Res 1622-2021

By Council Members Salamanca and Riley WHEREAS, the New York City Department of Housing Preservation and Development ("HPD") submitted to the Council on March 31, 2021 its request dated March 31, 2021 that the Council approve an Urban Development Action Area Project (the "Project") located at 791 Saratoga Avenue (Block 3583, Lot 27), 792 Rockaway Avenue (Block 3602, Lot 44), 429 Newport Street (Block 3833, Lot 47), 303 Hinsdale Street (Block 3767, Lot 5), 461 NewJersey Avenue (Block 3773, Lot 56), 432 Wyona Street (Block 3791, Lot 28), and 510 Vermont Street (Block 3790, Lot 49), Community Districts 5 and 16, Borough of Brooklyn (the "Disposition Area"): 1. Find that the present status of the Disposition Area tends to impair or arrest the sound growth and development of the municipality and that the proposed Urban Development Action Area Project is consistent with the policy and purposes of Section 691 of the General Municipal Law; 2. Waive the area designation requirement of Section 693 of the General Municipal Law pursuant to Section 693 of the General Municipal Law; 3. Waive the requirements of Sections 197-c and 197-d of the Charter pursuant to Section 694 of the General Municipal Law; and 4. Approve the project as an Urban Development Action Area Project pursuant to Section 694 of the General Municipal Law. WHEREAS, the Project is to be developed on land that is an eligible area as defined in Section 692 of the General Municipal Law, consists solely of the rehabilitation or conservation of existing private or multiple dwellings or the construction of one to four unit dwellings, and does not require any change in land use permitted under the New York City Zoning Resolution; WHEREAS, the Council held a public hearing on the Project on April 6, 2021. WHEREAS, the Council has considered the land use and financial implications and other policy issues relating to the Project. RESOLVED: The Council finds that the present status of the Disposition Area tends to impair or arrest the sound growth and development of the City of New York and that a designation of the Project as an Urban Development Action Area Project is consistent with the policy and purposes stated in Section 691 of the General Municipal Law. The Council waives the designation requirement of the Disposition Area as an Urban Development Action Area pursuant to Section 693 of the General Municipal Law. The Council waives the requirements of Sections 197-c and 197-d of the New York City Charter pursuant to Section 694 of the General Municipal Law. The Council approves the Project as an Urban Development Action Area Project pursuant to Section 694 of the General Municipal Law. The Project shall be developed in a manner consistent with the Project Summary that HPD has submitted to the Council on March 31, 2021, a copy of which is attached hereto. PROJECT SUMMARY 1. PROGRAM: NEIGHBORHOOD CONSTRUCTION PROGRAM 2. PROJECT: New Penn Development II 3. LOCATION: a. BOROUGH: Brooklyn b. COMMUNITY DISTRICT: 5 & 16 c. COUNCIL DISTRICT: 42 d. DISPOSITION AREA: BLOCKS LOTS ADDRESSES 3583 27 791 Saratoga Avenue 3602 44 792 Rockaway Avenue 3833 47 429 Newport Street 3767 5 303 Hinsdale Street 3773 56 461 New Jersey Avenue 3791 28 432 Wyona Street 3790 49 510 Vermont Street 4. BASIS OF DISPOSITION PRICE: Nominal. Sponsor will pay one dollar per lot and deliver a note and mortgage for the remainder of the appraised value ("Land Debt"). For a period of at least thirty (30) years following completion of construction, the Land Debt will be repayable out of resale or refinancing profits. The remaining balance, if any, may be forgiven at the end of the term. 5. TYPE OF PROJECT: New Construction 6. APPROXIMATE NUMBER OF BUILDINGS: Seven 7. APPROXIMATE NUMBER OF UNITS: 25 dwelling units, plus one super's unit 8. HOUSING TYPE: Rental 9. ESTIMATE OF INITIAL RENTS Rents will be affordable to families with incomes between 30% and 80% of area median income (AMI). Formerly homeless tenants referred by DHS and other City agencies will pay up to 30% of their income as rent. All units will be subject to rent stabilization. 10. INCOME TARGETS Up to 80% of AMI. 11. PROPOSED FACILITIES: None 12. PROPOSED CODES/ORDINANCES: None 13. ENVIRONMENTAL STATUS: Negative Declaration 14. PROPOSED TIME SCHEDULE: Approximately 24 months from closing to completion of construction Adopted. Office of the City Clerk, } The City of New York, } ss.: I hereby certify that the foregoing is a true copy of a Resolution passed by The Council of The City of New York on April 29, 2021, on file in this office. ................................................... City Clerk, Clerk of The Council Page 4 of 4 20215019 HAK Res. No. 1622 (Pre. L.U. No. 758)