Newly Developed Courtlandt Corners Revitalizes Neighborhood With Mixed-Income
Housing And Keeps NYC Moving Toward Goal Of 165,000 Affordable Units

New York, NY (November 18, 2010) – NYC Department of Housing Preservation and Development (HPD) Commissioner Rafael E. Cestero, NYC Housing Development Corporation (HDC) Executive Vice President Mathew Wambua, and Phipps Houses President and CEO Adam Weinstein joined today for the ribbon cutting of the new Courtlandt Corners affordable housing development located in the Melrose section of the Bronx. Courtlandt Corners, the latest housing development to be completed by Phipps Houses, designed by Dattner Architects and built by Monadnock Construction, consists of two residential buildings totaling 323 units of affordable housing, retail space, an enclosed parking garage, and landscaped courtyard. Courtlandt Corners will be ready to welcome its first tenants in January.

Courtlandt Corners was developed under Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), an $8.4 billion initiative to finance 165,000 units of affordable housing for half a million New Yorkers by 2014. To date, the plan has funded the creation or preservation of nearly 108,600 units of affordable housing across the five boroughs. 33,522 affordable units have been financed in the Bronx, with 4,638 of those units located in Community Board 3 where Courtlandt Corners is located.

The development spans from Melrose to Courtlandt Avenues and stands prominently along both sides of East 161^st Street, serving as a gateway to the Melrose Commons neighborhood. The Courtlandt Corners I building on the south side of 161^st Street is comprised of two sections of 8 and 10 stories and contains 71 units, and the Courtlandt Corners II building on the north side of 161^st Street is comprised of three sections ranging in height from 7-10 stories and totals 252 apartment units. A landscaped courtyard in the center of the three grouped buildings is the rooftop of an underground parking garage providing 50 spaces for residents. Apartments are furnished with ENERGY STAR lighting and appliances including dishwashers and washer/dryer units.

“Today we are adding the affordable homes at Courtlandt Corners to the more than 4,600 units we have already created in Community Board 3, and using these success stories as proof that the Bronx is not just back, it is booming,” said HPD Commissioner Rafael E. Cestero. “This land that once blighted the neighborhood has now become a touchstone of stability that will encourage new growth and opportunity, and allow future generations to put down roots here in the Bronx. I thank HDC, Phipps Houses, and all of our partners for sharing our vision and making it a reality here in Melrose and in communities throughout the City.”

“Courtlandt Corners marks the gateway to the Melrose Urban Renewal Area – a neighborhood that has truly been reborn over the last decade under the Mayor's New Housing Marketplace Plan. Since 2003, when the Plan launched, the City has financed the preservation or construction of more than 4,600 units of affordable housing in this Community District alone,” said HDC Executive Vice President Mathew Wambua. “We are proud of the role that HDC has played in making these buildings possible. Along with our partners, we are working hard to put vacant city-owned land back into productive use for the good of our communities and our fellow New Yorkers."

“Courtlandt Corners breaks new ground in providing much-needed mixed-income housing at this “gateway” to Melrose. We were also very pleased to work with our partners at HPD and HDC to pilot an affordable housing project that has been built all-union,” said Phipps Houses President and CEO Adam Weinstein. “Lastly, Courtlandt Corners involves two separate Brownfield Cleanup sites under the jurisdiction of the NYS DEC.  Turning contaminated property into vibrant, mixed-income, mixed-use developments is nothing short of miraculous.”

Courtlandt Corners provides housing affordable to several income bands, creating a diversity of incomes within the community. Five percent of the units are affordable to households earning 40 percent of the Area Median Income (AMI) ($31,680 for a family of four); 20 percent of the units are affordable to households earning 50 percent AMI ($39,600 for a family of four) or less and are supported by Section 8 vouchers; another 40 percent of the units are affordable to households earning 60 percent AMI ($47,520 for a family of four), and the remaining 35 percent of the units are designated for households earning between 80 to100 percent of AMI ($63,360 to $79,200 for a family of four).

