Project Description
The City of New York - Department of Housing Preservation and Development (HPD), in conjunction with the Manhattan Beach Housing Development Fund Coporation, intends to provide an Article XI tax exemption for the financial improvement and physical viability of the project and to preservce senior affordable housing for the long term. The buildings will be substantially rehabilitated to include: 1) HUD UFAS requirements; 2) upgrage to half of the apartments (installation of video intercom, new cabinets, refrigerators, stoves, and air conditioning sleeve units, upgrades to bathrooms, painting apartments and LVT flooring; 3) common area upgrades including handrail replacement, stairs and hallway painting, upgrades to the security guard station by the lobby; and 4) façade repairs will be made on the exterior of the building. Manhattan Beach Housing Development Fund Corporation is the current owner of the property. At closing, the ownership will be restructure so that the beneficial interest in the project will be conveyed to Manhattan Beach Senior Housing L.P as beneficial owner (which is comprised of partners of which JASA Corporation is the sole member); Manhattan Beach Housing Development Fund Corporation will continue to be the fee title owner (of which JASA Corporation is the sole member). The property manager will continue to be JASA Housing Management.