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HDC Press Releases
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TRIANGLE III BREAKS GROUND IN
CENTRAL HARLEM
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Final Phase of Community-Initiated Mixed-Income Housing Financed by CPC and HDC
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New York, NY, June 10, 2003
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HARLEM - Triangle III, the culmination of an extensive community-based effort to bring mixed-income rental housing to Central Harlem, is about to start. Groundbreaking for the third and final phase of this neighborhood's most successful housing complex designed to encourage a mixed-income community will take place on Tuesday, June 10th at 10:30 AM at 187 St. Nicholas Avenue, between 119th and 120th Streets.
The Triangle Court development marks an important and long sought-after milestone of creating affordable housing for mixed-income families in this Central Harlem community. Community leaders and local officials had watched their neighborhood and housing stock decline over the years. They advocated long and hard for the preservation and creation of safe, quality housing that would serve the diverse economic needs of the neighborhood.
As a result of those efforts, Triangle I, built in 1998 with financing from the New York City Housing Development Corporation (HDC) and The Community Preservation Corporation (CPC), became the first middle-income housing developed in Central Harlem with the use of City funds. Triangle I includes 50 apartments and two retail stores. Triangle II, a continuation of Triangle I completed in 2002, created 40 units and one retail store. Triangle III will transform eight vacant, city-owned lots into 97 affordable apartments, for a total of 187 new and rehabilitated units.
Both Triangle I and II were gut rehabilitations of vacant buildings. For Triangle III, new buildings will be constructed on vacant lots.
The three phases of Triangle Court represent the success of five years of efforts led by CPC, HDC, the New York City Department of Housing Preservation and Development (HPD), Community Board 10, Manhattan Borough President C. Virginia Fields, Councilmember Bill Perkins, and other elected officials and community activists.
Michael D. Lappin, President and CEO of CPC, noted: "The importance of Triangle Court rests in the fact that while it is the cornerstone in Central Harlem for the creation of middle-income housing, it also incorporates quality housing for low- and very low-income residents to create a truly mixed-income complex. Further, Triangle Court opened the door in this community for other developers of middle-income and mixed-income housing."
HPD Commissioner Jerilyn Perine said, "The Triangle complex demonstrates the City's commitment to provide quality, affordable housing in Harlem for families with a range of incomes. This development adds to the more than 40,000 homes and apartments that have been built or rehabilitated through HPD programs in Harlem since 1987 with more than $1 billion in city funds."
Over $14 million of tax exempt bond financing is being provided for the construction of Triangle III. HDC is providing this financing through a combination of the Corporation's middle-income, New Housing Opportunities Program (New HOP), and its low-income, 80/20 Program. HDC is also providing a low interest loan, in the amount of $3.1 million, from its own corporate reserves. CPC has guaranteed a letter of credit through HSBC, a member bank, for the full amount of the bond. The land was donated by HPD and Signature Bank supplied the personal letter of credit for Artimus Construction.
Of Triangle III's 97 units, 77 will be reserved for middle-income residents, 16 will be available to low-income tenants, and four will be for very low-income tenants. Middle-income rents will be $1,024 per month for a studio, $1,375 for a one-bedroom, $1,775 for a two-bedroom, and $2,075 for a three-bedroom apartment. Studios and one- and two-bedroom units for low income tenants will range from $450 to $653 per month, and the same units for very low income tenants will range from $399 to $512 per month.
All apartments will have hardwood floors, video intercoms, and colonial kitchens with GE appliances and granite-like counters. Every building will have either a garden or roof terrace.
"It's exciting to see the momentum," stated William Traylor, HDC Acting President. "In 1998, when the Corporation financed Triangle I, there were vacant lots and buildings surrounding the immediate area. Over the past five years, HDC has provided over $136 million of financing to create affordable housing in Central Harlem."
Robert Ezrapour of Artimus Construction said: "Triangle development established the premise that there is a need and demand for moderate income rental housing in Central Harlem. It also paved the way for home ownership."
The Community Preservation Corporation is a mortgage lender specializing in the financing of multi-family housing in low, moderate and middle-income communities throughout New York and New Jersey. Since 1974, CPC has financed over 93,000 units for an investment of more than $3.3 billion.
The New York City Housing Development Corporation is a public benefit corporation established in 1971 to facilitate the creation of affordable housing throughout New York City by providing below market rate financing. HDC finances most of its activities through the issuance of bonds and notes as well as provides mortgages directly from its Corporate reserves. In its 30-year history, HDC has financed more than 75,000 units of housing throughout the City of New York.
The New York City Department of Housing Preservation and Development's mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the nation's largest municipal housing development agency. Since Fiscal Year 1987, the agency has completed the construction of over 204,000 units of affordable housing.
Artimus Construction has had close to 17 years of experience in developing affordable housing in Harlem, Washington Heights, Hamilton Heights, the Lower East Side and Manhattan Valley. Their projects include low- and moderate-income, as well as luxury condominium developments. Artimus has developed over 1000 units with a total development cost of more than $100 million.
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