FOR IMMEDIATE RELEASENew York City's Housing Agency and the New York City Housing Partnership
May 30, 2001
Press Contacts: Kim Brown, HPD (212) 863-8076
Sandy Mancini, Partnership (212) 493-7442
Announce Designation of Developers for 1,700 Units of Affordable Housing
The New York City Housing Partnership and the New York City Department of Housing Preservation and Development (HPD) announced the designation of developers for the construction of more than 1,700 units of affordable housing for sale to moderate- and middle-income families under the Partnership New Homes and Neighborhood Builder Programs. The Partnership New Homes Program is New York City's largest newhousing construction program.
The City and State provide subsidies to keep the homes affordable to families with annual incomes between $32,000 and $75,000. The New Homes and Neighborhood Builder Programs are designed to meet the growing need for affordable homeownership opportunities for New Yorkers.
"Both of these programs have contributed to the revitalization of neighborhoods throughout the City and helped thousands of New Yorkers realize their dream of homeownership," said HPD Commissioner Jerilyn Perine.
More than $21 million in City funds have been committed to the latest development of new homes, which will be located in 24 sites in the Bronx, Brooklyn and Queens. Partnership projects generally consist of one-, two-, or three-family homes and low-rise condominiums. All Partnership homes must be owner-occupied for the first 25 years or the subsidies are repayable. The public investment will leverage $192 million in other public and private funding for affordable housing.
The completion of these homes will bring the total number of units completed under the New Homes and Neighborhood Builders programs to more than 18,000 since the programs' start in 1984. Over that period of time, the City has invested more than $161 million in the two programs, which, in turn, has leveraged more than $1.2 billion in other government and private financing.
Under the New Homes Program, established developers are identified to build moderately-priced, owner-occupied, one- to three-family homes and condominiums on selected sites in New York City. Through the Neighborhood Builder Program, small locally-based developers are selected to develop such housing and receive additional development assistance. Both programs use funds from the New York City Capital Budget and the New York State Affordable Housing Corporation.
The developers selected are responsible for obtaining private bank financing for the construction of the projects. At the construction loan closing, the sites are conveyed by the City to the NYC Partnership Housing Development Fund Company, Inc. ("HDFC") which will, in turn, contract with the developers to build and sell the homes. Marketing for these homes will begin in Spring 2002, for occupancy in 2002 or 2003. For more information about buying one of these homes, call the Partnership at (212) 493-7420.
New York City Partnership and Chamber of Commerce President and CEO Kathryn S. Wylde added, "Homeownership gives working families the chance to become larger stakeholders in revitalized communities. The business leadership of New York supports this program because it extends economic opportunity to many households that could not otherwise afford to purchase a home."
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 68,250 units of affordable housing. To request a Homeownership Kit, call HPD's Information Line at (212) 863-8000. For more information about affordable rental housing, call HPD's Affordable Housing Hotline at (212) 863-5610 or log on to nyc.gov/hpd.
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.