OBRFC Columbus Associates
107th Street at Columbus Avenue
New York, New York
OBRFC / Columbus Associates was formed to develop one of the last sites in NYC HPD’s Dollar Building Program. The site was composed of 3 totally “gutted” tenements which became the NYS HFA’s first 80/20 funding, with sales of a 4% LIHTC to Chevron Oil Co. OBRFC subsequently purchased a vacant lot at 965 Columbus Avenue which was developed under the Inclusionary Zoning Program, utilizing the 8% Low Income Housing Tax Credits and NYS Housing Trust Fund Infrastructure Grants. The Inclusionary Zoning Rights were sold to Millennium Partners for development of 1965 Broadway. Four additional properties on West 107th Street were purchased from the RTC which became moderate rehabs and were subsequently refinanced under NYC HPD programs. At the end of the project, OBRFC developed 8 buildings utilizing 7 different NYC and NYS programs and transformed a previously bombed-out block to new housing for 130 families with incomes as low as 50% of AMI and as high as local market rates.