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HDC Press Releases
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January
15, 2010
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HPD Commissioner Cestero Joins Chair Of White House Council on Environmental Quality for Tour of First Housing Development to Receive Federal Funding for Green Retrofit Program
$3.6 Million HUD Loan To Help With Greening and Preservation of 198 Affordable Section 8 Apartments In Central Harlem
Harlem Project Moves City Closer To Milestone 100,000 Units Under Bloomberg Housing Plan to Create and Preserve 165,000 Units By 2014
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New York – New York City
Department of Housing
Preservation and
Development (HPD)
Commissioner Rafael E.
Cestero joined White
House Council on
Environmental Quality
Chair Nancy Sutley, and
Jonathan F.P. Rose,
President of Jonathan
Rose Companies today for
a tour of the first
multi-family housing
unit to receive a Green
Retrofit Program (GRP)
loan from the U.S.
Department of Housing
and Urban Development (HUD).The
West 135th Street
Apartments located in
Central Harlem, is a
198-unit, 10 building,
Section 8 assisted
property that will
utilize the $3.6 million
GRP loan to make
renovations that will
enhance quality of life
for the residents,
increase energy
efficiency, reduce
utility costs, and
create jobs. HUD GRP for
Multifamily Housing was
authorized by the
American Recovery and
Reinvestment Act of 2009
for energy and green
retrofit investment in
properties, to ensure
the maintenance and
preservation of
properties and the
continued operation and
maintenance of energy
efficiency technologies.
The West 135th Street
project is part of Mayor
Michael R. Bloomberg’s
$7.5 billion New Housing
Marketplace Plan (NHMP)
to build and preserve
165,000 units of
affordable housing. It
is the largest municipal
affordable housing
initiative in the
nation, which to date
has financed nearly
100,000 affordable homes
across the five
boroughs. Under the NHMP,
HPD and the New York
City Housing Development
Corporation (HDC) have
financed the
construction of more
than 35,900 new homes
and the preservation of
more than 61,500 units
of affordable housing in
the five boroughs.
Nearly 15,297 units have
been financed in Harlem,
with more than 8,592
represented in Community
District 10 where the
West135th Street
apartments are located.
The $7.4 million
renovation of ten
identical six-story,
elevator buildings is
based on comprehensive
analysis of capital
investments needed to
enhance quality of life
for residents while
increasing energy
efficiency. The work
entails: replacing
existing inefficient
boilers with
high-efficiency models;
installing ceiling fans
to reduce dependence on
air conditioners;
installing rooftop
photovoltaic panels to
help support
base-building electrical
loads; replacing or
repairing windows;
installing energy
efficient corridor
lighting with motion
sensors and renovating
common areas with low
toxicity paints,
sealants and adhesives;
replacing deteriorated
common area flooring
with high recycled
content terra cotta
tiles; upgrading
elevator controls; and
upgrading select unit
finishes such as
countertops, cabinets,
and bathroom tile.
Construction for West
135th Street Apartments
will take up to eighteen
months, though continued
emphasis on greening the
project will take place
through ongoing
operations and
maintenance plans.
“With developments like
the West 135th Street
Apartments, the City
continues to make the
statement that green
building and affordable
housing are not mutually
exclusive ideas. Energy
efficiency is key to
keeping costs down. When
planned and executed
through a neighborhood
lens, the long-term
sustainability and
efficiency of a
development can create a
positive impact for both
the residents and
community,” said HPD
Commissioner Rafael E.
Cestero. “Through this
rehabilitation project
we will able to keep
these hardworking
families in their homes
while upgrading the
units, maintaining
affordability and making
them eco-friendly. HUD’s
Green Retrofit grant is
an investment in the
revitalization of the
Harlem community that
will pay dividends for
years to come.”
“The Rose Smart Growth
Investment Fund, an
affiliate of Jonathan
Rose Companies, is proud
to be partnering with
HDC and HPD to preserve
this historic block of
affordable housing and
to guide this ambitious
green retrofit effort,”
said Jonathan F.P. Rose,
President of Jonathan
Rose Companies. “Our
hope is that West 135th
Street Apartments will
become a model of
positive, green
preservation for the
entire country.”
