FOR IMMEDIATE RELEASENYC HPD Receives $1 Million Development Assistance from HUDFunds to Help Spur Economic Revitalization of Harlem
October 19, 2001
Press Contacts: Carol Abrams (212) 863-5176
Kim Brown (212) 863-8076
New York City Department of Housing Preservation and Development (HPD) Commissioner Jerilyn Perine today announced that the U.S. Department of Housing and Urban Development (HUD) has awarded the city's housing agency with a $1 million Economic Development Initiative (EDI) grant to leverage $9 million in Section 108 loans. The funds will be used to continue commercial and retail development along West 116th Street, which will create 110 permanent jobs.
HPD plans to use its grant to complete the third and final phase of its ANCHOR development along West 116th Street between 5th Avenue and Malcolm X Boulevard in Manhattan's Harlem community by developing 222 units of new housing and 50,000 square feet of commercial retail. Construction is scheduled to begin in late 2002/early 2003.
"Homeownership is critical to revitalizing the Harlem community," said Commissioner Perine. "This grant will allow us to continue creating homeownership and business opportunities in Harlem."
The ANCHOR program, which stands for Alliance for Neighborhood Commerce, HomeOwnership and Revitalization, has transformed the area around West 116th Street. The most visible sign of that transformation is Renaissance Plaza, a newly-constructed 11-story cooperative at the corner of West 116th Street and Malcolm X Boulevard. The building features 240 cooperative apartments, a unit for the superintendent, and 62,000 square feet of ground-level retail for a Met Foods grocery store, an Ashley Stewart women's apparel shop, a Petland discount store, a branch of Carver Federal Savings Bank, a Rite Aid drug store, and tutoring space for the Rheedlen Family Center. The ANCHOR program also led to the creation of homeownership through the Malcolm Shabazz Gardens Partnership Homes on West 117th Street. A 129-unit condominium development called 1400 Fifth Avenue is planned for Fifth Avenue between 115th and 116th Streets. It will include 30,000 square feet of commercial space.
The ANCHOR program was initiated in 1995 to help develop 250,000 square feet of city-owned commercially-zoned sites in under-served neighborhoods where public and private investment has created significant market demand and a positive economic climate. In addition to the Harlem sites, there are ANCHOR sites in Brooklyn, Queens and the Bronx.
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 over 73,000 units of affordable housing. To request a Homeownership Kit, call HPD's Information Line at (212) 863-8000.