the NHP Foundation Preserves
Affordable Housing in THE BRONX


Plaza Borinquen
New Affordable Housing
in New York City



Plaza Borinquenapartment community is a three site, 88 unit complex, located in the Mott Haven section of the Bronx, New York. Constructed in 1975, Plaza Borinquen is composed of groups of triplex townhomes on three scattered sites and includes 52 four-bedroom units. The buildings are designed with three story walk-ups with red brick exterior facades, a shared open courtyard between the three sites, and well landscaped separate gated patio areas.

The property will be managed to maintain rents at a level affordable to households with low-to-moderate AMI. The purchase and rehabilitation of Plaza Borinquen was financed by NHPF investment and a loan from the New York City Acquisition Fund LLC, a public-private partnership of the City of New York, major foundations and New York’s public and private investment groups. The transaction was made possible with the assistance of Enterprise Community Loan Fund, Inc., the New York City Department of Housing Preservation and Development, the New York City Housing Development Corporation, and the New York office of the U.S. Department of Housing and Urban Development.

Total cost
$6,710,000

Description
Plaza Borinquen consists of 88 apartments to be rented to tenants whose incomes, at initial occupancy, are at or below 60% of the Area Median Gross Income. Tenants receive assistance through HUD Section 8 Housing Assistance Payments (HAP)

Financing

Secured financing and funding for this project included:
• $6,710,000 New York City Acquisition Fund, LLC

 

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NHPF’s 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 is just one example of how NHPF’s commitment to affordable housing has helped American families. For more information on NHPF properties please visit http://nhpfoundation.org/properties.php.