“HDC is pleased to have
the financial strength
to be able to support
critical affordable
housing projects that
are key to the Mayor’s
housing goals,” said
Marc Jahr, President of
the New York City
Housing Development
Corporation. “Block by
block, Harlem is being
revitalized and
sustained by
preservation efforts
such as this one. We are
proud to be part of this
neighborhood’s revival.”
In total, there are
eight studios, 55
one-bedrooms, 99
two-bedrooms and 36
three-bedroom units
which will serve tenants
at 50% AMI (currently
$38,400 for a family of
four) and 60% AMI
(currently $46,080 for a
family of four). Two to
three units will be
reserved for
“hospitality suites”
during construction for
temporary relocations of
tenants.
HDC provided
approximately $24.1M in
tax-exempt bonds to
re-finance the project
for the construction
phase including $22.4M
for the permanent
financing of this
project. This project
will also receive
approximately $5.9M from
HPD HOME, $3.6M from HUD
Green Retrofit Program,
as well as $4.8M of tax
credit equity from
Enterprise. Bank of New
York provided
construction credit
enhancement and the
project anticipates
receiving State and
Federal grants to offset
a portion of the cost of
the solar panel
installation.
The construction phase
of West 135th Street
Apartments will create
quality job
opportunities. To date,
HDC has created and/or
preserved 3,609
affordable housing units
in Central Harlem under
Mayor Bloomberg’s NHMP.
About the New York
City Housing Development
Corporation (HDC):
The New York City
Housing Development
Corporation (HDC)
provides a variety of
financing programs for
the creation and
preservation of
multi-family affordable
housing throughout the
five boroughs of New
York City. HDC’s
programs are designed to
meet the wide-range of
affordable housing needs
of the City's
economically diverse
population. In
partnership with the NYC
Department of Housing
Preservation and
Development, HDC works
to implement Mayor
Michael R. Bloomberg’s
New Housing Marketplace
plan to create of
preserve 165,000
affordable housing units
by 2014. Since the plan
launched in 2004, HDC
financed more than
43,000 homes for low- ,
moderate- and
middle-income New
Yorkers. The New York
City Housing Development
Corporation is rated AA
by S&P and Aa2 by
Moody’s.
About the NYC
Department of Housing
Preservation and
Development (HPD):
HPD is the nation’s
largest municipal
housing preservation and
development agency. Its
mission is to promote
quality housing and
viable neighborhoods for
New Yorkers. It is
responsible for
implementing Mayor
Bloomberg’s New Housing
Marketplace Plan to
build and preserve
165,000 units of
affordable housing by
2014. Since the plan’s
inception, more than
94,000 affordable homes
have been created or
preserved. HPD also
actively promotes the
preservation of
affordable housing
through education,
outreach, loan programs
and enforcement of
housing quality
standards. For more
information, visit
www.nyc.gov/hpd.
About Jonathan Rose
Companies / The Rose
Smart Growth Fund:
Jonathan Rose Companies
is an award-winning
green real estate
development, policy,
planning, owner's
representative and
investment firm. A
leading green urban
solutions provider, the
firm currently manages
over $1.5 billion of
work, much of it in
close collaboration with
not-for-profits, cities
and towns. The Rose
Smart Growth Fund is an
affiliate of Jonathan
Rose Companies. The Fund
is the first of its kind
in the country to focus
exclusively on creating
value for investors
through the acquisition
and green transformation
of existing buildings in
smart growth locations.
The Fund has
successfully leveraged
Jonathan Rose Companies'
longstanding experience
with green building and
skill in using complex
community redevelopment
financing to create a
conservative portfolio
of diverse green real
estate assets in smart
growth, mass transit
accessible locations.
www.rosecompanies.com
Contact:
Christina Sanchez, HDC
(212) 227-2644
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