NEWS FROM NYC’S PRIMARY INTERMEDIARY FOR CONSTRUCTION OF NEW, AFFORDABLE AND WORKFORCE HOUSING
Housing Partnership Development Corporation
HOMEFRONT SPRING 2013
Norman towers at 161st Street, queens The Housing Partnership and the Bluestone Organization closed on the acquisition and financing of an affordable mixed-use and mixed-income development located in downtown Jamaica, Queens. Construction is anticipated to be completed in mid-2014. The property, to be named Norman Towers, will consist of two nine-story towers, fronting on 160th and 161st Streets between Jamaica Avenue and 90th Avenue. The project will include a total of continued on page 4
INSIDE 30th Anniversary Luncheon Highlights. . . . . 2 The Lafayette Featured in New York Times.. . . . . . . 2 Orange County Neighborhood Stabilization Program.. . . . 4 Westchester Point Supports the Community.. 7 Introducing Administering Agent Services. . . . . . . . . . 7 Innovative Inwood Project. . . . . . . . . . . . . . . . . 8
MESSAGE FROM THE PRESIDENT & CEO We are very excited about our venture with Evolve Bank & Trust. In response to changing times, we provide a different, holistic approach to homebuyer financing. Evolve’s Representative Office, located in the Housing Partnership’s new office at 242 West 36th Street, is celebrating its one year anniversary. It is approved by NYS Banking Dept. and SONYMA. Our collaboration with Evolve is unique in the housing community: establishing a forprofit entity whose primary goal is simply to provide excellent customer service to both our traditional affordable housing purchasers as well as to new market rate buyers. Why do business with Evolve? 1. NO Investor Underwriting Guideline overlays means Evolve can qualify more borrowers 2. Two business day turn-time once file is sent to Underwriting, resulting in a 30 day total turn-time from application to closing 3. Your loan rep has direct communication with Underwriters and Closers 4. NO application fee to the borrower 5. Down Payment Assistance loans to qualified borrowers Here are a few comments from some of the Real Estate professionals that have done business with Evolve to date:
“Dianne has been delightful to work with. She is communicative, efficient and knowledgeable. Dianne has worked hard for my buyer and has been keeping me informed. I look forward to working with Dianne on more deals. “ Marilyn Mayers, Lic. Assoc. RE Broker, SVP Halstead Property LLC “Dealing with Dianne is absolutely a pleasure. The transaction was seamless! She will definitely be my go to Girl!!” Kim McKeller Halstead Property LLC “Dianne Goodwin – the moment I met her I knew she was the person I wanted to be on the lending side of any of my transactions. She is knowledgeable about different programs and criteria and eager to help make it a smooth transaction. She takes an interest in the people!” Maria S. Palmer Jolie Powell Realty Inc. If you are interested in a new mortgage, want to refinance or obtain a reverse mortgage, call Dianne at 646-459-0627 or e-mail firstname.lastname@example.org to learn more! Sincerely, Dan Martin
CELEBRATORY Luncheon HIGHLIGHTS • PAGE 2-3
The Lafayette Featured in New York Times The Housing Partnership and BRP Development Corporation closed on the acquisition and financing of the Lafayette in July 2012. The project, located at 2225 Adam Clayton Powell Jr Boulevard in Central Harlem, will be a new eight-story building with 115 new rental apartments, a 19,000 square feet church facility, a garage for underground parking and 13,600 square feet of ground floor commercial space. BRP Development Corporation acquired the site from Williams Institutional C.M.E. Church. The mixed-income residential units will include studios, one-, two-, and three-bedrooms, and one super unit. 23 of the units will be affordable to families with earnings at or below 60% AMI. Financing for the $46 million project was provided by Goldman Sachs Urban Investment Group. The project is expected to be finished in the winter of 2014. n
Housing Partnership Development Corporation COMMEMORATED 30 years / 30K housing units WITH a
30th Anniversary CELEBRATORY Luncheon Wednesday, November 14, 2012 The Waldorf Astoria
