Fordham Bedford Housing Corporation (FBHC) will acquire and renovate 283 apartments in six buildings, thanks to a $23 million loan from the city's new Acquisition Fund. It's the first major loan made through the $230 million initiative.
Commissioner Shaun Donovan of the Department of Housing Preservation and Development, announced the loan yesterday in front of 2825 Webb Ave., one of the buildings acquired through the fund. He was joined by representatives of FBHC, Enterprise, and several banks and foundations that invested in the fund.
The Acquisition Fund was created to help non-profit developers compete with commercial developers, who can often move much faster to buy buildings because of the resources they have.
Here's coverage of the Acquisition Fund in Crain's New York Business. Readers can see more coverage in the July 12 issue of the Norwood News.
Thursday, June 28, 2007
$23 Million to Preserve Affordable Housing
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment
Bronx News Network reserves the right to remove comments that include personal attacks, name calling, foul language, commercial advertisements, spam, or any language that might be considered threatening, libelous or inciting hate.
User comments are reviewed by BxNN staff and may be included or excluded at our discretion.
If what you have to say is unrelated to this particular post, please visit our readers' forum.