The buildings create a street wall along East 161^st Street with varying heights, colors and materials, as well as street level retail, to emphasize an urban context and the pedestrian experience. The landscaped courtyard faces Railroad Park, reinforcing green open space in the neighborhood. Apartment layouts take advantage of the corners to maximize light and views. The project has been designed to meet NYSERDA Multifamily Performance Program requirements and includes energy-efficient heating systems, high indoor air quality and ventilation, and sensor-controlled lighting in public areas.

Courtlandt Corners is one of several housing developments created under the Melrose Commons Urban Renewal Area (URA) bringing completed projects within the URA to 2,021, with 796 units still under construction, and another 800 in the planning stage. It was also the site of an extensive brownfield remediation, for which Phipps completed treatment and removal of contaminated soil and groundwater on two parcels of land totaling more than 10,000 cubic yards. The remedial environmental work was completed under the Brownfield Clean Up Program and funded by the NYS Department of Environmental Conservation.

Courtlandt Corners I & II were financed separately through HDC’s Low-Income Affordable Marketplace Program (LAMP); HDC’s New Housing Opportunity Program (NHOP); and HPD’s Multifamily New Construction Program. Courtlandt Corners I received $15.6 million in tax-exempt bonds and $3.9 million in program subsidy through HDC’s LAMP program as well as Federal HOME funds provided by HPD. Environmental features qualified Courlandt I to receive a grant from NYSERDA. A combination of Developer equity, Low Income Housing Tax Credits (LIHTC) equity and deferred developer’s fees provided the remainder of construction financing for a total development cost of $36.1 million. Courtlandt Corners II received construction financing through HDC’s NHOP program, which issued $17.8 million in taxable bonds and $21.4 million in subsidy. HPD provided Federal HOME funds, NYC Housing Trust Fund and City Capital. Courtlandt II also received a NYSERDA grant. Developer equity and Brownfields Clean-up Program remediation funds provided the remainder of construction financing for a TDC of $92.6 million.

Private sector financing sources are the JPMorgan Chase Community Development Corp. and Richman Housing Resources LLC. Phipps Houses also provided equity capital to the project.

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About Phipps

Phipps Houses is the oldest and largest nonprofit developer of affordable housing in New York City. The Phipps Houses mission spans both housing and human development with an active commitment to growing New York City’s stock of affordable housing resources, and providing comprehensive community services through Phipps Community Development Corporation (Phipps CDC). The Phipps Houses Group currently owns 5100 units of affordable housing and has a robust development pipeline of more than 2000 units. Phipps CDC develops and operates programs in Manhattan and the Bronx to help create academic, economic and civic opportunities both for residents of Phipps Houses and the surrounding neighborhoods. Phipps Houses Services, Inc. is a property management affiliate operating Phipps housing, as well as that of other affordable housing owners. Phipps’ entire management portfolio includes nearly 13,000 units. For more information, visit www.phippsny.org.

About the NYC Department of Housing Preservation and Development (HPD)

HPD is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and viable neighborhoods for New Yorkers through education, outreach, loan and development programs and enforcement of housing quality standards. It is responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to finance the construction or preservation of 165,000 units of affordable housing by 2014. Since the plan’s inception, a total of more than 108,600 affordable homes have been created or preserved. For more information, visit www.nyc.gov/hpd

About the NYC Housing Development Corporation (HDC)

The Housing Development Corporation (HDC) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout New York City. In partnership with the NYC Department of Housing Preservation and Development, HDC works to implement Mayor Michael R. Bloomberg’s New Housing Marketplace Plan to finance the creation or preservation of 165,000 affordable housing units by the end of the 2014 fiscal year. Since the plan launched in 2004, HDC financed nearly 47,521 homes for low- , moderate- and middle-income New Yorkers. The New York City Housing Development Corporation is rated AA by S&P and Aa2 by Moody’s.