Public-private partnership develops 32 units of mixed-income housing for Bronx residents

Bronx, NY, February 28, 2008 – The Community Preservation Corporation (CPC), a non-profit affordable housing lender, joined today with the New York City Department of Housing Preservation and Development (HPD), the New York State Division of Housing and Community Renewal (DHCR) and housing officials, local developers and proud residents to celebrate the completion of Fordham Gardens, a new mixed-income eight-story apartment complex built in the Bedford Park section of the Bronx.

Developed by Jackson Development Group and designed by Hugo Subotovsky, AIA, the 32-unit apartment complex located at 2732-36 Marion Avenue contains three studio, 10 one-bedroom, seven two-bedroom and 12 three-bedroom apartments ranging in size from 458 square feet to 1,200 square feet.  Four of the units will rent to families earning up to $35,450, or 50% of the Average Median Income (AMI) for that area, while an additional seven units will rent to families earning up to $42,540 or 60% AMI.  The balance will rent for market rates of $850 for a studio, $1,150 for a one-bedroom, $1,375 for a two-bedroom, and $1,600 for a three-bedroom apartment.

“Housing is a major issue for almost everyone in New York, and I am proud to say that the Bronx is leading the way in providing housing opportunities for people in our borough of all income levels,” said Bronx Deputy Borough President Earl D. Brown.  “Affordable housing is vital to the economic vitality of the City, which is why it has been a cornerstone issue of Borough President Carrion’s administration.  This affordable housing development will further strengthen our borough’s economy and the quality of life for the entire city.  This is a great day for the Bronx.”

DHCR Commissioner Deborah VanAmerongen said, "Fordham Gardens is an outstanding example of what can be accomplished when the public and private sectors combine to meet the critical need for affordable housing.  It is also the type of development that will house a portion of the population who find themselves ineligible for many government housing programs:  hard-working families who are over-income, sometimes by just a few dollars.  Jackson Development's decision to use $2.7 million worth of state low-income tax credits helped to make this possible, as well as the funding from our public and private partners.  On behalf of Governor Spitzer, I would like to congratulate the Jackson Development Group, the Community Preservation Corporation, and everyone else responsible for making Fordham Gardens a wonderful home for the low-income and hard-working families of the Bronx."

To help build this development, CPC provided the developer with a $2.45 million loan and the City’s Department of Housing Preservation and Development (HPD) provided a $516,000 loan.  HPD also provided a Home Grant of $1.7 million.   Additionally, the project received $7,804,216 in Low Income Housing Tax Credits administered by the New York State Division of Housing and Community Renewal.  The Housing Partnership Development Corporation participated in the program, which helped to reduce significant costs.  The tax credit equity was syndicated through First Sterling Financial, Inc.

“The City and its partners helped jump start the revitalization of the Bronx by financing quality affordable housing throughout the borough. Through Mayor Bloomberg’s 165,000 unit housing initiative, HPD continues to create affordable housing in the Bronx to ensure that the borough’s residents can experience its renaissance,” said HPD Deputy Commissioner for Development Laura Lazarus.  “By collaborating with partners like CPC, the State, the Partnership and the Jackson Development Group, the City will continue to keep the Bronx affordable and diverse.”

“Working with local developers to help create affordable housing options for local hardworking families, while preserving and maintaining New York City’s great neighborhoods, has always been at the core of CPC’s mission.  We congratulate Jackson Development Group for creating such a wonderful addition to the Bedford Park community – one that will be enjoyed by local residents for years to come,” said Bruce Dale, Senior Vice President and Regional Director of CPC’s Bronx office. 

Daniel E. Martin, President and CEO, Housing Partnership Development Corporation, said, “Today is another great day for the Bronx, as we welcome the residents of Fordham Gardens to the community.  The Housing Preservation Development Corporation is proud to have played a role in matching the Jackson Development Group with low-interest funding sources that helped make this construction possible.  We look forward to continuing our relationship with the Community Preservation Corporation and its partners in responding to the critical need for quality, affordable housing in New York City.

“Fordham Gardens is an excellent example of how quality affordable housing can be developed in an efficient manner.  This 32-unit building was completed in 12 months and serves as a testament to how government and the private sector can partner to do things effectively when tackling the problem of affordable housing.  Our partners - the Department of Housing Preservation and Development, NYS Division of Housing and Community Renewal, CPC and First Sterling Financial - all worked together with us to make this project a success.  We look forward to continuing this partnership on future development projects,” said Neil Weissman, Principal, Jackson Development Group.

The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $6.7 billion in more than 147,000 units of housing.

###