New York, NY. Andpress Plaza is an aged 51-residence affordable housing development located in North Amityville on Long Island. Built in 1983, the property is in need of rehabilitation and has closed on $11.7 million in financing to preserve affordability in a region of New York with a significant affordable housing shortage.
The developer, a joint venture of MDG Design & Construction, Hudson Valley Property Group and Ken Oppenheimer, secured bond and low income housing tax credit financing from the Town of Babylon Industrial Development Agency, Red Stone Tax Exempt Funding, Hudson Housing Capital and New York State Homes and Community Renewal. The U.S. Department of Housing and Urban Development also provided a new 20-year Housing Assistance Payment contract, which will allow tenants to continue to pay only 30 percent of their monthly income towards rent.
With this closing, all of the apartments at Andpress Plaza will undergo significant renovation, including the ten units set aside for seniors. The rehabilitation will also create several construction jobs.
Nixon Peabody advised the developer on all aspects of the transaction. The affordable housing deal team included: Deborah VanAmerongen, Meghan Altidor, John Kelly, Amy Plowman, Dana Roper, Jackie Ryu and Mariana Fradman.