Here’s some news from our friends in New York City government:
East 170th Street Apartments is pleased to announce that applications are now being accepted for 77 affordable housing rental apartments under construction at 550 East 170th Street in the Claremont Village section of The Bronx. This building is being constructed through the 421a Affordable Housing Program of the City of New York’s Department of Housing Preservation and Development and the Low Income Affordable Marketplace Program (LAMP) of the New York City Housing Development Corporation. See this PDF for more information on income and household size.
Here’s more information on LAMP from the NYC Housing Development Corporation:
This program provides financing for affordable rental housing reserved for people earning a maximum income of up to $32,280 for an individual and up to $46,080 for a family of four (or 60% AMI). Apartments created through this program are able to be rented out at affordable rents because of the low-cost financing offered through HDC. Loans are provided to private for-profit and non-profit developers in the form of first mortgages, which are made through the proceeds from the sale of tax-exempt bonds. Second mortgages are also used with this program and are funded through HDC’s corporate reserves and typically provided at a 1% interest rate. Furthermore, by using tax-exempt bonds the development automatically receives as of right 4% Federal Low Income Housing Tax Credits, which helps to further the affordability of these apartments.