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HDC Press Releases
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September 26, 2005
No. 366
www.nyc.gov
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MAYOR BLOOMBERG, SENATOR HILLARY RODHAM CLINTON
AND CONGRESSMAN VITO FOSSELLA CUT RIBBON ON 228 NEW
AND REHABILITATED HOUSING UNITS FOR MILITARY PERSONNEL
AT FORT HAMILTON ARMY GARRISON
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$47 Million Loan Completes City’s Pledge to Improve
Housing at Military Installation
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| Mayor Michael R. Bloomberg and Senator Hillary Rodham Clinton joined HDC
President Emily A. Youssouf (far left) in cutting the ribbon at
Fort Hamilton. |
Mayor Michael R. Bloomberg, U.S. Senator Hillary
Rodham Clinton and Congressman Vito Fossella today cut the ribbon on new and
rehabilitated housing for military personnel and their families at the Fort
Hamilton Army Garrison in Bay Ridge, Brooklyn.
Fort Hamilton’s Doubleday Village is a neighborhood of 228 mostly new
town homes and garden apartments financed with a $47 million loan from the
City’s Housing Development Corporation (HDC) to the developer, GMH Military
Housing. HDC financed a loan of $47
million and GMH Military Housing, the developer of Doubleday Village, has
contributed $6 million for a total project cost of $52.4 million. The Housing Development Corporation loan is
made possible through the sale of taxable bonds. In August 2004, Mayor Bloomberg first
announced that HDC would provide the financing for this housing
initiative. The 228 mostly new homes
and apartments at Fort Hamilton are a part of the administration’s $3 billion
New Housing Marketplace Plan which calls for funding the construction or
preservation of 68,000 units of affordable housing across the City by
2008.>In the first two years of the
City’s housing plan, construction and preservation has begun on 28,550 units of
affordable housing, putting the administration 42% of the way towards making
good on its housing agenda. Mayor
Bloomberg joined the service men and women and their families in cutting the ribbon
on their new homes on Doubleday Village.
“I am proud
that we have made good on the commitment we made one year ago to finance
affordable housing for the brave service men and women stationed at Fort
Hamilton, who protect our City and ensure the integrity of our country’s
national security,” said Mayor Bloomberg. “Since 9/11, Fort Hamilton has served as a secure location for training
the FBI, Secret Service, NYPD and FDNY, including counter terrorism
training. In May, the Pentagon
thankfully decided against recommending the closing of Fort Hamilton. I applaud Congressman Vito Fossella and the
Fort Hamilton Task Force for being effective advocates in making the case about
the importance of Fort Hamilton to the City. U.S. Senators Charles Schumer, Hillary Rodham Clinton as well as
Brooklyn Borough President Marty Markowitz are also to be recognized and
applauded for their effectiveness in urging the Pentagon to keep Fort Hamilton
open.”
“Last month,
after the BRAC Commission voted on its final recommendations, the nation
learned what we in New York already knew: our state is second to none in
contributing to our country's national security and homeland defense,” Senator
Clinton said. “This family housing at Fort Hamilton is a recognition once again
of the critical role that this incredible facility plays in our community and
another vote of confidence as we continue to invest in our state’s military
future.”
Congressman
Fossella said, “It is gratifying that after four years of hard work, we
have successfully protected the Fort from closure and now are celebrating the
grand opening of this new housing for our service members stationed here. The
Fort Hamilton Task Force I formed four years ago did a tremendous job ensuring
that the Fort remained opened through the BRAC process. Indeed, they made such a strong argument for
the Fort that the BRAC has recommended expanding the mission of the base. This
new housing will be key to meeting the needs of the service men and women
stationed here and their families. These brave soldiers are protecting New York
from future acts of terrorism and keeping our city safe. As I have often said,
my goal is not simply to protect Fort Hamilton, but rather to strengthen and
improve it for decades to come. We are clearly on the right road. I want to
thank Mayor Bloomberg for his role in this project and Col. Nicholson and the
past commanders for their commitment to this base and our community.”
