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Tenants at the Bronx apartment building where DJ Kool Herc hosted the world’s first hip-hop party finally have an excuse to boogie down.

A city-backed housing group has bought the debt on 1520 Sedgwick Ave. and promised to renovate the dilapidated Morris Heights building known as the birthplace of hip hop, elected officials announced yesterday.

“We are so gratified to see that this property is moving towards a solution that we believe will put it in the hands of a responsible landlord,” said Rep. Jose Serrano (D-South Bronx), alongside Mayor Bloomberg, Sen. Chuck Schumer and City Council Speaker Christine Quinn.

Workforce Housing Advisors and WinnResidential expect to buy the building outright at a foreclose auction next year.

“We feel like we won,” said Gloria Robinson, president of the building’s tenant association.

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