Newly constructed Harlem Gateway opens to the public.Community and elected officials last week celebrated the opening of a newly constructed mixed-income apartment building located in the Harlem Gateway at 279 West 117th Street and Frederick Douglass Boulevard. The 138-unit building was developed through the NYC NYC abbr. New York City NYC New York City Department of Housing Preservation and Development's Cornerstone Program, a multi-family new construction initiative to produce affordable housing on city-owned land and financed principally through private sources. Strategic Development and Construction Group was awarded the site through a competitive Request for Proposals process. "The Douglass demonstrates the City's commitment to invest in our neighborhoods to provide housing for a broad range of incomes," said HPD HPD Honolulu Police Department (Honolulu County, Island of Oahu) HPD Housing Preservation and Development HPD Housing Preservation and Development (New York City Department) Commissioner Shaun Donovan. "Creating more affordable housing is a key strategy of Mayor Bloomberg's $3 billion plan to fund the construction and rehabilitation of 65,000 homes and apartments through 2008." The Douglass utilized financing available through the 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. Housing Development Corporation's affordable housing finance programs. Over $18 million of tax-exempt bond Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. financing was provided to make a first mortgage loan. Additionally, through its corporate reserves, HDC (Hard Disk Controller) See disk controller. HDC - Disk Controller provided $3.5 million to make a 1% second mortgage loan. During construction Citibank's Community Development Group provided a standby letter of credit Standby Letter of Credit A stipulation that states a letter of credit will be called back if the payer defaults. Notes: A letter of credit is typically used in international transactions. to secure the financing. Proceeds from the sale of low-income housing tax credits provided an additional $3.17 million of funding for the development. In accordance with the financing that was made available to the developer, rents were made affordable to range of very-low, low-and middle-income residents. Forty-two of the Douglass' apartments are reserved for low-income tenants, with initial rents ranging from $380 for a studio to $879 for a three-bedroom. |
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