Hathorn Court – Elmira, NY
The Elmira Housing Authority awarded the Ironburgh Organization the contract to privatize and renovate its stock of state subsidized housing in October of 1999. Plans call for Ironburgh to take ownership and renovate 374 apartments using tax exempt bonds, 4% LIHTC and NYS Housing Trust Funds. We expect to close on this project September 2000.
Ironburgh will form a partnership with the Elmira Housing Authority (EHA) to manage and oversee the units. This will result in the tenants having the continuity of working with the same staff they have gown accustom to.
Financing has been finalized with a $3.9 million grant from the Housing Trust Fund, $8.5 million in tax-exempt bonds from he Chemung County IDA, $4.6 million construction letter-of-credit from Chase Manhattan Bank and $5 million from a tax credit sale to California Edison.