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HDC Press Releases
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October
30, 2009
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Homeownership Opportunities Come to the East Concourse Section of the Bronx
HDC, HPD and Briarwood Celebrate the Grand Opening of
The Solara
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 NEW YORK, NY, October
30th, 2009 – Today NYC
Development Corporation
(HDC) President Marc
Jahr, Bronx Borough
President Ruben Diaz,
Jr. and Vincent Riso
from the Briarwood
Organization were joined
by Daniel Martin from
the Housing Partnership
Development Corporation,
Marian Zucker, Executive
Vice President of the
New York State
Affordable Housing
Corporation Fund (AHC)
to celebrate the grand
opening of The Solara,
also known as Grant
Avenue Co-op Apartments.
The creation of
affordable housing in
neighborhoods across New
York City is part of the
City's Five Borough
Economic Opportunity
Plan to create jobs for
New Yorkers today; and
implement a vision for
long-term economic
growth resulting in
affordable, attractive
neighborhoods.
 Part of Mayor Michael R.
Bloomberg’s ambitious
New Housing Marketplace
plan to create of
preserve 165,000 homes
by 2014, The Solara,
located on Grant Avenue
between 167th and 169th
in the East Concourse
section in the Bronx,
consists of two newly
constructed residential
buildings with a total
of 162 units with
on-site parking. Built
as part of HDC’s
Affordable Cooperative
Housing Program, they
are the first mid-rise
residential structures
in Community Board #4 to
offer cooperative
homeownership units.
Construction activity
employed 324 people.
The Solara’s total
development cost of
$49.3 million was funded
through a variety of
programs. HDC provided a
$19.3 million
construction loan and
$250,000 in permanent
financing, the Housing
Partnership Development
Corporation and the AHC
contributed $6.2 million
to restrict eligible
income levels up to 80%
of the AMI ($61,450 for
a family of four), the
Bronx Borough
President’s Office
committed a grant of
$2.1 million, the
Housing Trust Fund (HTF),
as a subsidiary public
benefit corporation of
the New York State
Housing Finance Agency (HFA),
contributed $5 million
and the NYC Housing
Preservation and
Development (HPD)
provided $1 million in
HOME funds .
HDC President Marc Jahr
said: “The homeownership
opportunities provided
by the Solara are unique
to this neighborhood. We
at HDC are proud of our
role in transforming The
Solara from blueprint to
reality. This
development exemplifies
the continued
transformation of the
Bronx and our ongoing
commitment to provide
quality housing that is
affordable to
hard-working New
Yorkers.”
“It’s exciting to know
that 162 more families
will have the
opportunity to become
homeowners in our great
borough,” said Bronx
Borough President Ruben
Diaz Jr. “Briarwood,
with the help of the
Housing Partnership and
my office, has developed
two amazing co-op
buildings, with high
quality kitchens with
Energy Star appliances,
on-site open space,
parking, gym, laundry
room, among other
facilities; proving once
again that homeownership
is the right investment
for the South Bronx.”
“We are excited about
the affordable
homeownership
opportunities for
District 16 residents.
This building can be the
economic stimulus in our
community that will
result in many residents
being able to capture
this American dream,”
said Councilmember Helen
Diane Foster.
“I’m thrilled to be
joined at this event by
all the partners who
have worked countless
hours and contributed
enormous resources to
make The Solara a
reality,” said developer
Vincent Riso of the
Briarwood Organization.
“Additionally, it’s an
incredibly rewarding
feeling to celebrate The
Solara with a real New
Yorker who will soon be
able to call this
affordable development
home.”
Briarwood Properties,
Inc., the managing agent
for the Solara, received
4,516 applications for
the 160 available units
(total is 162, two units
are for the two live-in
superintendents).
“Ever since I was a
teenager, I have always
dreamed of owning a
home,” said Denise
Mariso, a Solara buyer.
“Five years ago, I set a
goal to buy a home by
2010 and began the
journey that brought me
here today. Thanks to my
hard-earned savings and
the subsidies that went
into The Solara, I am
now the proud owner of a
two-bedroom co-op.” As
of today, 152 of the 162
units have been sold.
Families with incomes
ranging from 78% to 102%
of Area Median Income
(AMI) are eligible to
purchase an apartment in
the Solara. There are 18
one-bedroom units for
households earning up to
78% AMI ($59,904 for a
family of four); 34
two-bedroom units for
families earning up to
79% AMI ($60,672 for a
family of four); 70
two-bedroom units with
an income limit of up to
80% AMI ($61,450 for a
family of four); and 36
three-bedroom units for
families making up to
102% AMI ($78,336 for a
family of four). The
project also includes
two two-bedroom
superintendent units,
one for each building.
