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Affordable homes deal.

The Town of Babylon IDA and MDG Design + Construction (MDG) along with their development partners Ken Oppenheimer, Hudson Valley Property Group, and Hudson Housing Capital have closed an $11.7 million deal to preserve And press Plaza, a 51-unit multifamily affordable housing development located in North Amityville in Long Island.

The project was financed by Red Stone Equity Partners and the New York State Homes and Community Renewal (HCR).

The U.S. Department of Housing and Urban Development (HUD) also provided a new 20-year Housing Assistance Payment contract, which will allow tenants to pay 30 percent of their monthly income towards rent.

The rehabilitation of the aged Andpress Plaza will provide updated, high quality affordable housing for the next 20 years. Renovation of the development will also create several construction jobs.

Andpress Plaza consists of ten one-bedroom and 40 two-bedroom apartments, as well as one unit for the superintendent. All 50 apartments receive rental subsidy from Section 8 Housing Assistance Program (HAP).

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Publication:Real Estate Weekly
Article Type:Brief article
Geographic Code:1U2NY
Date:Mar 2, 2016
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