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PRESENTATION
Existing unit mix and future plans for 2201 Davidson Avenue
0:08:53
ยท
42 sec
The presentation outlines the current unit composition of 2201 Davidson Avenue and the plans for its future under the Third Party Transfer program.
- Current unit mix: 2 studios, 28 one-bedrooms, and 18 two-bedrooms.
- Neighborhood Restore will take title as the interim owner after the transfer action.
- Lemley and Wolff, as the future sponsor, will work with HPD and tenants to rehabilitate the building and create affordable housing units.
- Over 80% of tenants have signed a petition expressing interest in converting to a limited equity HDFC co-op.
- If co-op conversion milestones are not met, the building will remain a rental project with rent and income restrictions set by HPD's program term sheet.
Arvind Sindhwani
0:08:53
So in terms of the existing unit mix, there's two studios, twenty eight one bedrooms, eighteen two bedrooms.
0:08:58
Under the TPT program, Neighborhood Restore will take title as the interim owner after the transfer action.
0:09:05
The future sponsor, Lemley and Wolff, will work with HPD and the tenants to rehabilitate the building to create affordable housing units with affordability restrictions.
0:09:13
The tenants were allowed an opportunity to indicate an interest in converting to a limited equity HTFC co op, which over 80% of the tenants signed to petition.
0:09:24
If for any reason tenants do not meet milestones to convert to a cooperative, the building will remain a rental project at the rent and income restrictions set by the multifamily dispositions and finance programs term sheet.