Project Description
The Applicant, Geel Community Union Avenue HDFC (Geel), proposes to rehabilitate an existing N2 class building (home for the poor, such as indigent children, the aged, and the homeless). The Site is located at 706 Union Avenue (legally identified as Block 2675 and Lot 36) in the Woodstock neighborhood of the Bronx, New York. The four-story and 29-studio unit building provides community services on first floor and cellar level. The renovation will include repairs/replacements/upgrades/ environmental assessments for sidewalk/curb, building envelope, interior common space, apartments, building systems, and health/pest management. The building currently has an existing Moderate Rehabilitation (Mod Rehab) SRO contract. The Applicant is planning a Rental Assistance Demonstration Second Component (RAD 2) conversion for this property, which will allow the applicant to convert its current Mod Rehab contract to Section 8 Project-based Vouchers (PBVs), enabling access to private debt and equity to finance the buildings capital needs. The New York City (NYC) Housing Preservation and Development (HPD) has designated the Applicant as the developer, and the Applicant will receive capital funding under the Supportive Housing Loan Program (SHLP) and a private loan. There will be no excavation as a result of the propose actions.