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Council backs $250,000 counsel loan for renovation of 733 Portland Avenue affordable apartments
Summary
The council introduced and passed a measure approving a 0% forgivable loan to support renovation of a 33-unit apartment building at 733 Portland Avenue; rents will be restricted to at or below 65% AMI and primary funding includes state small-business and CPC funds plus council allocation.
The City Council’s Neighborhood Jobs and Housing Committee introduced and passed legislation to authorize a loan and budget amendment to support renovation of an existing 33-unit apartment building at 733 Portland Avenue.
Deputy Commissioner Frisch described a full renovation of the building — built in 1945 — with a total development cost of approximately $6.4 million. The administration said primary sources of funding include the New York State Small Business Participation Loan Program and Community Preservation Corporation (CPC) funds. Council discretionary funds are also contributing; the council used prior underspends to allocate support and the item noted the council’s affordable-housing allocation from the previous year.
The administration reported the project has 33 units and that rents will be required to be at or below 65% of area median income (AMI). The committee discussed loan terms: the council-provided financing is a $250,000, 0% interest forgivable loan, with conditions that make it forgivable over a 30-year period. Council members asked whether the building will be ADA/88-compliant and about parking and accommodations for tenants remaining during construction; the administration said it would provide answers in writing. Members also asked whether residents who remain during construction had been checked in with; the administration said it would follow up with the developer and provide written responses.
Council member Patterson clarified that the item is Introductory 1‑33 and noted the council’s prior allocation of $1 million toward affordable housing. Council member Gruber asked about the loan terms, and Frisch confirmed the 0% forgivable structure and 30-year term. The introductory motion passed in committee.
