The City Council approved the disposition of 457 Nostrand Avenue, a City-owned parcel in Brooklyn Community District 3, pursuant to Section 576-a(2) of the Private Housing Finance Law. HPD will transfer the site to a housing development fund company for a nominal price of $1 per lot, secured by an enforcement note and mortgage for the remainder of the appraised value. The proposed development will deliver up to 240 affordable rental units with ground-floor community facility space under the Atlantic Avenue Mixed-Use Plan and Mandatory Inclusionary Housing Option 2. Rents will be stabilized and targeted to households earning between 30% and 120% of AMI, with a set-aside for formerly homeless tenants referred by DHS. If any affordable homeownership units remain unsold, HPD may convert them to rental fallback use. The Land Debt and any City construction subsidy will be payable over at least 30 years and may be forgiven or unsecure at term based on compliance and appraisals. Construction is expected to be completed approximately 24 months from closing.