207-209 West 140th Street Housing Development Fund Corporation (Hdfc)

1. Amendment 1

   The amendment lowers the sales threshold needed to make the plan effective from 65% to 50% of units, raises the Sterling construction loan and related prepayment amounts, changes prices and income limits for unsold apartments, updates the first-year budget, and extends the plan by six months.

   • Effectiveness threshold lowered from 65% to 50% of the 21 apartments (Purchase Agreements for at least 11 apartments)
   • Cash Offering Price changed from $8,012,576 to $8,490,707; Total Offering Price changed from $12,851,146 to $13,329,277
   • Sterling Construction Loan increased by $2,000,000, from $16,433,000 to $18,433,000
   • Apartment 5B price decreased from $493,953 to $446,737 and its income limit from 130% to 110%; Apartment 6A income limit increased from 110% to 130%
   • Prices of unsold apartments changed, most increased
   • Mandatory Prepayment Amount increased from $2,721,159 to $3,052,408
   • First year of operation set as July 1, 2026 through June 30, 2027; overall budget increased about 15%
   • Plan extended 6 months from the date of acceptance of this amendment

Summarized from the amendments' text (scanned ones read with OCR); the filings themselves are on the Attorney General's site. 1 of 2 amendments summarized so far.