Housing Partnershipâ€™s 30th Anniversary Celebratory Luncheon a Great Success The Housing Partnership extends a warm thank you to all the prominent leaders and supporters in the affordable housing industry who came to our 30th Anniversary Luncheon on November 14, 2012, at the Waldorf Astoria. We were very proud to hear from Marc Jahr, President at New York City Housing Development Corporation. It was also an opportunity to reunite with and hear from Housing Partnership alumni, including Brad Hoylman, New
York State Senate, Jonathan Vogel, VP Development, Avalon Bay Communities, Inc., Julio Peterson, Vice President of Real Estate, The Shubert Organization, Sandra Acosta, Principal, AIM Development, Michael Gantcher, Remote Sensing Metrics, LLC, among many other alumni. The wonderful turnout at the luncheon was also a tremendous vote of confidence in our sustained and growing ability to develop and finance affordable housing. n
Original story can be found online at: http://cityroom.blogs.nytimes. com/2013/03/10/vestiges-of-harlemnightlife-and-its-gay-side-give-way-towreckers/
John McCarthy, Board Chair, HPDC; Kathryn Wylde, President & CEO, Partnership for New York; Marc Jahr, President, HDC; Dan Martin, President & CEO, HPDC; Todd Gomez, SVP Bank Of America
Shelia Martin, Chief Operations Officer, HPDC (left) with Alumnae – Sandra Acosta, Principal, AIM Development
Alumnus - Jonathan Vogel, VP Development, Avalon Bay Communities, Inc.
Right: Speaker – Marc Jahr, President, HDC
Alumnus - Brad Hoylman, New York State Senate
Alumnus - Julio Peterson, Vice President of Real Estate, The Shubert Organization
Alumnus - Michael Gantcher, Remote Sensing Metrics, LLC
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100 rental units (studios, one- and two- bedrooms), affordable to tenants with income ranging from 50-165% AMI. In addition to the residential units, 5,311-squarefeet of commercial and 4,525-square-feet of retail space will be created to further spur economic development in the community. “With over 80 years of experience, The Bluestone Organization has set the stage again for more affordable housing and the renewal of community partnerships. The 161st Street mixed–use project will definitely be an asset to the downtown Jamaica neighborhood,” said Nadja Alvarado, Project Manager for the Housing Partnership. The project, which is part of Mayor Bloomberg’s New Housing Marketplace initiative, has received support from local residents and public officials, alike. Borough President Helen Marshall also praised the project as “an investment in the future and another fine example of how private and public sectors can work together to build attractive, affordable housing and commercial space that not only excites the spirits of those who continued on page 8
Orange County Neighborhood Stabiliz The Housing Partnership, through its affiliates, is completing the last phase of the Neighborhood Stabilization Program (NSP1) which began in 2010. As an NSP1 sub grantee, Housing Partnership has assisted in the acquisition of 31 foreclosed and abandoned homes, their rehabilitation and their affordable resale to families - 23 in Orange County and 8 in Westchester County. Our partners include NYS Homes and Community Renewal, Westchester County Department of Planning, County of Orange’s Office of Community Development, Habitat for Humanity of Greater Newburgh, Regional Economic Community Action Program (RECAP), Newburgh Spectrum, Orange County Rural Development Advisory Corporation (ORDAC) and Housing Action Council. The utilization of the NSP1 grant subsidizes the cost of development, and has made it possible for moderate-income families to become homeowners, empowering them financially. Additionally, the program helps to improve the overall appearance and sustain property values within neighborhoods that would otherwise be at risk of blight from vacant abandoned properties. The NSP1 program persevered despite its challenges including falling home values prompting the use of a greater amount of NSP1 subsidy in each home, and a tight credit market which often made it more
difficult for potential homebuyers to secure a mortgage. Still, obstacles were successfully overcome. “The end results speak for themselves, homes that were run down, including some that were vandalized are now fixed up and housing families,” says Penny Thelman, Director of Housing Development & Grants
Management at RECAP, “The impact on the surrounding neighborhood has been beneficial by helping to restore new life to the community.”
