Seaview Senior North Housing Project Update

We have good news to report here, as well. Final processing of the Grants from NYC necessary to build the project have been completed. NYC EDC has forwarded same to NYC OMB who will, thereafter, arrange for the advance to be registered by the Comptroller's Office. What all of the foregoing means is that they will then be part of the official NYC Budget. We are also moving at the same time towards finalization of the tax exempt bond issue which will provide the balance of the funds beyond the NYC Grants that are necessary to complete the project. As of now, we are expecting there to be a "closing" sometime in October with construction to start immediately thereafter. This project has been long delayed by the NYC bureaucracy but we have finally broken through over the last few months

Victory Fiedler Project Update

Things are moving along at the Victory Fiedler site. The first floor slab has been poured and, pending the issuance of the necessary NYC Permits, the modular boxes are scheduled to be delivered to the site and set this month. Once that happens, everything will begin to move quite fast towards a year-end completion of the building.

Webster, Astoria and Grove Project Updates

The Webster, Astoria and Grove projects remain in a state of limbo due to a combination of budgetary problems starting with the City, State and Federal governments. Subsidies for affordable housing of every variety are bound up in the budget woes of government at every level. Added to that, the banks that hold the existing debt on the Astoria and Webster properties have become impatient, so we are trying to deal with those issues as they come up, in terms of renegotiating with the banks and are looking for alternate development scenarios for the properties.