The $47
million HDC provided through the sale of taxable bonds was used to make a
mortgage loan to fund most of the costs of the design, demolition, renovation,
construction and operation of the 228 housing units and associated improvements
in residential family housing areas located at Fort Hamilton. Every soldier who
is not housed in a barracks is entitled to a housing stipend or, in military
terms, a Basic Allowance for Housing (BAH).The BAH is a fixed number based on rank, and the developers created a
plan that allotted a certain number of units for each rank.
“This was
HDC’s first military transaction and we are delighted that our expertise and
experience eventually led to the authorization of up to $52.4 million in
taxable bonds for the transformation of the former Doubleday field into these
beautiful town homes and apartments,” said HDC President Emily Youssouf. “As
the nation's number one issuer of bonds for multi-family affordable housing,
HDC is always looking for revolutionary financing strategies to provide quality
and affordable housing to all New Yorkers.”
The
construction of Doubleday Village is a part of the Army’s Residential
Communities Initiative (RCI) which is a program aimed at to improving the
standard of housing for U.S. military men and women.Doubleday Village includes the new
construction of 35 town homes, the renovation of 35 town homes, the renovation
of 2 single family homes, the renovation of 6 historical homes and the new
construction of 150 apartments. The
developer and manager of Doubleday Village is GMH Military Housing, which is
joined in partnership by Benham Companies, and Jeffrey M. Brown Associates,
Inc. HDC is joined in financing
Doubleday Village by Lehman Brothers.
“Through
implementation of the RCI Program, the Army will improve housing more quickly
and at a lower life-cycle cost than through the use of traditional military
construction and, more importantly, will ensure the long-term sustainment of
adequate on-post family housing and communities,” said William A. Armbruster,
Deputy Assistant Secretary of the Army for Privatization and Partnerships.
The U.S.
government created a privatization program in order to significantly improve
the quality of housing on its military bases and be better able to retain
experienced military personnel. The program provides a variety of financing
initiatives designed to leverage limited federal funds by inducing the private
sector to finance, build and renovate military housing more quickly and less
expensively than the traditional military approach of contracting for the work
and funding the entire cost.
“We are very pleased to provide new homes to the
deserving military members and their families at Fort Hamilton,” said GMH
Military Housing President Bruce Robinson. “The success of this project would not be possible without the
tremendous commitment and team work of RCI, the United States Army Garrison
Fort Hamilton, The Benham Companies, Jeffery M. Brown Associates, Inc, New York
City Housing Development Corporation and Lehman Brothers. It is very
rewarding to be a part of a project that will make both New York City and
military families proud.”
Fort Hamilton
is one of the oldest Army installations in the U.S. and currently serves the
region’s large retired and reserve communities and is headquarters to one of
the Army’s most active recruiting battalions. More than 600 civilian employees and 1,200 military personnel and their
families, work and reside on the 180-year-old Army post.
Prior to
cutting the ribbon on the new home, Mayor Bloomberg and HDC President Emily A.
Youssouf were welcomed to Fort Hamilton in an official ceremony that was presided
over by Fort Hamilton Garrison Commander and U.S. Army Colonel Tracey E.
Nicholson, and included Deputy Assistant Secretary of the Army for
Privatization William A. Armbruster, U.S. Senator Hillary Rodham Clinton,
Congressman Vito Fossella, State Senator Martin J. Golden, NYC Department of
Housing and Preservation Commissioner Shaun Donovan and GMH Military Housing
President Bruce Robinson.
“Every
Brooklynite deserves a roof over their head that they can afford — and of
course that holds especially true for the honorable men and women in uniform
who we are proud to have as neighbors at Fort Hamilton,” said Brooklyn Borough
President Marty Markowitz. “Brooklyn is proud home to the only active U.S. Army
base in the five boroughs, because if you want to keep a city and a nation safe
— leave it to Brooklynites!”
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