August 26, 2019
The New York City Department of Housing Preservation and Development (HPD) and its nonprofit partners have made the first acquisition of a property through the City’s Neighborhood Pillars Downpayment Assistance Fund.
1415-1417 Wythe Pl., a five-story walk-up in the Bronx’s Mount Eden neighborhood, has been acquired by Settlement Housing Fund (SHF), which intends to preserve affordable rent for all 58 apartments.
Although HPD has facilitated a total of five acquisitions through the Neighborhood Pillars program, which was launched in December, this was the first to use the program’s Downpayment Assistance Fund component.
To that end, Community Preservation Corporation (CPC) originated a New York City Acquisition Fund loan for $10.3 million to assist SHF with the project’s acquisition and pre-development costs. CPC will also work with SHF to provide permanent financing and funds for renovation through a Fannie Mae Multifamily Affordable Housing loan, in tandem with financing from HPD.
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