Thursday, January 24, 2013
☞ REVIVE: More Details on Financing PS 186
The New York Times stated a couple of years ago that it would be demolished to make way for a new building but details for restoring the historic school building has now been finalized as of last summer. A Harlem Community Development Corporation summary page has the details as below for the financing of the $79.3 million project which ends over two decades of feuding within the community board on protecting the building at 145th Street.
"The build program for the Project has been modified. Instead of demolishing the existing structure and building a larger new structure BGCH will retain and renovated the existing, landmark-eligible building which will house approximately 90 units of housing in addition to the new facility for BGCH. The community facility and retail components of the build program, for where there were no anchor tenants and for which project financing could not be secured, have been eliminated. Retention of the existing building makes the Project eligible for historic tax credit financing. The application for the low income tax credits for the residential part of the Project will be submitted in June 2012. Closing on construction financing is expected to occur by year-end 2012."
Some have been questioning the source of financing and the HCDC document has "NYC Housing Development Corporation, NYC Department of Housing Preservation and Development, Tax Credit Equity, New York State and City capital grant funds" all listed: LINK
Building rendering via Dattner Architects