24 of the homes. As the community sponsor, We Stay/Nos Quedamos assisted in marketing as well as outreach to the community. The developer was Elton Associates, LLC, the principals of which are Mario and Joseph Procida, Petr Stand and Magnus Magnusson.

"Since the beginning of my administration, housing has been at the top on my agenda. Through my office we have seen the development of over 64,000 units of new and rehabilitated housing. " said Bronx Borough President Fernando Ferrer. "By promoting homeownership which gives residents a greater stake in their community, projects such as Plaza de Los Angeles are contributing to a heightened quality-of-life in this borough."

"Plaza de Los Angeles represents another major step in the revitalization of the Melrose section in the South Bronx," added New York City Housing Partnership President and CEO Charles Brass. "It is not the final step, however. Through the Partnership New Homes Program, the Housing Partnership and HPD already are in the planning process for another 30 three-family homes in the Melrose section of the Bronx in addition to other mixed-use developments."

HPD's mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the nation's largest municipal housing development agency. Since Fiscal Year 1994, the agency has completed the construction or rehabilitation of nearly 64,000 units of affordable housing.

The New York City Housing Partnership works to promote development of affordable housing, revitalization of neighborhoods and expanded participation by local residents and entrepreneurs in the economic benefits of community development. The Housing Partnership was established in 1982 by the City's premier business and civic organization, the New York City Partnership and has constructed or rehabilitated more than 20,000 units of housing.




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