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The Aspen

The New York City Housing Development Corporation's (HDC) innovative Mixed-Income Program, also known as 50/30/20, finances developments in which 20 percent of units are rented at affordable rates to low-income families, 30 percent are rented at affordable rates to middle-income families, and the remaining 50 percent are rented at market rates. The Aspen in East Harlem was developed through this program. HDC provided a $44 million first mortgage through the sale of tax-exempt bonds and financed a one-percent second mortgage in the amount of $2.75 million through its corporate reserves. A newly constructed seven-story building with 234 apartments and over 15,000 square feet of ground floor commercial space, The Aspen opened to residents in 2004. Amenities at The Aspen include a laundry facility, exercise room, game room, outdoor courtyard, and 110-car garage.