zation Program (NSP1) Another Orange County community partner, Habitat for Humanity of Greater Newburgh, leveraged NSP1 funds to expand its home rehabilitation and construction capacity. For example, a portion of NSP1 funds were used on two homes in the first phase of their East Parmenter Street Neighborhood Development, which is a planned, pedestrian-friendly neighborhood
replacing blighted and abandoned structures boarded up for over 20 years. Cathy Collins, Executive Director of Habitat for Humanity of Greater Newburgh says, “The NSP funds were a perfect match for our mission to restore a sense of community with the common goal of strong neighborhoods and dignity through homeownership.” n
When I heard about Habitat [Newburgh] and what they E. PARMENTER STREET. Single mother of three girls, two of whom are currently attending college, Marlene Urquia always expressed her desire for setting good examples for her girls and she feels that becoming a homeowner is an important step. She wants them to know through hard work, they can accomplish their dreams.
offered, I knew it was perfect for my mom. Now I don’t
have to worry about my mother and my brothers having a E. PARMENTER STREET. Raymonde Exantus has lived and worked in Newburgh since 2003 and is a naturalized citizen from Haiti. Her youngest three sons remained in Port-auPrince with their adult brother, and were displaced by the January 2010 earthquake, losing everything. Exantus was able to bring her younger sons to Newburgh — ages 14, 17 and 19. The three boys now attend school in Newburgh and live in the newly built house with their mother.
safe home. – Maria Janvier
Raymonde Exantus’ only daughter, a nursing student at Sullivan County Community College.
BENKARD AVENUE. Ignacio and Ida are immigrants who never thought they would have the opportunity to own their own home. They are happy that their children can finally have a home to call their own. Their oldest son is currently enrolled in college.
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Orange County continued from page 5
LIBERTY STREET. Due to the housing conditions that the Jones family lived in, their youngest twin daughter had to repeat second grade, not because of her capacity to learn, but due to her missing so many day of school because of health issues caused by the environment she was living in. Now that they own a Habitat home, their children have fewer health issues, and they also have a place to study and let their imaginations for their future run wild.
BENKARD AVENUE. Mary Melody Burnett single mother of four children feels that having the opportunity to have her own home is a lifelong dream that actually came true. She is happy about being able to provide a safe, decent home for her children.
westchester point supports the community In February 2013, the Housing Partnership and Mastermind Ltd. closed on Westchester Point, 141 units of housing located at 899 Westchester Avenue, in the Longwood community of the Bronx. Construction commenced on the project in early March and is anticipated to be completed by the end of 2014. The project and its financing was a collaborative effort that also involved the NYC Housing Development Corporation, the NYC Department of Housing Preservation and Development, Capital One Bank, and Hudson Capital. Project financing includes the use of taxexempt bond proceeds from the NYC Housing Development Corporation, as well as Low Income Housing Tax Credit and New Market Tax Credit equity.
include ground floor retail, an external courtyard, a residents’ lounge, and an on-site laundry room.
The project is an eight-story building with 28 studios, 47 one-bedrooms, 60 two-bedrooms, and 6 three-bedrooms affordable to individuals and families between 38% and 58% Area Median Income and one unit reserved for superintendent. Additional features of this new construction project
“The Housing Partnership is delighted to participate with Mastermind, Joy Development, the NYC Housing Development Corporation, and the NYC Department of Housing Preservation and Development in this mixed-income project located in the Morrisania/ Longwood communities of the Bronx,”
“The development of Westchester Point is sustainable and affordable housing. This project represents the best of what public and private partnerships can achieve,” said Radame Perez of Mastermind. “These are still tough economic times for many New Yorkers. We are proud to respond and continue our commitment to residents of the borough of the Bronx in their ever-growing need for affordable housing. I am proud of our investment and congratulate the efforts of Mayor Bloomberg and all our partners who have made this possible.”
