$14.8 Million Project Receives $11 Million in Tax Credits from New York State DHCR,
$4.5 Million from The Community Preservation Corporation with additional financing from NYS Housing Trust Fund, and $480,000 and Land from NYC Dept. of Housing Preservation & Development
New York, Nov. 29, 2005 - New residents, community leaders, lenders, and the developer celebrated today the grand opening of its Quincy Senior Residences: A holistic Living Environment, a new, six-story, 94-unit rental apartment building for low-income senior citizens located at 625 Quincy Street in the Bedford Stuyvesant section of Brooklyn.
The $14,827,431 project was built from the ground up on a parcel of eight vacant lots between Stuyvesant and Lewis Avenues. The apartments, all one-bedrooms except for a single, two-bedroom superintendent's unit, will be rented at $292 and $513 per month, affordable to low and very low income, independent seniors.
A key element in the development of the Quincy Senior Residence is the provision of tax credits valued at $11 million from the New York State Division of Housing and Community Renewal (DHCR). At the grand opening, Judith Calogero, Commissioner, DHCR, said, "Demand has never been higher for affordable housing for New York City's expanding population of independent and active seniors. A majority of this population lives on very limited, fixed incomes, and it is our mission to provide these citizens with adequate housing within their neighborhoods."
Financing for the project also included a $4.5 million construction loan and a $834,000 permanent first mortgage from The Community Preservation Corporation (CPC). The New York State Housing Trust Fund Corporation also provided a $2 million, low-interest second mortgage. The New York City Department of Housing Preservation and Development (HPD), under its Supportive Housing Loan Program, conveyed seven City-owned lots to the developer and provided a $480,000 loan. The eighth lot was purchased from a private owner. The low-income housing tax credit syndicator is The Richman Group.
New York City Housing Commissioner Shaun Donovan said, "Senior citizens living on fixed incomes deserve safe, decent, and affordable homes in the neighborhoods where they've spent their lifetimes. Mayor Bloomberg has recognized this need and has made senior housing a component of his 'New Housing Marketplace' plan, the City's most aggressive housing initiative in a generation."
Michael D. Lappin, President and CEO, CPC, said, "This outstanding new building exemplifies our mission to support small, qualified developers who recognize opportunities to create affordable housing where no one else would think to look. We are proud to help Bridge Street Development Corporation attain its goal of providing a holistic living environment for Bedford Stuyvesant's senior citizens."
Rhonda A. Lewis, President and CEO, BSDC, said, "Our housing model is based on partnerships to create a holistic living environment for our residents. The YMCA of Bedford-Stuyvesant, Brooklyn Botanical Gardens, the New York Public Library, the Bedford-Stuyvesant Family Health Center and Rusk Institute, and others, will work with BSDC to offer on site wellness programs, horticultural therapy, exercise, and arts and crafts programs. The Bedford-Stuyvesant Family Health Center will run the on site clinic for the residents, and more partnerships are being formed to enrich this living environment."
In addition to cutting the ribbon today, BSDC will also unveil a permanent photo exhibit entitled "Words and Wisdom." This exhibit captures the beauty of Bedford-Stuyvesant seniors and their contributions to the community.
Vertical Construction, a local general contractor, negotiated a fixed-price construction contract of $9.9 million, or about $112 per square foot. Total development costs were approximately $14 million. The architect is Saky Yakas of SLCE Architects, a well-known firm within the field of government assisted housing.
BSDC is the development arm of the Bridge Street AWME Church, one of the oldest African American churches in New York City. BSDC's goal is not only to provide affordable housing, but to provide seniors with an environment that will enhance their lives and enable them to age with grace and dignity. BSDC provides programs that address the spiritual, health and wellness, social and cultural aspects of the seniors' lives.
The Community Preservation Corporation, a not-for-profit mortgage lender, has financed over 115,000 housing units with a record investment of over $4.5billion during the last 31 years. CPC partners with leaders in banking, government and the communities it serves to find affordable housing solutions. . CPC has nine locations and is committed to financing affordable housing throughout New York State and New Jersey.
HPD'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 or rehabilitation of over 229,000 units of affordable rental housing. To request a Homeownership Kit or for information about affordable rental housing, call 311 or log on to nyc.gov/hpd.
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From: The Community Preservation Corporation
28 East 28th Street
New York, NY 10016