![]() ![]() “The loss of affordable housing is one of the most critical issues facing New York City today, and CAMBA and CAMBA Housing Ventures are proud to be partners in keeping 454 homes in the Castleton Park Mitchell-Lama complex affordable to low- and middle-income Staten Island residents,” said Joanne M. CAMBA and CAMBA Housing Ventures are helping residents to complete enhanced voucher Section 8 applications during the conversion process. Stellar will continue to provide property management services and CAMBA will do a needs assessment to develop and provide on-site social services suited to the needs of the residents. Improvements will be made to the complex security system, including exterior fencing, lighting, security cameras and the continuation of 24/7 security. Substantial repairs and enhancements will be made to each unit’s bathroom(s) and kitchen, common hallways and other common areas. The building façade, parking area, elevators and mechanicals will be rehabilitated through the development team’s two-year construction plan. “Together with CAMBA and the City of New York, we look forward to providing tenants with the safe, well-maintained, and well-managed housing they deserve.”Ĭonstruction is likely to begin in August 2015. “We’re proud to be able to restore one of Staten Island’s largest affordable housing developments and to maintain rent affordability programs for the tenants,” said Francine Schiff, vice president of residential leasing at Stellar Management. Using Section 8 Project Based Assistance and Section 8 enhanced vouchers will permit the development to maintain long-term affordability for current and future residents and remain in the Mitchell-Lama housing program. Upon conversion to permanent financing, HUD will provide mortgage insurance through the HUD 542c risk sharing program. Through HDC tax exempt bonds, the new owner will tackle a $30 million-plus renovation and rehabilitation project at the 40-year-old development. Department of Housing and Urban Development (HUD), the development team will be able to maintain long-term affordability for residents at the property. In working with the NYC Housing Development Corporation (HDC), NYC Department of Housing Preservation and Development (HPD) and the U.S. George, Staten Island, Stellar Management and CAMBA Housing Ventures acquired Castleton Park. ![]() State agencies, including the Housing Finance Agency (HFA), Empire State Development Corporation (ESD), and HCR, have collaborated to identify State Mitchell-Lama housing companies to participate in mortgage refinancings, which generate funds for capital improvements and property upgrades.New York-In hopes of preserving and restoring a 454-unit Mitchell-Lama Affordable Housing development in St. When owners buy out, their buildings are no longer subject to HCR or HPD Mitchell-Lama regulation, and apartments need not be kept affordable for moderate-income households (rent regulation for rental projects built before 1974 remains in effect, as do the regulatory requirements of tax relief or other programs). Owners may choose to buy out of the Mitchell-Lama program by prepaying the existing mortgage in order to have the ability to re-sell their projects at market rates. By 1980, HDC had refinanced projects containing 29,000 units and thereby reduced New York City’s debt burden.ĭevelopments were eligible to withdraw or buy out from the program after 20 years, upon prepayment of the mortgage, or after 35 years in the case of developments aided by loans prior to May 1, 1959. Beginning in 1977 (after New York City’s fiscal crisis in the 1970s), the New York City Housing Development Corporation (HDC) and the Federal Housing Administration (FHA) refinanced many of the City’s Mitchell-Lama portfolio. The program also required ongoing supervision by the agency originally sponsoring the development of the project, either the New York City Department of Housing Preservation and Development (HPD) or New York State Homes and Community Renewal (HCR). In exchange for low-interest mortgage loans and real property tax exemptions, the Mitchell-Lama program limited profits and placed income limits on tenants or cooperative owners. The Mitchell-Lama program has subsidized the construction of 269 developments, with over 105,000 apartments for middle-income households. Agency: NYS Homes and Community Renewal (NYS HCR). ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |