HPD COMMISSIONER CESTERO & HDC PRESIDENT JAHR ANNOUNCE NEW BRONX DEVELOPMENT DEAL

MacQuesten Development & City Continues To Increase Housing Stock

84-Unit Development Named After Reverend Fletcher C. Crawford

Bronx, NY, The NYC Department of Housing Preservation and Development (HPD), and their sister agency, the  NYC Housing Development Corporation (HDC) MacQuesten Development and the Union Grove Baptist Church, have completed construction financing for the  Reverend Dr. Fletcher C. Crawford Housing, an 84-unit low-income development in the Bronx, located at 1468 Hoe Avenue.  Named in honor of the long-time Pastor of Union Grove Baptist Church, Reverend Crawford led the church for fifty years and was a leader in the community.  This development is being funded through HDC’s Low-Income Affordable Marketplace Program (LAMP).   The project is part of Mayor Michael R. Bloomberg’s $7.5 billion New Housing Marketplace Plan (NHMP) to build and preserve 165,000 units of affordable housing; the largest municipal affordable housing initiative in the nation.

The planned development will be an 82,891-square-foot, eight-story masonry elevator building to be built on land formerly owned by the New York City Housing Authority (NYCHA).  The building will include seven studio units, 29 one-bedroom units, 40 two-bedroom units, seven three-bedroom units and one superintendent unit.  Seven of the apartments will be set aside for people with impaired mobility, hearing and vision. Additionally, 20% of the units will be set aside for formerly homeless households.  Another 25% of the units will be set aside for households referred to by the NYCHA, from its waitlist.  The 84 units will be affordable to tenants who earn less than $46,080 (for a family of four) or 60% of Area Median Income (AMI).

The total development cost for The Rev. Dr. Fletcher C. Crawford Housing is $26.6 million and comes from a variety of City and State programs.  HDC issued $13.4M in tax-exempt bonds for the construction financing, and is making its corporate reserves available to supply $3.6M for the permanent financing and $4.6M in subsidy.  HPD provided $2.8 million through the Low Income Rental Income Program and $2.1 million in HOME funds; NYS Division of Housing and Community Renewal (DHCR) contributed $3.7 million in Homes for Working Families (HWF) and $8.7 million was provided by Low-Income Housing Tax Credit (LIHTC) Equity.  Under DHCR’s HWF Program, 100% of HWF-assisted units must meet LIHC rent restriction requirements, providing units affordable to households at or below 60% of area median income for 50 years.  

HDC President Marc Jahr said: “Creating affordable neighborhoods is a key aspect of the Mayor Bloomberg’s New Housing Marketplace Plan.  During the 1970’s, the Bronx experienced urban landscape devastation and loss 40% of its housing stock.  HDC is proud to have created and preserved approximately 14,608 affordable homes in the Bronx.  Investment by the City and its development partners, has achieved a remarkable change in this borough.” 

“This development is a prime example of how city agencies like HPD, HDC, and NYCHA are working in concert with our private and non-profit partners to find new opportunities to create affordable housing and catalyze long-term stability for New York families,” said HPD Commissioner Cestero. “Utilizing the tools of the Mayor’s housing plan we have financed 4,640 units of affordable housing here in Community Board 3, and helped to spur a revitalization that is bringing vitality back to this proud neighborhood.  It is also my sincere hope that the Reverend Dr. Fletcher C. Crawford Housing serves to remind us of a man who everyday embodied the love of congregation and commitment to community that we are striving to create here today.”

DHCR Acting Commissioner Brian Lawlor said, "The Reverend Dr. Fletcher C. Crawford Housing development will bring more than $25 million in investment and economic activity to this community. More importantly, it will provide safe and decent affordable housing to individuals and families who need it most. DHCR is extremely proud to have been a partner in this important project."

