Build It Back Money Trickles In
The first properties to get money from the NYC Build it Back Program have been announced. Through the NYC Build it Back multi-family building repair program, two Rockaway properties and a Manhattan building will receive financial assistance.
NYC Build it Back is awarding $1.1 million to two Rockaway buildings. One is the 72-unit mixed-income rental building located at 95-01 Rockaway Beach Boulevard. That property will receive $770,000 to help make the building more resilient. The money will go towards the installation of a permanent emergency generator and wall-mounted boilers that will be above flood level to help ensure resistance to future flooding. Hurricane Sandy damage was repaired with insurance proceeds and existing reserves.
The other Rockaway property receiving money is a 32- unit low-income rental building located at 334 Beach 54th Street. The property will receive $326,000, which will go towards installing a permanent emergency generator on the roof. The owner took out additional market rate financing on the property to repair the damage from Hurricane Sandy that rendered six ground floor units uninhabitable. Those units should be fully repaired before the end of the calendar year.
A third multi-family building is receiving funds in the Knickerbocker Village on the Lower East Side in Manhattan. The State-supervised affordable housing development is getting $1.46 million in relief funding to finance Phase I of repairs.
“NYC Build it Back is an important part of our efforts to help New Yorkers continue the road to recovery,” Mayor Bloomberg said in a press release. “The more than $2.5 million in assistance for these properties will help more than one thousand families get back on their feet by supporting repairs in their buildings and ensuring these locations are built resiliently to protect against future storms.”