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HDC Press Releases
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December
4, 2009
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HDC, UNHP And
Tenants Celebrate
The Renovation Of
The Rose Hill
Apartments
Residents Applaud Preservation of Affordability
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NEW YORK, NY, December
4th, 2009 – Today NYC
Development Corporation
(HDC) President Marc
Jahr, Brian Byrne and
Joe Muriana from Rose
Hill Senior Apartments
Inc., were joined by
general partner and
developer, Jim Buckley
from University
Neighborhood Housing
Program, Inc (UNHP) and
Nayda Alejandro from
Rose Hill Housing
Management Corporation
to celebrate the grand
opening of the Rose Hill
Apartments.
Located at 2855 Southern
Boulevard in the Fordham
Bedford Park section in
the Bronx, Rose Hills
Apartments is a
nine-story elevator
apartment building with
119 rental units. The
building contains a
meeting room and 22
outdoor parking spaces.
The Rose Hill Apartments
renovation was
undertaken as part of
Mayor Michael R.
Bloomberg’s ambitious
New Housing Marketplace
plan to create or
preserve 165,000 homes
by 2014.
Originally constructed
in 1984 to serve
low-income elderly
residents, the Rose Hill
Apartments were in need
of a heating plant and
roof replacement,
exterior façade and
window
repairs/replacement,
apartment renovations
and maintenance, along
with corridor, lobby and
common area upgrades.
The renovations were
funded by HDC through
its LAMP and Section 202
Preservation program.
HDC issued $10.1 million
in fixed-rate tax-exempt
bonds to finance the
first phase of
construction and $8.3
million in permanent
financing. The
refinancing allowed the
existing mortgage to be
paid in full and funded
the moderate
rehabilitation and
operating and project
reserves. The
renovation, which cost a
total of $20.1 million
created 131
construction-related
jobs.
“Nothing is more
important than a stable,
safe affordable home,”
said HDC President Marc
Jahr, “particularly when
one is on a fixed
income, as are so many
senior citizens. We at
HDC are proud to be able
to play this critical
role in helping to
strengthen neighborhoods
and stabilize families.
This building has been
given a new lease on
life, one that will
ensure that it remains
safe, quality and
affordable housing in
the years to come.”
As the city’s premiere
housing finance agency,
HDC has funded the
construction or
renovation of thousands
of homes throughout the
five boroughs. Since
2004, when Mayor Michael
R. Bloomberg’s ambitious
New Housing Marketplace
plan was launched, HDC
has provided capital and
expertise to produce or
preserve more than
43,000 units of
affordable housing.
“The apartment
renovation portion of
the work was extremely
challenging with elderly
residents in-place”,
said Nayda Alejandro,
manager of the Rose Hill
Apartments for nearly 24
years, “but most tenants
would agree that it was
well worth the wait.” Ms
Alejandro commented that
“the community space
upgrades, including
ping-pong and Wii, have
encouraged more tenant
participation in
activities, and the new
lobby and adjoining
lounge make the
residents feel like they
are living in a well
appointed upscale hotel.
From a management point
of view all of the
modernizations were
essential to ensure that
the new building
components will take and
serve us well into the
future.”
Joe Muriana of Rose Hill
Senior Apartments, Inc.
and University
Neighborhood Housing
Program boards, said:
“All of this would have
been impossible without
HDC’s mortgage
commitment, our limited
partnership investors
and JP Morgan Chase
Bank.. HUD’s
participation in
approving the 20-year
forward commitment of
Section 8 Rental
subsidies was essential
to providing assurance
for the low-income tax
credit equity investors.
This is a great project,
brought to fruition by
our many talented
partners.”
The design and
renovation of Rose Hill
Apartments was led by
Daughtry Carstarphen
Edelman Sultan, Knox and
Wood Architects and the
construction work
carried out by Notias
Construction.
Apartments in the Rose
Hills complex are
available to tenants
earning up to 60% of AMI
($46,080 for a family of
four). There are 31
studio units, 87
one-bedroom units and
one superintendent’s
unit.
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.
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 Rosehill Senior
Apartments, Inc:
Was created by the
Sponsor, UNHP to serve
as the general partner
in Rose Hill Apartments
LP. The title was
conveyed with approval
by HUD and HPD from the
Rosehill HDFC was
established in 1984 by
Fordham University to
provide housing for
elderly and handicapped
people. The property was
built on an abandoned
parcel of land on a plot
adjacent to the Rose
Hill Campus of Fordham
University in the Bronx.
About University
Neighborhood Housing
Program, Inc (UNHP):
University Neighborhood
Housing Program is a
private nonprofit
corporation whose
formation was
cosponsored by Fordham
University and the
Northwest Bronx
Community and Clergy
Coalition (NWBCCC).
University Neighborhood
Housing Program was
created in 1983 by
Fordham University to
assist in community
based housing
preservation activities.
The NWBCCC Reinvestment
Project, which acted as
the development and loan
packaging arm of
community based
revitalization efforts,
sought to expand funding
opportunities for
locally controlled
buildings. The Project
approached Fordham
University for funding
and the University
suggested entering into
a partnership with the
Northwest Bronx
community to create the
corporation that UNHP
has become today.
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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