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NYC Department of Housing Preservation & Development
Press Room

FOR IMMEDIATE RELEASE

Press contact: Carol Abrams (212) 863-5176

MOUNT EDEN, THE BRONX, WELCOMES NEW AFFORDABLE THREE-FAMILY HOMES



Photograph by Paula Vlodkowsky


June 3, 2004- First-time homeowners, community leaders and a public/private partnership of lenders, developers and public officials today celebrated the completion of nine new, affordable three-family homes in the Mount Eden section of the Bronx. The development, Mount Eden Town Homes, is located on the edge of Claremont Park between Monroe and Topping Avenues.

The $4.2 million development is a product of the Neighborhood Builder Program, an affordable housing initiative jointly sponsored by the New York City Department of Housing Preservation and Development and the New York City Housing Partnership. The program provides affordable homeownership opportunities to low- and moderate-income New Yorkers through homes built by small, locally-based contractors. Stow Contracting, owned by Livio Sanchez, served as developer of the project and Citibank provided construction financing.

Each three-story home consists of a three-bedroom owner's unit with a private rear yard, a two-bedroom rental and a studio apartment. The homes also have attractive masonry and a terrace facing the park. The New York State Affordable Housing Corporation provided $675,000 in subsidies to help make the homes affordable to households earning less than $75,000. The Office of the Bronx Borough President also contributed $162,000 for the project. The average price of each home was $310,000.

"New York is a city of neighborhoods, the places we call home, where our children go to school, our shopkeepers serve their customers and New Yorkers enjoy family life. Homeownership is fundamental to prosperous neighborhoods," said HPD Commissioner Shaun Donovan said. "That's why homeownership is a critical component of Mayor Bloomberg's housing plan, The New Housing Marketplace: Creating Housing for the Next Generation, to finance the construction or rehabilitation of 65,000 homes and apartments by 2008."

Added Steven Brown, Interim President of the NYC Housing Partnership, "Together with our city, state, private and local nonprofit partners, we have created beautiful new homes for nine families, rental apartments for 18 more families, and have strengthened the development capacity of a local builder. We are proud of the new homebuyers and the developer, and we are happy to have been a partner in this affordable homeownership project that is a significant improvement to the neighborhood."

AHC Chairman Jerome M. Becker said: "AHC, under the leadership of Governor Pataki, is committed to providing financial resources that help hard working New Yorkers become homeowners. Affordable housing is the cornerstone of a strong community. These grants are investments in the future of New York City and will create positive social and economic benefits for the homeowners and the Mount Eden neighborhood for years to come."

Citibank Community provided a $2.4 million construction loan, and Citibank's Community Mortgage Group provided all nine of the new homeowners with their mortgage loans. Citibank and the nonprofit sponsor for Mount Eden Town Homes, the Mount Hope Housing Company Inc., also provided downpayment grants to two buyers through Individual Development Accounts. The program provides matching funds for eligible Bronx residents, who save money to buy a home, start a business or obtain post-secondary education. The homebuyers who participated attended a free money management-training seminar to learn about budgeting, credit and savings.

"Helping to make life better in the local communities where we do business is the foundation of our community commitment," said Marc Jahr, Citibank Community Development's Director for the New York City market. "We are pleased to strengthen this commitment in the Bronx by joining with HPD, the Borough President, and the New York State Affordable Housing Corporation on the Mount Eden Townhouse development, and to work with Livio Sanchez and Stow Contracting Corporation. We also are proud to have supported Mount Hope Housing Company in offering the new homeowners both an IDA savings program and homebuyer counseling that has enabled them to make their dreams of homeownership a reality."

Bronx Borough President Adolfo Carrion, Jr. said, "I am proud to have helped these families achieve their dream of homeownership right here in Bronx County. The Mount Eden project is an example of how government can make a difference in the lives of individual families and communities. The vacant lots these homes were built on have been transformed from a source of community blight into new and architecturally distinctive homes for Bronx residents."

HPD's mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the largest municipal housing development agency. Since 1987, the agency has completed the construction or rehabilitation of over 216,000 units of affordable housing. To request a Homeownership Kit or for more information about affordable rental housing, call 311 or log on to www.nyc.gov/hpd

The New York City Housing Partnership promotes the development of affordable housing and revitalization of neighborhoods. One of the nation's largest intermediaries, the Housing Partnership was established in 1982 and has since constructed or rehabilitated more than 20,000 affordable housing units.

Mount Hope is a community development organization that provides affordable housing, youth services, employment and job training, real estate development and family asset-building programs toward the goal of a sustainable community.

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