HDC, HPD, GUYTECH MANAGEMENT, AND SABAOTH GROUP CELEBRATE RIBBON CUTTING AT NEW AFFORDABLE HOUSING DEVELOPMENT IN BROWNSVILLE, BROOKLYN

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	FOR IMMEDIATE RELEASE Monday, August 16, 2010 Christina Sanchez (HDC) 212-227-2644 Eric Bederman (HPD) 212-863-5176



	HDC, HPD, GUYTECH MANAGEMENT, AND SABAOTH GROUP CELEBRATE RIBBON CUTTING AT NEW AFFORDABLE HOUSING DEVELOPMENT IN BROWNSVILLE, BROOKLYN River Rock Development Provides 54 New Affordable Apartments To Low-Income New Yorkers, Including 11 Units For Formerly Homeless Families Brownsville, Brooklyn – The NYC Housing Development Corporation (HDC), NYC Department of Housing Preservation and Development (HPD), GuyTech Management Services, and the Sabaoth Group joined local elected officials, community leaders and tenants today for the ribbon cutting of the new River Rock affordable housing development in Brownsville, Brooklyn. Located at 206 Riverdale Avenue, this new mixed-use development consists of 54 units of affordable housing for low-income New Yorkers, with 11 units set aside for homeless families. The project has been funded through HDC’s Low-Income Affordable Marketplace Program (LAMP), and is being built on a combination of City-owned and privately-owned property located in the Marcus Garvey Urban Renewal Area. Those in attendance at the ribbon cutting included Wendell Walters, HPD Assistant Commissioner for New Construction; Joseph Norton of GuyTech Management Services, Dennis J. Taylor of the Sabaoth Group, and Brooklyn Borough President Marty Markowitz. River Rock was developed under Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP) to finance the creation or preservation of 165,000 affordable homes by 2014. Under the NHMP, which was launched in 2003, New York City has already invested more than $4.5 billion and the NYC Housing Development Corporation (HDC) has issued more than $5 billion in bonds to finance more than 108,000 homes on the way to the Plan’s target of 165,000 units. 3,871 affordable units have been financed in Brooklyn’s Community Board 16 where RiverRock was constructed. “River Rock is the culmination of a truly collaborative effort to bring quality affordable housing, along with services and amenities that will strengthen not only the lives of its residents, but that will add stability and a sense of place to this community,” said Marc Jahr, President of HDC. “By providing affordable housing that is thoughtfully planned, we are putting words into action and helping this proud neighborhood continue its rebirth and revitalization. I’m proud that HDC was able to play a role in financing this development and in bringing our valued partners together for the good of the community. Without GuyTech Management and the Sabaoth Group, and the support of our local elected officials, today’s celebration would not be possible.” “Ribbon cuttings play a dual role in the world of affordable housing. They signify the end of a process that helps create beautiful new residences, and they celebrate the new beginnings for the hardworking families who call them home,” said HPD Assistant Commissioner Wendell Walters. “River Rock exemplifies the best of what we can accomplish when the City and our development and community partners all work towards a common goal of strengthening our neighborhoods. I thank our partners GuyTech and Sabaoth Group for their commitment and hard work, and the support of our elected officials like Borough President Markowitz without whom we could not have accomplished this.” The 49,957 square foot building contains 16 one-bedroom units, 37 two-bedroom units and a unit for a superintendent. Three of the residential units will be affordable to households earning up to 50 percent of Area Median Income (AMI) or no more than approximately $38,400 for a household of four. The remaining units will be affordable to households earning up to 60 percent of AMI or no more than approximately $46,100 for a household of four. Eleven units will be set aside for homeless families. “Brooklyn prides itself on being proud home to everyone from everywhere, and I have been so proud to support the River Rock project. I’m delighted to see it come to fruition. Thanks to River Rock, families who have endured struggles and homelessness can find a home-sweet-home in Brooklyn, USA.” The development includes approximately 12,000 square feet of ground-floor retail space and 3,800 square feet of community space on the second floor. The community space will be occupied by the Sabaoth Group, Inc, a local community-based, non-profit service provider that will be available to offer assistance to the special needs tenants as well as the entire community. The development also includes outdoor recreational space, and parking for 19 vehicles. “I am indeed grateful for the partnership we have had with GuyTech and Joseph Norton, along with Procida Construction. This collaboration has created a high-tech, eco-friendly building here in the Brownsville community that we can all be proud of. The neighborhood continues to blossom with River Rock’s presence, and its design and beauty mirror that of its mission to provide affordable homes to those who need them most,” said Dennis J. Taylor of the Sabaoth Group. The total development cost for RiverRock is approximately $15.2 million. HDC issued $7.5 million in tax-exempt bonds for the construction financing of this project, as well as $2.38 million in permanent financing and $2.97 million in subsidy. HPD provided $928,730 in City Cap funds and $1.87 million in federal HOME funds. Brooklyn Borough President Marty Markowitz provided $500,000 in Reso A funding, and approximately $5.6 million has been contributed by Low-Income Housing Tax Credit (LIHTC) Equity. # # # About NYC Housing Development Corporation (HDC): The New York City Housing Development Corporation (HDC) is a 501(c)3 not-for-profit created in 1971 to provide a variety of tax-exempt bond financing programs 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 is working to carry out Mayor Bloomberg’s New Housing Marketplace plan. Since the plan launched in 2004, HDC has financed more than 45,000 homes for low-, moderate-, and middle-income New Yorkers. HDC is rated AA by S&P and Aa2 by Moody’s. About Mayor Michael R. Bloomberg’s New Housing Marketplace Plan New York City’s affordable housing program to build or preserve 165,000 units of housing — enough to house half a million New Yorkers — is the most ambitious and productive in the nation—creating housing as well as jobs for New Yorkers. In April, 2010 the City reached the critical benchmark of 100,000 units financed—representing an investment of $4.5 billion to date by the City, not including roughly $5 billion in bonds issued by HDC. Led by HPD Commissioner Rafael E. Cestero, the Plan has been recast to maintain production momentum while confronting head-on the economic challenges facing the City, the State, the housing industry, the financial sector and individual New Yorkers and their families. In order to fulfill the NHMP goal of 165,000 units, HPD and the NYC Housing Development Corporation (HDC) are responding to market realities and focusing on three primary goals: strengthening neighborhoods, expanding the supply of affordable and sustainable housing and stabilizing families by keeping them in their homes. To read more about the NHMP, please visit http://www.nyc.gov/html/hpd/html/about/plan.html. 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 or 165,000 units of affordable housing by 2014. Since the plan’s inception, more than 108,000 affordable homes have been created or preserved. For more information, visit www.nyc.gov/hpd. About GuyTech Management Services: GuyTech Management Services has been a developer and manager of properties in Brooklyn for the past 20 years. GuyTech’s business has primarily focused on the acquisition and renovation of properties and property management in the East New York and Brownsville sections of Brooklyn. The principal of GuyTech is Joseph Norton. About The Sabaoth Group, Inc.: The Sabaoth Group, Inc, formed in 2002, is a community-based, nonprofit organization located in East Brooklyn, New York. Its mission is to improve the quality of live for community residents by providing advocacy, connecting them with health and human services, and fostering empowerment through community organizing and activism. TSG, Inc achieves its mission by acknowledging the interrelationships between housing, education, culture, employment, childcare, healthcare, recreation, and neighborhood security.