REDEVELOPMENT AUTHORITY OF THE CITY OF ALLENTOWN 435 Hamilton Street, 3rd Floor, Allentown, PA 18101 Phone: 610-437-7733 • Fax: 610-437-7570 PROPOSAL PACKAGE PROJECT: 428-36 N 6th Street The Redevelopment Authority of the City of Allentown is seeking proposals for the acquisition and redevelopment of 428-36 N 6th Street, Allentown. The property is approximately 17,500 square feet. It is located in a Residential Medium High Density (RMH) & Traditional Neighborhood Development Overlay (TNDO) zoning district. Due to the federal funds involved in the acquisition and property management of this property, there are two options for redevelopment which may be considered. Acquisition for low/moderate income rental housing This option includes the acquisition and redevelopment of this parcel into rental units for low and moderate income households (with incomes not to exceed 80% of area median income). Developers must commit to a fifteen (15) year period of affordability and are required to charge Fair Market Rents based on HUD’s yearly schedules. This option includes only low/moderate income housing on the site, no mixed use. The federal funding used to acquire this property by the Redevelopment Authority, requires the Authority to avoid undue enrichment of the developer. Therefore, the developer may be required to return a portion of its net operating profit to the Authority for investment in new projects. Minimum bid price for this option is $1 (plus all closing costs and legal fees associated with the transfer of the property). Acquisition and redevelopment for any use allowed by the City of Allentown Zoning Ordinance This option includes the acquisition and redevelopment of this parcel into any option which does not include affordable housing as noted in Option #1 above. This option would eliminate the federal rules and regulations which accompany this parcel. Minimum bid price for this option is $300,000 (plus all closing costs and legal fees associated with the transfer of the property).
REDEVELOPMENT AUTHORITY OF THE CITY OF ALLENTOWN 435 Hamilton Street, 3rd Floor, Allentown, PA 18101 Phone: 610-437-7733 • Fax: 610-437-7570 PROPOSAL PACKAGE PROJECT: 428-36 N 6th Street The Redevelopment Authority of the City of Allentown is seeking proposals for the acquisition and redevelopment of 428-36 N 6th Street, Allentown. The property is approximately 17,500 square feet. It is located in a Residential Medium High Density (RMH) & Traditional Neighborhood Development Overlay (TNDO) zoning district. Due to the federal funds involved in the acquisition and property management of this property, there are two options for redevelopment which may be considered. Acquisition for low/moderate income rental housing This option includes the acquisition and redevelopment of this parcel into rental units for low and moderate income households (with incomes not to exceed 80% of area median income). Developers must commit to a fifteen (15) year period of affordability and are required to charge Fair Market Rents based on HUD’s yearly schedules. This option includes only low/moderate income housing on the site, no mixed use. The federal funding used to acquire this property by the Redevelopment Authority, requires the Authority to avoid undue enrichment of the developer. Therefore, the developer may be required to return a portion of its net operating profit to the Authority for investment in new projects. Minimum bid price for this option is $1 (plus all closing costs and legal fees associated with the transfer of the property). Acquisition and redevelopment for any use allowed by the City of Allentown Zoning Ordinance This option includes the acquisition and redevelopment of this parcel into any option which does not include affordable housing as noted in Option #1 above. This option would eliminate the federal rules and regulations which accompany this parcel. Minimum bid price for this option is $300,000 (plus all closing costs and legal fees associated with the transfer of the property).
428_36N6StRFP.docx