![]() ![]() The building façade, the parking area, elevators, and mechanicals will all be rehabilitated through the development team’s two-year construction plan. “Together with CAMBA and the City of New York, we look forward to providing tenants with the safe, well-maintained, and well-managed housing they deserve.”Ĭonstruction work is anticipated to begin in August 2015. “We’re proud to be able to restore one of Staten Island’s largest affordable housing developments and to maintain rent affordability programs for the tenants,” said Francine Schiff, Vice President of Residential Leasing at Stellar Management. The use of Section 8 Project Based Assistance and Section 8 enhanced vouchers will allow the development to maintain long-term affordability for existing and future tenants and to remain in the Mitchell-Lama housing program. Upon conversion to permanent financing, HUD will provide mortgage insurance through the HUD 542c risk sharing program. Through HDC tax exempt bonds, the new owner will embark on a $30 million-plus renovation and rehabilitation project at the 40-year-old development. Department of Housing and Urban Development (HUD), the development team will be able to maintain long-term affordability for tenants at the property. Working in coordination with the NYC Housing Development Corporation (HDC), NYC Department of Housing Preservation and Development (HPD), the U.S. George, Staten Island, Stellar Management and CAMBA Housing Ventures announced that they have acquired Castleton Park. If HPD is satisfied that the applicant qualifies, the agency will begin the process of deeming the applicant eligible for affordable housing and will begin locating available housing units.Īll interviews don’t result in housing, but an applicant who is denied in one housing lottery may very well get accepted in another.NEW YORK, NY - In an effort to preserve and restore a 454-unit Mitchell-Lama Affordable Housing development located in St. An interview is a screening tool used to further determine eligibility. This will increase the chances of “winning” an affordable housing unit.Īpplicants are then subject to an interview during which officials verify the information included on the application and ask any follow-up questions. What Happens After You ApplyĪpplicants should apply to as many different housing lotteries as possible. The system allows applicants to track the status of their applications online. The turnaround time once the application is submitted varies, but it often takes several months to find out the outcome of your application.
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