MANHATTAN AVE., W 115TH ST. & W 116TH ST. | MORNINGSIDE HEIGHTS, MANHATTAN, NY
In this exciting project, Habitat for Humanity NYC and Westchester is participating in a joint venture with developer Genesis on our first ANCP (Affordable Neighborhood Cooperative Program) deal. ANCP is the only city-sponsored program that converts rental units in city ownership to HDFC housing cooperatives.
The ANCP Morningside cluster comprises three buildings, on Manhattan Ave, W 115th St, and W 116th St within Morningside Heights, Manhattan. All the buildings were part of the Tenant Interim Lease program (TIL) before proceeding to ANCP, and entered City ownership through in-rem foreclosure. None of the buildings have received any significant upgrades or repairs since coming into City ownership and likely for many years before City ownership.
The buildings are currently made up of thirty-five residential units, consisting of nine one-bedroom units, eight two-bedroom units, and eighteen three-bedroom units. Additionally, there are two commercial spaces located at 494 Manhattan Ave, and 321 W 116th St. After rehab, the unit count will increase to thirty-six residential units.
The buildings will be substantially rehabilitated through HPD’s Affordable Neighborhood Cooperative Program (ANCP). All major buildings systems will be replaced or repaired, and existing units reconfigured, if necessary, based on HPD BLDS or Department of Buildings (DOB) requirements.
All units will be affordable for working families making 90 to 100 percent of New York City’s Area Median Income (AMI). Once converted, the cooperatives will be subject to a 40-year Regulatory Agreements which stipulate income, asset caps, and resale restrictions.