HPD's Shams Al-Khafaji presents 511 West 171st Street ANCP Cluster overview
Al-Khafaji introduces the project to rehabilitate three buildings in Washington Heights under HPD's ANCP program, covering the sponsor, construction lender, unit count, and sales prices for existing and vacant units.
Hi, everyone.
My name is Shamsal Ghaffaji and I am a senior project manager with HPD's Affordable Neighborhood Cooperative Program, or ANCP.
First, I would like to thank the Subcommittee on Landmarks, Public Sightings, and Resiliency and Dispositions for your time today.
This morning, I will be speaking on 511 West 171st Street Cluster, which is a proposal to rehabilitate three buildings in Washington Heights under HPD's ANCP.
Next slide, please.
This project comprises of three buildings, 511 West 171st Street, 522 West 174th Street, and 501 West 174th Street.
The project sponsors Lemley and Wolfe Companies.
The construction lender is Low Income Investment Fund, or LIF.
There are 50 units total in these buildings, 36 of which are occupied or existing households, and 14 are vacant and will be first-time homebuyers.
The sales prices for the existing residents will be $2,500 or $250 for qualifying residents who earn under 80% of the area median income, or AMI.
The sales prices for the vacant units will be affordable to 80% AMI households.
The monthly maintenance is set per square foot so that the building income will cover at least 105% of the projected building expenses.
The expected closing date for this project is September 2026.
And here you'll see a breakdown of the post-rehab unit sizes, where there will be three one-bedrooms, 14 two-bedrooms.
and 33 three bedrooms.
Next slide, please.