Ellen Kackmann, Director of Real Estate Development for the Housing Partnership commented, “Not only will this project provide an additional 141 units of affordable housing, but it will also support the community’s needs through the provision of ground-floor retail and additional community facility space. Additionally, this project is anticipated to produce approximately 125 constructionrelated jobs and another 50 permanent jobs for the local residents, which will support the long-term economic growth of the community.” continued on page 8
Introducing Administering Agent Services Continuing in its tradition of improving access to affordable, workforce housing in the New York metropolitan area, the Housing Partnership is pleased to announce expanded services to include taking on the role of Administering Agent for developers participating in the City’s Inclusionary Housing Program (IH). The IH Program, managed by the NYC Department of Housing Preservation and Development (HPD), provides zoning incentives to developers constructing or substantially rehabilitating residential property who agree to designate a number of those units as permanently affordable. The units can be on or off site. As Administering Agent, Housing Partnership would be responsible for
ensuring that the developer and project meet the provisions of the IH Program required in the Regulatory Agreement between the developer and HPD, as it relates to the occupancy of those affordable units.
which will advertise units fairly to a broad market base, targeting apartment seekers meeting the income requirements. We will review all program applicants to determine their eligibility to rent or purchase an IH unit.
Through this unprecedented role, Housing Partnership seeks to enhance the success of the IH program by offering its affordable housing expertise, professional staff and long-term relationship with HPD, to streamline and standardize the yearly reporting and compliance work that is required.
With over 30 years of experience reviewing applications for incomerestricted housing, and our extensive experience partnering with government agencies on a myriad of affordable housing programs, we will bring this expertise to developers as a third-party agent. The Housing Partnership has agreements to serve as administering agent for several projects and is engaged in discussion with additional developers of IH projects with whom we are excited to launch this new service. n
The Housing Partnership now also offers marketing and lease-up services. In that capacity, we will develop and implement a marketing plan approved by HPD
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will occupy these apartments but also renews the entire community.” Project financing included the use of tax-exempt bonds, federal lowincome housing credits and New Housing Opportunities Program funds from the NYC Housing Development Corporation, state low-income housing credits from NYS Homes and Community Renewal, Inclusionary and New Construction program subsidies from the NYC Department of Housing Preservation and Development, capital funds from Queens Borough President Helen Marshall and Council Members James Gennaro and Leroy Comrie, and investor equity from Goldman Sachs Urban Investment Group. n
INNOVATIve inwood PROJECT The Housing Partnership worked with Jeffrey M. Brown Associates to close on the acquisition of 4857 Broadway, located at 204th Street in upper Manhattan. Construction financing provided by T.D. Bank. Construction is underway and lease-up is anticipated to take place in early summer 2013. The building, designed by Gluck +, will contain a mixture of studio, one-, two-, and threebedroom units, as well as community and commercial space. The building is also designed to include balconies and a landscaped interior courtyard. “As developers and builders of Broadway Stack, we are pleased and proud to bring this innovative residential development to this special community. We trust it will be well-received for its thoughtful design, light-filled residences and high quality construction,” said Jeffrey Brown, CEO of Jeffrey M. Brown Associates LLC. What was once a vacant lot will quickly be transformed into a seven-story, 28unit building. Construction is occurring at an accelerated rate due to the use of modular construction techniques. The project was highlighted in a March 8, 2013 article in the New York Times, which
addressed the increasing popularity of modular construction. “The Housing Partnership is extremely excited to participate in this project. It is always a wonderful thing to be a part of the continuing efforts to provide affordable housing to New York City’s residents. However, it is even more thrilling to participate in projects which incorporate new and innovative design techniques. It is fascinating to note the degree to which modular construction for multi-family housing is increasingly being met with a warm reception and recognized for the degree to which it enables time and cost savings to be passed along to tenants,” said Ellen Kackmann, Director of Real Estate Development for the Housing Partnership. n
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Ellen Kackmann Leslie Forgenie Shelia Martin Hanying Peng
PhotoBureau Inc. Habitat for Humanity of Greater Newburgh
The project’s design incorporates green and energy efficient design aspects such as insulated glass with thermal break, Energy Star-rated appliances, high efficiency elevators with regenerative
breaking technology, motion sensors for lighting in the building’s common areas, as well as energy efficient ventilation and exhaust systems. n
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242 West 36th Street, 3rd Floor New York, New York 10018 646.217.3370 www.housingpartnership.com