“The New York City Housing Authority is proud to be part of another initiative that seeks to provide New Yorkers with safe and affordable housing, especially for its public housing residents,” said John B. Rhea, Chairman of NYCHA. “The Rev. Dr. Fletcher Crawford Housing development represents ongoing efforts by NYCHA to continue to provide support for innovative and sound financial housing solutions for low income residents

“MacQuesten Development’s mission since its inception in 1993 has been to provide quality affordable housing throughout NYC, especially the Bronx. This project is especially exciting to us on many levels. Firstly, a true partnership has been formed between City Government and State Government. We are proud of the how the New York City Housing Authority, New York State Division of Housing and Community Renewal, New York City Housing Preservation and Development, New York City Housing Development Corporation supported our endeavor,” said Rella Fogliano of MacQuesten Development. “We are grateful to our Sponsor, the Union Grove Baptist Church for its faith in us to realize this long awaited plan. Last but not least we would like to make everyone aware of the Green Initiatives that are going to be a part of this building during and after construction. The Macquesten Companies, over the last couple of years, have made a commitment to make our buildings more sustainable and energy efficient even if not required by financing. For the Rev. Dr. Fletcher C. Crawford Housing we have volunteered to use recycled materials, separate debris from recyclables, install Energy Star windows, lighting and appliances. Rigid insulation between block and brick will increase the thermal protection of the building triple fold. Water-permeable walkways will reduce the strain on the City’s sewer system. We will train residents on how they can lower their carbon footprint while living comfortably and increase energy cost savings.”

Nearly 165 construction jobs will be created at the development site.    Rev. Dr. Fletcher C. Crawford Housing is anticipated to be ready for occupancy early 2011.

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About the New York City Housing Development Corporation (HDC):

The New York City Housing Development Corporation (HDC) provides financing for the creation and preservation of multi-family affordable housing throughout the five boroughs of New York City. HDC’s programs are designed to meet the wide range of affordable housing needs of the City's economically diverse population. In partnership with the NYC Department of Housing Preservation and Development, HDC works to finance Mayor Michael R. Bloomberg’s New Housing Marketplace plan to create of preserve 165,000 affordable housing units by 2014. Since the plan launched in 2004, HDC financed more than 44,000 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 and is the nation’s #1 issuer of multi-family bonds.

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 build and preserve 165,000 units of affordable housing by 2014. Since the plan’s inception, nearly 100,000 affordable homes have been created or preserved. For more information, visit www.nyc.gov/hpd

About the New York City Housing Authority (NYCHA):

The New York City Housing Authority (NYCHA) is the largest public housing authority in North America and provides decent and affordable housing in a safe and secure living environment for low and moderate income residents throughout the five boroughs. NYCHA has 336 housing developments with 400,000 residents. The Authority also administers a citywide Section 8 Leased Housing Program in rental apartments.  NYCHA serves approximately 1 in 13 New Yorkers through its public housing and Section 8 programs.

About New York State Division of Housing & Community Renewal (DHCR): 

The Division of Housing and Community Renewal is responsible for the supervision, maintenance and development of affordable low- and moderate-income housing in New York State. The agency’s Office of Community Development administers housing development and community preservation programs, including State and Federal grants and loans to help finance construction or renovation of affordable housing; the Office of Housing Operations oversees and regulates the State's public and publicly assisted rental housing and the Office of Rent Administration administers the rent regulation process for more than one million rent-regulated apartments in New York City and in the counties of Albany, Erie, Nassau, Rockland, Schenectady, Rensselaer and Westchester.

About MacQuesten Development LLC:

The company is engaged in the building and development of affordable housing and employs 10 people. In the last 5 years, MacQuesten has completed new construction of residential, community facilities and commercial units. All of these projects were financed under various programs through HDC’s LAMP and New HOP programs, NYS Housing Finance Agency and NYS DHCR Homes for Working Families program. With the exception of Palmer Court Houses, a 135-unit New HOP project, MacQuesten has used proceeds from the sale of LIHTC in conjunction with the above referenced financing programs to develop over 500 units of affordable housing. MacQuesten has also worked with HPD to acquire property under its Land Disposition program. MacQuesten oversees the design, construction, finance, marketing and management of all these properties, which are located in Manhattan, the Bronx and Westchester. The firm successfully closed three HDC LAMP construction loans: Tony Mendez Apartments (2000 Open Resolution), Olga Mendez Apartments (December 2003 Open Resolution) and Claremont Park Apartments (June 2005 Open Resolution). All of the construction loans have converted to permanent.