“The Housing Partnership
is always proud to see
the efforts of our long
working relationship
with Briarwood come to
fruition,” said Daniel
Martin, the President
and CEO of the Housing
Partnership. “We’re
excited to collaborate
with all the partners in
bringing affordable
housing like The Solara
to the communities that
need it the most.”
Marian Zucker, Executive
Vice President of the
New York State
Affordable Housing
Corporation, said, “AHC
is proud to partner with
the Housing Partnership
Development Corporation
and the Briarwood
Organization to bring
affordable homeownership
to the Concourse section
of the Bronx. With the
help of AHC’s $6.21
million grant, the
Partnership and
Briarwood are able to
market these condos at
affordable prices to
low- and moderate-income
families--particularly
residents already living
in this neighborhood.
The Solara will bring
vitality and new energy
to this community and
reinforce Governor
Paterson’s mission of
making New York a better
place to live and work.”
“The Bronx is being
reborn and showing New
York and the nation what
the future of affordable
housing can and should
look like,” said HPD
Commissioner Rafael E.
Cestero. “From right
here in East Concourse,
to the South Bronx and
throughout this borough,
the City’s commitment to
creating strong, stable
neighborhoods has never
been more evident.
Through our
collaboration with HDC,
Briarwood and Chase, and
with the leadership of
our elected officials
like Borough President
Diaz, this development
will add to the vitality
and growth the
community.”
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. Our 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 &
Development, HDC works
to implement out 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 the Briarwood
Organization:
Dedicated to providing
"the total real estate
experience," The
Briarwood Organization
offers a full complement
of development,
construction, sales and
property management
services. Since its
inception in 1912, the
company has completed
thousands of affordable
and market-rate
residential units and
over 100,000 square feet
of commercial space -
consistently winning
civic, design and
construction awards.
These projects have
ushered waves of
prosperity throughout
New York City and
currently represent a
market value of over a
billion dollars. Over
the past 40 years,
Briarwood has focused
its expertise and
resources on making home
ownership possible for
New Yorkers unable to
keep pace with city's
skyrocketing housing
prices. The company’s
affordable housing has
played a major role in
the revitalization of
neighborhoods like the
South Bronx, East New
York, the Rockaways and
East Harlem. For more
information on Briarwood
visit
www.briarwoodorg.com.
About the Housing
Partnership Development
Corporation:
The Housing Partnership
Development Corporation
has sponsored the
development of more than
17,500 homes in the five
boroughs of New York
City since 1982. The
Housing Partnership’s
efforts in homeownership
have spurred community
revitalization and
private investment
valued at more than $1.5
billion. Thousands of
city-owned vacant
properties--once
neighborhood
eyesores--have been
transformed into vibrant
communities for working
New Yorkers. The Housing
Partnership has worked
in partnership with
public agencies,
developers, lenders,
nonprofit community
groups and homebuyers,
to help transform the
landscape of New York
City.
About the New York State
Affordable Housing
Corporation:
The New York State
Affordable Housing
Corporation ("AHC") is a
public benefit
corporation, established
in 1985 pursuant to
Section 45-b of the
Private Housing Finance
Law ("PHFL") as a
subsidiary of the New
York State Housing
Finance Agency ("HFA"),
to administer the
Affordable Home
Ownership Development
Program ("Program")
under PHFL Article 19.
The purpose of the
Program is to promote
homeownership by persons
of low and moderate
income, which, in turn,
fosters the development,
stabilization and
preservation of
neighborhoods and
communities. To achieve
these goals, AHC
provides financial
assistance, in
conjunction with other
private and public
investment, for the
construction,
acquisition,
rehabilitation and
improvement of
owner-occupied housing.
New York City’s Five
Borough Economic
Opportunity Plan:
The Five Borough
Economic Opportunity
Plan is a comprehensive
strategy to bring New
York City through the
current economic
downturn as fast as
possible. It focuses on
three major areas:
creating jobs for New
Yorkers today,
implementing a long-term
vision for growing the
city's economy, and
building affordable,
attractive neighborhoods
in every borough. Taken
together, the
initiatives that the
City has launched to
achieve these goals will
generate thousands of
jobs and put New York
City on a path to
economic recovery and
growth.
Contact:
Christina Sanchez, HDC
(212) 227-2644
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