More new homes added to Bloomberg's target.

A $6 million rehab of the landmarked Imperial building in Brooklyn's Crown Heights has been completed, adding another 34 rental unit to the Bloomberg adminstration's ambitious new housing plan for the city.

The Imperial was rehabilitated by ELH Mgmt. LLC through Housing Preservation Department's Neighborhood Entrepreneurs Program (NEP) as part of Mayor Bloomberg's $7.5 billion New Housing Marketplace Plan to develop and preserve 165,000 units of affordable housing over ten years.

The architecturally significant building now consists of 34 rental units, of which 25% percent will be affordable to households earning no more than 50% of the Area Median Income, which is equivalent to $35,450 for a family of four. Fifty percent will be affordable to low-income households earning no more than 60% of the Area Median Income, which is equivalent to $42,540 per year for a family of four. The remaining units will be affordable to moderate-income households.

The Imperial--which is protected by the New York City Landmarks Preservation Commission (LPC)--is part of a cluster of fifteen Crown Heights buildings renovated by ELH Mgmt. LLC through the NEP program that will ultimately provide 126 affordable rental units and nine commercial spaces to the Crown Heights community.

"By rehabilitating the Imperial through HPD's NEP program and working with a local developer and not-for-profit, the City is helping to rebuild Crown Heights' real estate capacity while providing affordable rentals for residents," said HPD Commissioner Shaun Donovan.

Built as an apartment for upper middle-class families in 1892, the Imperial was designed by Montrose Morris and commissioned by developer Louis Seitz. The building was designated an individual landmark by the Landmarks Commission in 1986.

Larry Hirschfield, president of ELH Mgmt. LLC, commented, "We are very excited to have had the opportunity to renovate this architectural gem for affordable housing.

"We worked hard with HPD to bring back to life the beautiful copper panels and to restore the building's elegant Corinthian terra cotta columns and arches. We hope that the Crown Heights community and residents enjoy the marvelous architecture and renewed use of this landmark building. Renovating this extraordinary building for use for affordable housing has been especially meaningful."

The total development cost for the Imperial is roughly $6,300,000. Construction financing is being provided by CPC, in addition to HPD Capital funds and the U.S. Department of Housing and Urban Development's (HUD) HOME funds.

Permanent financing for the development is being provided by HPD Capital funds, federal HOME funds, and equity from the New York Equity Fund (NYEF), which raises equity proceeds through the sale of federal Low-Income Housing Tax Credits, and is a partnership between LISC and Enterprise.