Residents in more than 800 units of two south Bronx complexes will see $33.8 million in renovations to their buildings - and some good rent news too.
Even further good news, residents of Mott Haven’s 361-unit Organizaciones Unidas del Bronx (United Organizations of the Bronx) and 445-unit Mins Plaza will have a guarantee of affordable rents for the next 30 years.
New York City Housing Development Corporation and New York City Housing Preservation and Development joined Acacia Network Inc., in putting the deal together.
In exchange for financing the renovation work, OUB houses and Mins Plaza agreed to extend affordable housing on a total of 445 units for an additional 30 years.
“As these valuable resources begin to show their age, we are finding new opportunities to keep them in good repair and to ensure they remain affordable for the next generation of hardworking New Yorkers,” said HPD Commissioner Mathew Wambua.
The Acacia Network will replace the oil burner with a dual-fuel boiler system, a roofing system and repair a major steam pipe that services two of the four buildings, near St. Anne’s Avenue, as well as replace windows, brick repair/facade work, and update the lobby and common areas. Tenants will not have to relocate during the work, except while the windows are replaced.
OUB Houses is a four-building City-supervised Mitchell-Lama development,.
The OUB complex comprises two studios, 90 one-bedrooms, 87 two-bedrooms, 126 three-bedrooms, 43 four-bedrooms, 11 five-bedrooms and two two-bedroom superintendent units.
Under HUD Section 236 restrictions and HDC restrictions, income limits will be set at no more than 60% of area median income for 92 units, or $49,080 for a family of four, and no more than 80% area median income for 267 units, or $65,440 for a family of four. The total cost to rehabilitate OUB Houses is about $28 million.
HDC will provide a $27 million Senior Mortgage and the property will be contributing approximately $1 million from cash flow.
Mins Plaza is an 84-unit, 12-story City-supervised Mitchell-Lama building with 10 one-bedrooms, 22 two-bedrooms, 40 three-bedrooms, and 11 four-bedroom unitsand a one two-bedroom unit for an onsite superintendent.
Income restrictions are similar to OUB Houses with 61 units reserved for households earning no more than 80 percent of the average median income,or $65,440 for a family of four, and 22 units reserved for households earning no more than 60 percent of the average median income, or $49,080 for a family of four. The total development cost to rehabilitate Mins Plaza is $6.5 million.
HDC will provide a $6.2 million Senior Loan and approximately $300,000 will be provided through cash flow from building operations.
©2012 Community News Group