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NYC Department of Housing Preservation & Development
Press Room

FOR IMMEDIATE RELEASE

July 12, 2001

Department of Housing Preservation and Development
Contact:Carol Abrams (212) 863-5176

New York City Housing Partnership
Contact:Bud Perrone (212) 843-8068
Rubenstein Associates, Inc.

AFFORDABLE HOMEOWNERSHIP CELEBRATED IN HEART OF BUSHWICK

Homeowners, housing officials, community leaders and the business community celebrate completion of Evergreen Terrace - 19 two-family homes developed by local woman-owned construction firm.

BUSHWICK, N. Y. - July 12, 2001 - Affordable living in the heart of Bushwick, Brooklyn, was celebrated today when new homeowners, community leaders, and a unique public/private partnership of lenders, developers and public officials cut the ribbon on 19 two-family homes on Cedar, Hart and Suydam Streets.

Evergreen Terrace was developed through the Neighborhood Builder Program, jointly sponsored by the New York City Department of Housing Preservation and Development and the New York City Housing Partnership. The program provides technical and financial assistance to small, locally-based builders working to break into NYC's construction industry. Delcor Associates, headed by Valerie Malcolm, developed the $4.5 million project. All of the homes were sold to moderate income families, many of whom were renters in Bushwick, where they have now become owners.

HPD Commissioner Jerilyn Perine said, "This project demonstrates the value of partnerships in providing quality, affordable housing and promoting homeownership for all New Yorkers."

Each Evergreen Terrace home is 2,520 square feet and includes a two-bedroom rental unit and landscaped front yards. Funds from the City and the New York State Affordable Housing Corporation helped reduce the costs of the homes which sold for an average of $185,885, making them affordable for qualified purchasers with a minimum annual income of $31,800.

"As typified by Evergreen Terrace, the Neighborhood Builder Program aids local communities in two ways," said Housing Partnership President George Armstrong. "It gives hard working local residents a chance to become homeowners, while allowing neighborhood-based and minority-owned contractors to take lead roles in major housing developments. It is a prime example of the benefits attained through successful public-private partnerships."

The homes were sponsored locally by the Ridgewood Bushwick Senior Citizen's Council, one of Brooklyn's strongest community organizations. JP Morgan Chase Community Development Group provided a $3.1 million construction loan, which was insured by the State of New York Mortgage Agency.

The New York State Affordable Housing Corporation (AHC) provided $380,000 in grant funds to Evergreen Terrace. The State of New York Mortgage Agency provided mortgage insurance.

"AHC and SONYMA are committed to providing the financial resources necessary to help hard working New Yorkers become homeowners," said Stephen J. Hunt, President and CEO of AHC and SONYMA. "This grant is just one example of how the agencies are fulfilling Governor Pataki's commitment to create affordable housing in New York State."

"Affordable housing is the cornerstone of a strong community, " said AHC Chairman Jerome M. Becker. "These grants are investments in the future of New York State and will have positive social and economic benefits for the new home owners and the Bushwick Community for years to come."

Said Vito Lopez, Bushwick Assemblyman and Chairman of the Assembly Housing Committee, " As a long time advocate of affordable housing, I am particularly pleased to join with the newest group of Bushwick homeowners to celebrate their achieving the American dream, and I commend HPD and the Partnership for initiating the innovative Neighborhood Builder Program that made it all possible."

HPD and the Partnership have created 950 affordable units of housing in Bushwick, with another 350 in predevelopment or construction. Since 1988, the Neighborhood Builder Program has enabled 16 developers to construct more than 1,300 units of new, affordable housing. In the next two years, more than 650 additional units will be constructed through the program.

Valerie Malcolm, the principal of Brooklyn-based Delcor Associates, has been involved in real estate development, construction management, general contracting and governmental program administration. After years of working on apartment renovations, Delcor was designated in 1997 to build eight two-family homes in the Bronx. Evergreen Terrace is the firm's second new construction development through the Neighborhood Builder Program.

The Housing Partnership is the development arm of the New York City Partnership and Chamber of Commerce, an organization dedicated to maintaining a strong and diversified economy in the five boroughs. The Neighborhood Builders Program was initiated in 1987 to expand the city's homebuilding industry and foster the growth of small as well as women- and minority-owned construction companies.

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 1994, the agency has completed the construction or rehabilitation of 70,545 units of affordable housing.




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