Creating New Affordable

Housing in the Bronx

through Redevelopment



471 East 137th Street
Bronx, New York 10454


Rental Information,
Amenities, and Floorplans


ACQUISITION / PRESERVATION / REDEVELOPMENT

Plaza Borinquen 88 Townhomes

Originally constructed in 1975, Plaza Borinquen 88 is located in the Mott Haven section of the Bronx, a borough of New York City. Totaling 88 units, the Plaza Borinquen 88 apartment community is designed as groups of triplex townhomes on three scattered sites. The cohesion of the complex is reinforced by red brick exterior facades, a shared open courtyard between the three sites, separately gated patio areas, and well landscaped common exterior spaces throughout.


REDEVELOPMENT

TOTAL COST
$ 25,400,000

DESCRIPTION
Plaza Borinquen 88 has benefited from a major redevelopment including deep repair and major renovations.

FINANCING
Secured financing and funding for this redevelopment project included:

$ 8,400,000Permanent financing provided by New York City Housing Development Corporation (HDC) from an allocation of their tax-exempt bonds
$ 7,700,000Equity 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 NHPF



ACQUISITION / PRESERVATION

TOTAL COST
$ 7,750,000

DESCRIPTION
Plaza Borinquen is particularly noteworthy as multifamily housing because the majority—52 of the 88 total apartments—offer four bedrooms each. The additional 32 apartments are divided equally between 16 one-bedroom and 16 two-bedroom units. Residents have household incomes at or below 60% of AMI and receive rental subsidies through HUD Section 8 Housing Assistance Payments (HAP).

FINANCING
Secured financing and funding for this project included:

$ 1,000,000 NHPF
$ 6,750,000 New York City Acquisition Fund LLC

 





FOLLOW OUR COMMUNITY BUILDING

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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.

This property is just one example of how NHPF’s commitment to affordable housing has helped American families.

ABOUT THE NHP FOUNDATION
Founded in 1989, The NHP Foundation strives to provide quality affordable multi-family housing and resident services for low to moderate income families. Since 1994, NHPF has acquired and preserved 78 properties, totaling 13,616 units, located in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 47 properties, totaling 8,063 apartment units, in 16 states and the District of Columbia. NHPF also provides service programs to approximately 20,000 community residents.