FOR IMMEDIATE RELEASENinety-Six New Affordable Apartments to be Constructed in the Clinton Area of Manhattan A Combination of Financing from Public and Private Sources Creates a Unique Mix of Low and Middle-Income Housing
September 12, 2002
Carol Abrams (212) 863-5176
Tracy Paurowski, HDC (212) 227-9496
The New York City Department of Housing Preservation and Development (HPD), along with the New York City Housing Development Corporation (HDC) today announced plans for Clinton Parkview Apartments, an affordable housing development project in the Clinton area of Manhattan. The 11-story, 96-unit building will be constructed on the northeast corner of West 52nd Street and 11th Avenue, across from DeWitt Clinton Park.
The $19.4 million Clinton Parkview Apartments will be comprised of a mix of one and two bedroom apartments, 70% of which will be affordable to households earning no more than 60% of the City's median income, or $37,680 for a family of four. The remaining 30% of the units will be reserved for middle-income families earning no more than 165% of the City's median income. This structure is unprecedented for a development located in Mid-Manhattan and provides for an affordable housing component significantly greater than in a traditional "80/20" program, in which only 20% of the units are made available for occupancy by low-income households.
"We share a long-standing commitment with the Clinton community for affordable housing, " said Housing Commissioner Jerilyn Perine.
"HDC is pleased to be providing financing for this exciting new project," stated Charles A Brass, HDC President. "It exemplifies our commitment to working with HPD to maximize affordable housing opportunities."
This affordability mix is made possible through a combination of $12.2 million of tax-exempt bond financing provided by HDC, Federal Low-income Tax Credits, the City's contribution of land, a 30-year real estate tax-exemption, and a substantial equity contribution from the non-profit community sponsor, Clinton Association for a Renewed Environment (C.A.R.E.).
Formed in 1987, C.A.R.E.'s mission is to provide affordable housing in Clinton, a neighborhood that has seen a great deal of market rate development over the past 20 years. C.A.R.E. was originally created as the non-profit vehicle to carry out the development of 132 low-income housing units required by the city of New York as part of the Zeckendorf Organization's Worldwide Plaza project. All of the units were financed by the Zeckendorf Organization, and were turned over to C.A.R.E. debt-free.
C.A.R.E. has been able to leverage the proceeds from this original development into this development on 11th Avenue in which 96 units of affordable housing will be created. C.A.R.E.'s reinvestment of funds into this new affordable housing development will multiply the benefits of the City's original zoning concession from Worldwide Plaza's development
The Clinton Parkview Apartments will contain 66 apartments affordable to households earning between 40% and 60% of the City's median income including 27 one-bedroom apartments renting for $425 to $661/month and 39 two-bedroom units with monthly rents ranging from $512 to $795. The monthly rents of the 29 middle-income apartments will also be set at levels well below the market rate for the neighborhood. Additionally, the building will include nearly 4,000 square feet of ground floor retail space. Site preparation will commence immediately and full construction is expected to commence in the beginning of 2003.
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 1987, the agency has completed the construction or rehabilitation of 204,000 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 Development Corporation (HDC) is a public benefit corporation established in 1971 to facilitate the creation of affordable housing throughout New York City by providing below market rate financing. HDC finances most of its activities through the issuance of bonds and notes as well as provides mortgages directly from its corporate reserves. In its 30-year history, HDC has financed more than 74,000 units of housing throughout the city of New York.