Chase provides $5M to build 51 housing units.Chase provides $5M to build 51 housing units The Chase Community Development Corporation (CCDC CCDC Cambridge Crystallographic Data Centre CCDC Centre City Development Corporation (San Diego, California) CCDC Consultant in Communicable Disease Control CCDC Certified Chemical Dependency Counselor CCDC Colorado Cross-Disability Coalition ), a subsidiary of The Chase Manhattan Corporation The Chase Manhattan Corporation was a bank holding company formed as parent of the Chase Manhattan Bank. During its time as the parent company, it was led in succession by David Rockefeller, Willard C. Butcher, and Thomas G. Labrecque. , has provided a loan of $5 million to finance the construction of 51 units of affordable housing on Manhattan's Lower East Side. The funds will make possible a six-story apartment building on a currently vacant lot between Avenues B and C on East 4th Street. The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Low Income Turnkey Program will fully reimburse the developer after construction is completed, the Chase loan is repaid and a Temporary Certificate of Occupancy A document issued by a local building or Zoning authority to the owner of premises attesting that the premises have been built and maintained according to the provisions of building or zoning ordinances, such as those that govern the number of fire exits or the safety of has been issued. The Turnkey Program expedites the construction of low-income rental housing by providing a forward repayment commitment, thereby eliminating the need for housing developers to assemble other sources of permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. . The program is administered through the Housing Trust Fund Corporation, an affiliate of the State Division of Housing and Community Renewal. Sparrow Construction Corporation will act as developer and general contractor of the East 4th Street building during the construction period. Community Access, a locally-based not-for-profit organization, will be responsible for the management of the building on a day-to-day basis. Community Access, which provides housing, education and job training for homeless mentally ill adults, currently manages two buildings with a total of 27 units and leases an additional 38 apartments in the neighborhood which are occupied by its clients. The East 4th Street financing represents Chase's first Turnkey Program venture. Chase has helped rehabilitate over 2,000 units of low income housing in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and has financed the construction of 1,000 units in single-family structures under the New York City Housing Partnership Program. |
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