Maximizing City-Owned Land
With public land an increasingly scarce commodity in New York City, we are working to identify any available City-owned properties that present development opportunities. By financing the new construction of affordable housing on vacant and underused sites, HDC is facilitating the positive transformation of some of the last remaining City-owned parcels into valuable community resources that will serve the long-term public good.
The Fulton Houses development will bring mixed-income, mixed-use, permanently affordable housing to an underutilized area of an existing NYCHA campus in the Chelsea neighborhood of Manhattan. NYCHA will retain ownership of the land and provide a 99-year lease to the developer who is constructing an 18-story residential building with a landscaped rooftop, outdoor recreational areas, and community facility space. Financed under HDC’s Mixed-Middle Income program, the project also benefits from the FHA Risk-Share program and an innovative bifurcated structure that conserves tax-exempt bond volume cap through efficient use of both new and recycled tax-exempt bonds.
Ingersoll Senior Residences is being constructed on an existing NYCHA campus in Fort Greene, Brooklyn, and is one of the City’s first LGBT-friendly affordable housing developments. A senior center, operated by the nonprofit organization Services and Advocacy for Gay, Lesbian, Bisexual, and Transgender Elders (SAGE), will be located on the ground floor and residents will have access to a range of amenities and onsite supportive services. The building’s low-income seniors will also benefit from NYCHA Project-Based Section 8 rental subsidy.