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NYC Department of Housing Preservation & Development

FOR IMMEDIATE RELEASE
Monday, August 27, 2007

Contact: Amanda Pitman (212) 863-6166


HOUSING PARTNERSHIP AND TNS/GREAT AMERICAN PRESENT THE KEYS TO THE FIRST LOW-INCOME HOMEBUYER AT THE MARCY NEW HOMES DEVELOPMENT

31 Three-Family Affordable Townhomes To Be Completed This Fall in Bedford-Stuyvesant, Brooklyn

New York, August 22, 2007 – The Housing Partnership Development Corporation and TNS Development Group Ltd./Great American Construction Corporation hosted a key ceremony and ribbon cutting on Wednesday, August 22, 2007 at 11:00 AM for Eleazor Moreno, in front of his new home at 85 Vernon Avenue in Bedford Stuyvesant, Brooklyn. TNS Development Group Ltd./Great American Construction Corp. delivered a ceremonial key to Mr. Moreno on the steps of the house in the Marcy New Homes development that they built with the support of The Housing Partnership.  In addition to TNS/Great American, this affordable housing development was made possible with assistance from numerous partners, including the New York City Department of Housing Preservation and Development (HPD), the New York State Affordable Housing Corporation (AHC), the Brooklyn Borough President, City Council District 36, the Bank of New York, Neighborhood Housing Services of Bedford Stuyvesant, and the Housing Partnership.

Joining in the ceremony were New York State Senator Velmanette Montgomery, Brooklyn Borough President Marty Markowitz, HPD Commissioner Shaun Donovan, AHC Director Dominic Martello, Housing Partnership President and CEO Daniel Martin, and TNS/Great American Vice President Samuel Gaccione.

Daniel Martin, President and CEO of the Housing Partnership, said “Mr. Moreno demonstrates what one can achieve through hard work and determination.  Dreams can  be achieved, and the assistance provided to him by the collaboration of the Housing Partnership and our partners played an essential role in making this dream possible.  We are helping Mr. Moreno and thousands of other hardworking New Yorkers build personal wealth through the investment of a home.”

Eleazor Moreno, a single father, moved to the United States 23 years ago from Puebla, Mexico with the hope of achieving the “American dream” – that one day he would be able to own his own home.  Starting out as a dishwasher, Mr. Moreno worked his way to become supervisor of the impressive kitchen at the Millennium Broadway Hotel on 44th Street in Manhattan.  Mr. Moreno had rented an apartment with his son and his mother on Franklin Avenue, but while in the process of purchasing his new townhouse, Mr. Moreno’s mother passed away. Although deeply saddened by the loss, Mr. Moreno knows that his mother would have been very proud of what he has accomplished.

Tom Metallo, President of TNS Development Group Ltd./Great American Construction Corp., the developer and general contractor for the project, said “In our 20-year history, TNS and Great American have always taken great pride in providing affordable housing to New York City’s residents.  While our mission is to create new, affordable housing, we pursue that goal with the ideal that the details, amenities, and finishes in our homes need not be compromised for the sake of profit.  Rather, they are designed and built with quality and richness in mind.  We congratulate Mr. Moreno on the purchase of his new home and thank our partners on this project – New York City Department of Housing Preservation and Development, New York State Affordable Housing Corporation and the Housing Partnership, Brooklyn Borough President Markowitz’s office, City Council District 36, Neighborhood Housing Services of Bedford Stuyvesant, and Hugo Subotovsky Architects.”

The Marcy New Homes development consists of 31 three-family townhomes, providing opportunities for low- to moderate-income residents to purchase a townhome in a beautiful new brownstone-style building. The first seven of these homes are complete, with the remaining expected to be occupied this fall.  These townhomes are affordable through $1.395 million in New York State Affordable Housing Corporation subsidies, initiated through the Housing Partnership, HPD and Development HomeFirst subsidies, initiated through Neighborhood Housing Services of Bedford Stuyvesant.  HPD’s contribution totaled $828,500 for this project. Brooklyn Borough President Marty Markowitz provided $232,500, and Albert Vann’ s City Council District 36 office contributed $930,000. The Bank of New York supplied $7,908,500 in construction financing.

