the NHP FOUNDATION
afforable housing in New York
Affordable Housing in the Mott
Section of the Bronx
Plaza Borinquen 88 Townhomes, at 471 East 137th Street
in the Mott Haven section of the Bronx, is an 88-unit affordable
townhome community purchased by The NHP Foundation in 2012
to preserve affordable housing in New York City. We have just
completed a $25 million transaction, which included $6.6 million in
deep repair and major renovations to this unique property, which is
remarkable for providing 52 four-bedroom units.
Plaza Borinquen 88 is comprised of 52 four-bedroom units, 4 three- bedroom
units, 16 two-bedroom units, and 16 one-bedroom units.
100% of the units are for families at/below 60% AMI..
Secured financing and funding for this project included:
- $ 8,400,000 Permanent financing provided by New York City
Housing Development Corporation (HDC) from an
allocation of their tax-exempt bonds
- $ 7,700,000 Equity from PNC Bank from sale of Low Income
Housing Tax Credits allocated by New York City
Housing Preservation (HPD)
- $ 1,900,000 City Capital Loan provided by HDC and HPD
- $ 7,400,000 Seller Financing and other contributions and
deferrals by The NHP Foundation (NHPF)
- $ 75,000 Per unit rehabilitation
- 20-year Project based Section 8 Contract provided by HUD
diverse income and rent structure provides housing for a range of households from low to moderate income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.
Plaza Borinquen 88 Townhomes
is just one example of how NHPF’s commitment to affordable housing has helped American families. For more information on NHPF’s properties, please visit http://nhpfoundation.org/properties.php