Decatur Terrace Provides 122 New Units of Housing in Bronx Community Board 7 and Keeps Bloomberg Housing Plan On Pace to Reach 165,000 Affordable Units
Bronx, New York - The New York City Housing Development Corporation (HDC), The NYC Department of Housing Preservation and Development (HPD), the Jackson Development Group, along with Joy Construction and The New York Housing Partnership Development Corporation joined today to celebrate the ribbon-cutting of Decatur Terrace, a 122-unit affordable development located in the Bedford Park/Norwood region of the Bronx. Decatur Terrace is newly constructed, thirteen story, middle-income apartment building financed under HDC's New Housing Opportunity Program (New HOP) and HPD's Participation Loan Program (PLP).
Decatur Terrace 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 110,390 units of affordable housing across the five boroughs, 34,343 in the Bronx, and 3,333 in Bronx Community Board 7 where Decatur Terrace is located.
"HDC has invested over $107.6 million in Community Board 7 and took part in creating 146 jobs with Decatur Terrace, said Marc Jahr, President of HDC. "What is being done in the Bronx is our goal throughout New York City - to provide opportunities, progression and hope for families."
"Today we are adding the affordable homes at Decatur Terrace to the more than 3,300 units we have already created in Community Board 7, and using them as a catalyst in our continuing mission of building on the foundation of this vibrant community," said HPD Commissioner Rafael E. Cestero. "This development is not just about building something new, it about giving New Yorkers a means to put down roots, take care of their families, and feel safe and secure in a home they can be proud of. I'd like to than HDC, Jackson Development, Joy Construction, Citi and all of our public and private partners for their dedication and commitment to bring affordable housing to this neighborhood and others all across our great city."
Neil Weissman, Principal of Jackson Development Group said, "Jackson Development and Joy Construction want to thank everyone who helped and participated on getting a beautiful middle-Income building financed and built in difficult times. Jackson's commitment to the Bronx and affordable housing continues to grow stronger when we see the finished product filled with tenants who benefit from a wonderful new place to live and raise a family."
This project consists of 20 studio-units, 41-one-bedroom units, 48 two-bedroom units, 12 three-bedroom units, and one superintendent unit. All of the units will be affordable to tenants earning no more than 80% Area Median Income (AMI) or what is equivalent to an annual household income of $63,360 for a family of four, and marked to households earning up to 100% of the AMI ($79,200 for a family of four). The project also contains approximately 8,800-square-feet of community facility space and 60 parking spaces. Close proximity to local universities, hospitals, the Bronx Botanical Gardens and the Bronx Zoo not only add to the local amenities available to potential residents.
"With the increasing costs of land, construction, and insurance, producing affordable housing is now more difficult than ever. It is because of the responsible foresight of Jackson Development Group and Joy Contracting coupled with NYC partners HPD and HDC that development's such as the Decatur Terrace Apartments are being built. Jackson and Joy are setting the standard for NYC and for other cities by investing in the quality of life for generations to come," said Dan Martin, President and CEO of the New York Housing Partnership Development Corporation.
Joy Construction is proud to have acted as both the General Contractor and Developer of this new building, said Amnon Shalhov, President of Joy Construction. Joy has been constructing in the Bronx since the 1990's and together with our partners: Jackson Development, Citibank, NYC HDC and NYC HPD we are excited about creating high quality, affordable housing for middle-income families.
HDC provided $15 million in taxable bonds for the construction financing of Decatur Terrace, and $11.2 million for permanent financing. $10.3 million was also provided in subsidy. HPD provided $9.95 million in City Cap Funds, and $5.3 million was funded through equity.
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.
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 108,000 affordable homes have been created or preserved. For more information, visit www.nyc.gov/hpd.
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 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 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 Jackson Development Group (JDG):
A New York based Development Company that specializes in residential construction. Since 1999, JDG has developed over 300 homes in and throughout Brooklyn and the Bronx. The company previously developed approximately 75 new homes a year and has recently focused on developing multi-family mid-rise buildings in the Bronx and Eastern Brooklyn.
About The New York Housing Partnership Development Corporation (HPDC):
Housing Partnership Development Corp. serves as a non-profit intermediary in the facilitation of affordable housing developments, our mission is to promote community development and revitalize neighborhoods through dynamic public and private partnerships. Since our inception, we have partnered with HPD on over 28,000 units of housing.