Email a Friend
NYC Department of Housing Preservation & Development

FOR IMMEDIATE RELEASE
Tuesday, July 2, 2013

Eric Bederman (HPD) 212-863-5176


HPD COMMISSIONER WAMBUA ANNOUNCES PREFERENCE FOR DISPLACED SANDY VICTIMS AT CYPRESS VILLAGE, A NEW DEVELOPMENT WITH AFFORDABLE HOUSING

Income-Eligible New Yorkers Displaced From their Homes Due To Storm Damage Receive 25% Preference in Lotteries for Low-Income Affordable Housing

Brooklyn, N.Y.— New York City Department of Housing Preservation and Development (HPD) Commissioner Mathew M. Wambua today announced the latest housing development to offer preference to income-eligible New Yorkers displaced from their homes by Hurricane Sandy. Cypress Village will add a total of 28 units to the East New York neighborhood of Brooklyn. In addition to providing housing for formerly homeless individuals and families residing in the building, the project will include 22 affordable units reserved for low-income tenants. Twenty-five percent of the 22 affordable units will be subject to the Sandy preference. These units are subject to a lottery managed by the developer and overseen by HPD. 

Cypress Village is being developed as part of Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP). The NHMP is a multi-billion dollar initiative to finance 165,000 units of affordable housing by the close of Fiscal Year 2014. For every dollar invested by the City, the Plan has leveraged $3.43 from other sources for a total commitment of more than $21 billion. To date, more than 147,890 units of affordable housing have been funded across the five boroughs, with more than 36,038 units financed in Brooklyn.  

“For New Yorkers still displaced by the storm, finding a home that offers the chance at a fresh start has been a daunting endeavor,” said HPD Commissioner Wambua. “For those undergoing the difficult task of finding an affordable permanent apartment we, along with our development partners, offer this preference in the hope that it will ease the recovery process.”  

“HPD continues to provide affordable, permanent housing options to residents displaced by Hurricane Sandy. I urge qualified families to take advantage of these great opportunities,” said Brad Gair, Director of the Mayor’s Office of Housing Recovery Operations. 

Cypress Village is currently accepting applications. Completed applications must be returned by regular mail only and must be postmarked by August 26th, 2013. Qualified applicants will be required to meet income and family size guidelines and additional selection criteria. To request an application, mail a self-addressed envelope to Cypress Village LP, P.O. Box 1166, New York, NY 10039, or download an application from www.cypresshills.org. As per the City’s affordable housing lottery rules, current and eligible residents of Brooklyn Community Board 5 will receive preference for 50 percent of the units. In addition, income-eligible applicants who can document displacement by Hurricane Sandy and/or its related storms will receive preference for 25 percent of the units.  

Located at 371 Van Siclen Avenue, 315 Jerome Street, and 525 Linwood Avenue in East New York, Brooklyn, the three separate sites that make up this new development will have a total of 28 units once completed. Of the 22 units offered through the housing lottery, 2 will be affordable to households earning up to 40 percent of Area Median Income (AMI)—equal to a household income of $34,360/year for a family of four; and 20 of the units will be available to households earning up to 60 percent of the AMI, which is equal to a household income of $51,540/year for a family of four. There are a total of 16 two-bedroom units, and 6 three-bedroom units. There is a preference for qualified households displaced by Hurricane Sandy for 6 units in the building. The anticipated completion date for the development is fall of 2013.

Cypress Village will provide green systems and appliances that have been incorporated into the building’s design and operation with the addition of extra insulation, highly energy efficient heating and cooling systems, Energy Star lights, Energy Star windows, Energy Star appliances, and low-flow plumbing fixtures among other green features. 371 Van Siclen will contain an elevator. 315 Jerome Street and 525 Linwood Avenue will use modular units, featuring several sustainable elements including recycled material, low-flow water fixtures, and porous paving. In addition, Cypress Village will have16 open grade level parking spaces, onsite laundry, and an intercom system. 

The total development cost for Cypress Village is $14.2 million. HPD provided $1.1 million from the initial round of federal funding through the Neighborhood Stabilization Program (NSP) as well as an additional $1.5 million in a third round of NSP funding. HPD also provided $289 thousand in HOME funds. A total of $1.5 million Reso A funds were added to the project, of which $1 million was contributed by Council Member Erik Martin Dilan and $500 thousand by Brooklyn Borough President Marty Markowitz. Tax Credit Equity in the amount of $8.4 million will be syndicated by National Equity Fund (NEF). TD Bank contributed $1 million in loans. The balance is developer equity. 

The project is being developed by Cypress Hills LDC and partners. The design team is Magnusson Architecture & Planning.  

The City of New York requires that subsidized apartments be rented through an open lottery system to ensure fair and equitable distribution of housing to eligible applicants. Marketing of the apartments and the application process for the lottery typically begin when construction is approximately 70 percent complete. For more information regarding the lottery process, current housing lotteries, how to apply to an open lottery, and if you would like to receive an e-mail when HPD updates its available apartment and home website listings for City-subsidized housing in the five boroughs, please visit the Apartment Seekers and Homebuyers pages at www.nyc.gov.  

###

About the NYC Department of Housing Preservation and Development (HPD)

HPD is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and viable neighborhoods for New Yorkers through education, outreach, loan and development programs and enforcement of housing quality standards. It is responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to finance the construction or preservation of 165,000 units of affordable housing by 2014. Since the plan’s inception, more than 147,583 affordable homes have been created or preserved. For regular updates on news and services, connect with us via www.facebook.com/nychpd and www.twitter.com/nychousing. For more information, visit our website at www.nyc.gov/hpd.

 About the Mayor’s Office of Housing Recovery Operations

The Mayor’s Office of Housing Recovery Operations is committed to planning and implementing innovative and effective solutions to the housing needs caused by Hurricane Sandy. Through NYC Rapid Repairs, the City has already completed emergency repairs on more than 17,000 residences. These emergency repairs are free of charge and include the restoration of heat, power and hot water and other limited repairs to protect a home from further significant damage.  




View Site Map