Neighborhood Pillars Downpayment Assistance Fund Buys A Bronx Property

Posted on August 23, 2019, 10:00 am

As part of an effort to increase the supply of affordable housing in New York City, the New York City Department of Housing Preservation and Development, Commissioner Louise Carroll, Settlement Housing Fund, the Community Preservation Corporation, and the New York City Acquisition Fund recently announced the first acquisition of a property through the city’s Neighborhood Pillars Downpayment Assistance Fund.

Settlement Housing Fund has acquired 1415-1417 Wythe Place, located in Bronx, with intent to pursue financing of rehabilitation of the property.

This project is one of many recently acquired by organizations for preservation through the Neighborhood Pillars Program. This is the sixth project intended for the Neighborhood Pillars program.

Through this program, residents can benefit from rent-stabilized leases and other affordability protections. Out of the 339 units, 50% will be permanently affordable.

“In the midst of an affordability crisis, preservation is one of the most effective tools we have to assure families that they can continue to afford living in their homes and communities. The Neighborhood Pillars Program relies on dedicated non-profit and mission-based organizations with deep community ties to protect affordability and fortify the city’s existing housing stock,” said Housing Preservation and Development Commissioner Louise Carroll. “I want to thank our partners in development for their efforts as we continue to work together to preserve equitable housing opportunities for New York City families.”

Some of the new renovations include upgraded electrical systems, a new roof and repairs to the facade and floors.

Launched in 2018, the Neighborhood Pillars Program helps nonprofits and mission driven organizations acquire and preserve buildings. This includes preserving and using for affordable housing.

The Community Preservation Corporation originated a New York City Acquisition Fund loan in the amount $10.3 million to help Settlement Housing Fund with the acquisition, as well as working to provide loans for renovation through Fannie Mae.

“I’m proud to partner with Settlement Housing Fund to help preserve affordability for the tenants at Wythe Place, and to ensure that the building gets the attention and repairs it needs. Rent stabilized and naturally affordable unregulated buildings, like Wythe are the backbone of our city’s housing stock, and we need to do all we can to help preserve them. I thank Housing Preservation and Development Commissioner Louise Carroll and Settlement Housing Fund President Alexa Sewell for their commitment to supporting our communities and advocating for our tenants,” said Rafael Cestero, president and CEO of Community Preservation Corporation.

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