Officials Tout Early TCAP Projects
Much-anticipated stimulus money for affordable housing is starting to hit the streets.
New York City officials say the Big Apple is the first city in the nation to begin construction of new affordable housing with funding from the American Recovery and Reinvestment Act's Tax Credit Assistance Program (TCAP). The Act provided $2.25 billion in TCAP funds to jump-start stalled low-income housing tax credit projects.
New York City received $85 million of those funds and will use about $60 million to assist four developments in the city—three in Harlem and one in East New York—that are underway, according to officials.
One of the projects is located on two separate sites. On an East 102nd Street site, 12 deteriorated walkup buildings will be demolished and replaced by a nine-story building that will be called Hobbs Court. The new building will have 259 residential apartments. On an East 100th Street site, five vacant six-story buildings will be substantially rehabilitated and combined into a single building that will be known as The Ciena. It will have 81 apartments. These buildings will be developed by Phipps Houses Group and Urban Builders Collaborative.
On the side of the country, an affordable housing development that was under construction but came to a halt last March after losing its tax credit funding is scheduled to restart in November, according to federal housing officials.
Ron Sims, deputy secretary of the Department of Housing and Urban Development, visited the Cedar Gateway site in San Diego earlier this month. The project is also getting TCAP funds.
California was allocated $326 million in TCAP funds. About $14 million is going to restart Cedar Gateway.
New York City officials say the Big Apple is the first city in the nation to begin construction of new affordable housing with funding from the American Recovery and Reinvestment Act's Tax Credit Assistance Program (TCAP). The Act provided $2.25 billion in TCAP funds to jump-start stalled low-income housing tax credit projects.
New York City received $85 million of those funds and will use about $60 million to assist four developments in the city—three in Harlem and one in East New York—that are underway, according to officials.
One of the projects is located on two separate sites. On an East 102nd Street site, 12 deteriorated walkup buildings will be demolished and replaced by a nine-story building that will be called Hobbs Court. The new building will have 259 residential apartments. On an East 100th Street site, five vacant six-story buildings will be substantially rehabilitated and combined into a single building that will be known as The Ciena. It will have 81 apartments. These buildings will be developed by Phipps Houses Group and Urban Builders Collaborative.
On the side of the country, an affordable housing development that was under construction but came to a halt last March after losing its tax credit funding is scheduled to restart in November, according to federal housing officials.
Ron Sims, deputy secretary of the Department of Housing and Urban Development, visited the Cedar Gateway site in San Diego earlier this month. The project is also getting TCAP funds.
California was allocated $326 million in TCAP funds. About $14 million is going to restart Cedar Gateway.
posted by Donna Kimura at 4:46 PM
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