HARLEM - The city inked a $135 million deal with developers to create affordability agreements and renovate more than 500 apartments at five apartment complexes, officials said Thursday.
The deal calls for 549 affordable apartments to be renovated and keep city-imposed agreements in place for the next 40 years, officials said.
The properties are:
► Gladys Hampton Houses, at 2411 Frederick Douglass Blvd. and 400 St. Nicholas Ave.
► New West I and II, at 8-56 W. 111th St.
► Riverside I and II, at 602-622 W. 135th St.
The apartment complexes represent 18 buildings in Harlem. The deal will bankroll roof replacements, new windows and boilers, renovating common areas, new kitchen cabinets, appliances, flooring and bathroom fixtures, officials said.
Officials said the federal government subsidies will help fast-track the renovations.
Officials also said all buildings also have federal Section 8 subsidies, which would also help keep them affordable for low-income residents.
The city entered into the deal with Tahl Propp Equities, Bellwether Enterprise and Enterprise Community Investment Inc., all of which acquired the properties, to curb the city’s affordable housing crisis and help longtime residents, Mayor Bill de Blasio said.
This deal is a part of the mayor’s 10-year affordable housing plan for the city to subsidize hundreds of thousands of affordable housing units.
“Preserving affordable housing is an impactful way for us to make our city more affordable and keep New Yorkers thriving,” he said.
“This vast preservation project will help keep more than 500 families in their homes and is representative of the day-in-and-day-out work we do to make New York stronger.”
Bellwether Enterprise provided $62 million in construction financing and Enterprise Community Investment put up $36 million in tax credits for low-income housing, officials said.
“Over the past decade, rents in Harlem have increased dramatically, pushing out hardworking families who struggle to make ends meet,” said Phil Melton, executive vice president of Bellwether Enterprise.
“Protecting affordable housing is crucial to helping families get ahead and ensuring the continued vitality of historic neighborhoods around the country.”
When the apartment became vacant they will be set aside for homeless individuals and families, officials said.
“These apartments provide hard-working residents with affordable housing options that will allow them to stay in our beloved community,” said U.S. Rep. Charles Rangel, who represents Harlem.
The city’s Department of Housing Preservation and Development, Housing Development Corporation and U.S. Department of Housing and Urban Development also worked on the deal.