New York got Fox Hill complex with 40 years affordable rentsStaff Writer |
Empire State Fox Hill Housing will maintain tenant affordability
The Fox Hill Apartments complex on Staten Island are now complete. The $92.7 million project modernized and improved the entire development, including 362 apartments for low-income New Yorkers where rents will remain affordable for the next 40 years.
The renovations included upgrades to lobbies, hallways, kitchens, bathrooms, elevators and electric systems.
Additionally, new roofs, Energy Star appliances, flooring, boilers, and water heaters were added, and handicapped accessible ramps have been installed in each building lobby.
New York State Homes and Community Renewal provided $48.5 million in financing in the form of tax-exempt bonds and a subsidy loan through its Multi-Family Preservation Program. HCR's federal Low-Income Housing Tax Credit allocation will generate about $33.4 million in equity for the project.
Fox Hill Apartments is supported by the New York City Department of Housing Preservation and Development and the U.S. Housing and Urban Development Section 8 program.
As a condition of receiving both State and City funding for the project, the owners of Fox Hill Housing, entered into regulatory agreements which will maintain tenant affordability for the next 40 years.
The Fox Hill Development project reflects Governor Andrew M. Cuomo's commitment to providing all New Yorkers with access to safe, affordable housing through his unprecedented $20 billion, five-year plan to create or preserve more than 100,000 affordable homes and 6,000 with supportive services. ■
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