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Chase provides $5M to build 51 housing units.

Chase provides $5M to build 51 housing units

The Chase Community Development Corporation (CCDC), a subsidiary of The Chase Manhattan Corporation, 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 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 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. 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 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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Title Annotation:Chase Community Development Corp., affordable housing on Manhattan's Lower East Side
Publication:Real Estate Weekly
Date:Jan 8, 1992
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