Brooklyn Borough President Marty Markowitz said, “The “Brooklyn Renaissance” is only real if everyone benefits—and as the Mayor knows, we must use every tool we’ve got to preserve the essential economic and ethnic mix that defines life in Brooklyn and New York City. I’m thrilled that my office was able to support this development and create more opportunity for affordable home ownership in beautiful Central Brooklyn.”

Due to the substantial monetary grants and loans from this diverse group of public and private institutions, these homes were made affordable to first-time homeowners earning incomes ranging from $38,700 to $75,000 a year, with only $14,900 required as a down payment. The end result of this partnership’s efforts was an average price of $300,000 for each new home.  Homebuyers will also receive income through the two rental units in each three-family townhome, which adds to their affordability. Due to the use of New York State AHC subsidies for this development, monthly rent will not surpass $2,198 for the two rental units in each townhome, and increases will not be allowed to exceed 2% a year for a period of ten years, ensuring that these rental units will remain affordable as well.

“We are very proud that the Affordable Housing Corporation was able to join with the Housing Partnership and its partners to help finance these wonderful new three-family homes in Bedford Stuyvesant,” said Priscilla Almodovar, President and Chief Executive Officer of the NYS Affordable Housing Corporation.  “Our mission at AHC is to create new homes for low- and moderate-income New Yorkers like Mr. Moreno and his neighbors. The Marcy New Homes is a great example of how New York State, working with public-private partnerships, can help build stronger neighborhoods and stable families.”

“The City is addressing affordability through innovative tools in Mayor Bloomberg’s New Housing Marketplace Plan and providing more opportunities for home ownership. These tools vary from subsidies for affordable housing developers to loan programs for hardworking New Yorkers,” said HPD Commissioner Shaun Donovan. “These homes we are celebrating today are part of the Mayor’s 165,000-unit affordable housing plan, the largest municipal affordable housing plan in the nation’s history. Home ownership is a great way for New Yorkers to invest in their communities while they build equity for themselves and their families. New York’s home ownership rate is at a record high of 33.3%, and we plan to continue this momentum through the Mayor’s housing initiatives.”

The Bank of New York’s Christopher Gregg, who is Vice President and Team Leader of the NYC Real Estate Lending Division, said “The Bank of New York appreciates the opportunity to work with TNS Development Group Ltd./Great American Construction Corporation in creating affordable housing for homeowners such as Mr. Moreno. We are proud to help rebuild this neighborhood. This affordable housing project would not have been possible without the assistance provided by the New York City Department of Housing Preservation and Development, the Brooklyn Borough President, and the Housing Partnership Development Corporation.”

Noemi Vega, Director of Homeownership and Sales at the Housing Partnership, helped Mr. Moreno navigate the path that ultimately led to his new home, through the home counseling program at Neighborhood Housing Services of Bedford Stuyvesant. “Mr. Moreno has been a pleasure to work with.  His determination to provide a better life for his family is truly inspiring, and I am thrilled that he is so happy with his new home,” Ms. Vega said with pride.

When asked what he liked best about his new home, Mr. Moreno replied “Everything! The home is so spacious.  I even have a garage and a large backyard.”

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The Housing Partnership serves as New York City's primary intermediary for development of new, affordable homeownership housing on both public and private sites.  As a partner in fulfilling Mayor Bloomberg's housing plan, the Housing Partnership works with the New York City Department of Housing Preservation and Development to produce at least 1,200 affordable housing units each year.

The Housing Partnership’s mission is to create affordable homes and revitalize neighborhoods through community development promoted by a dynamic partnership involving the public and private sectors.  Established in 1982 by David Rockefeller and the Partnership for New York City, The Housing Partnership has developed more than 20,000 new affordable units and completed 8,000 renovations of rental apartments.  The Housing Partnership’s developments have leveraged more than $2.6 billion in private sector financing in over 50 neighborhoods.




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