FOR IMMEDIATE RELEASE
April 21, 1999
HPD COMMISSIONER RICHARD T. ROBERTS WELCOMED OVER 400 TENANTS TO THEIR NEWLY RENOVATED HOMES IN BROOKLYN
New York City - HPD Commissioner Richard T. Roberts today was joined by community leaders and residents to celebrate the completion of two Brooklyn residences, the YWCA of Brooklyn and the Muhlenberg Residence. During a ribbon-cutting ceremony held at 30 Third Avenue, Commissioner Roberts welcomed over 400 tenants to their newly renovated homes.
These two Brooklyn residences were rehabilitated through HPD's loan programs that are designed to spur the development and preservation of affordable housing.
"These newly rehabilitated residences contribute greatly to the stability of this neighborhood and compliment the City's previous investments to revitalize downtown Brooklyn, including the Atlantic Terminal and the MetroTech urban renewal projects," said Commissioner Richard T. Roberts.
The YWCA of Brooklyn
The YWCA of Brooklyn offers 213 newly rehabilitated rooms for working women who prefer a sense of community. The 11-story YWCA building features the residence as well as child care, a coed fitness center and many community services programs.
"The YWCA's mission is to empower women and eliminate discrimination," Shelia Martin, Board President of the YWCA of Brooklyn. " With the help of public and private loans, we can now offer a positive and enriching environment for our residents and provide over 1,000 people per day with our programs and services."
HPD's Participation Loan Program (PLP) provides low-interest loans to private owners of buildings with more than twenty apartments for moderate to gut rehabilitation. City funds at one percent interest are combined with market-rate private financing to provide a below market-rate interest rate loan.
"We were delighted to participate in such a unique application of a Chase/HPD Participation Loan, which benefited an existing community of low-income women in an SRO setting. The character, strength and longevity of the YWCA gave us confidence that the project could be completed successfully," said Daniel A. Nissenbaum, Vice President of Chase Community Development Corporation.
"As a result of the resilient spirit shown by the staff of the YWCA, and the creative and cooperative effort put forth by HPD, we were able to rehabilitate and modernize 213 apartments in a reasonable and cost efficient manner," said Ron Moelis, president of L&M Equity Participants.
The Muhlenberg Residence
The Muhlenberg Residence, located at 510-514 Atlantic Avenue is a 201-unit dwelling for low income, homeless, housing needy, and community people. Lutheran Social Services, an experienced social service provider and housing manager, rehabilitated the building with assistance from HPD's Supportive Housing Loan Program.
"The Lutherans put together a successful plan to take care of what was before a neighborhood eyesore. This beautiful building is a dignified permanent residence for single adults that is now part of the revitalization of the neighborhood," said Russel Norris, president of Lutheran Social Services.
The Supportive Housing Loan Program makes up to 100% loans available to qualified not-for-profit organizations to acquire and develop sites. City and State funds are available to provide City's homeless single adult population with supportive services such as counseling, entitlement assistance, health care, and job training. Under this program, over 4,400 dwelling units have been developed, and nearly 1,600 more are in construction.
The Enterprise Social Investment Corporation (ESIC), a subsidiary of Neighborhood Partnership HDFC, syndicated an allocation of Low-Income Housing Tax Credits from HPD. Syndication proceeds paid for a portion of construction, furniture, and social service and operating reserves.
"The Muhlenberg Residence is an excellent example of the type of quality affordable housing that is being developed for low-income people nationwide through partnerships involving local and national nonprofit organizations, corporate investors and government at all levels," said Dan Mendelson, Senior Vice President of The Enterprise Social Investment Corporation (ESIC). "We congratulate HPD and Lutheran Social Services on this important accomplishment."
HPD's loans programs are a key component of HPD's anti-abandonment initiative. This initiative integrates several preservation strategies to restore at-risk buildings to viable status and prevent buildings from being abandoned.