Building Will Be Home to Over 100 Seniors and Provide Sustainable, Technology-Enabled Services to Residents and the Community
FLUSHING, NY – April 6, 2011 – The NYC Housing Development Corporation and NYC Housing Development Corporation and the Department of Housing Preservation and Development, joined Selfhelp Community Services, Inc., Enterprise Community Partners (Enterprise), and JPMorgan Chase today for the ground breaking of Selfhelp (K-VII) Associates, a new green apartment building for affordable independent senior living. Located in Flushing, Queens, close to five other Selfhelp residences on two campuses, the 14-story, 92-unit building will house over 100 seniors and will include a 12,207-square-foot facility that will be fully technology-enabled and provide critical community services for residents and the community at large.
Selfhelp is a nonprofit dedicated to enabling the elderly and other at-risk populations to live in their own homes, independently and with dignity. The groundbreaking takes place during the organization’s year-long 75th Anniversary celebration. Selfhelp (K-VII) Associates 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 more than 112,000 units of affordable housing across the five boroughs.
“For the last 75 years, Selfhelp has been dedicated to improving the quality of life of the elderly and other at-risk populations, and with Selfhelp (K-VII) Associates, we renew our commitment and usher in the next 75 years,” said Stuart C. Kaplan, CEO, Selfhelp Community Services. “We are grateful to HPD, HDC, JPMorgan Chase, and Enterprise for their contributions to this project as they will enable moderate-income seniors to age in place gracefully.”
“We at HDC are proud of the role we play in providing affordable housing opportunities to our fellow New Yorkers,” said Marc Jahr, President of HDC. “With Selfhelp’s K-VII we are pleased to be part of a team that is providing affordable housing for one of our most vulnerable populations. Providing access to capital that will transform a plot of underutilized land into high quality, secure housing and knowing that the people who will call this building home will be able to live their lives there is among the most rewarding and meaningful things we can accomplish.”
“For New York’s senior citizens who often must make due on a fixed income, the decision to pay the rent or pay for medical needs, heat or other necessities is a choice that is all too common,” said HPD Deputy Commissioner RuthAnne Visnauskas. “For the seniors who will call Selfhelp K-VII home, those difficult choices are a thing of the past. Through our collaborative efforts here in Flushing we are creating a state-of-the-art facility that low-income seniors can call home – affordability, sustainability, and a myriad of services under one roof. My sincere thanks go to HDC, Selfhelp, Enterprise, JPMorgan Chase and all of our public and private partners for their dedication to helping us create affordable housing opportunities for a range of incomes and needs as diverse as our great city.”
Selfhelp (K-VII) Associates is expected to be completed by January 2013. The development will consist of 36 studio and 55 one-bedroom apartments, as well as a two-bedroom superintendent's unit. 80 percent of units are available for seniors earning less than 60 percent of the area median income (AMI), or what is equal to an annual income of no more than $33,300 for one person. The remaining 20 percent of the units will be reserved for people earning less than 40 percent of AMI, or what is equal to an annual income of 22,200 for one person.
The building will include several green features promoting healthier and more energy-efficient living, including: a waste management plan that diverts at least 25% of debris from the landfill; roofing material that meets Energy Star standards; reflectivity greater than 0.65 or high-emissive (emissivity of at least 0.8) lighting in all areas with low or intermittent occupancy with motion sensors; timers on exterior lighting; recycled content materials, such as acoustic tile, ceramic tile and drywall. The property’s design exceeds NYS Energy Code by 23% and will be built according to Enterprise Green Communities Criteria, the only comprehensive green building framework for affordable housing in the country.
“As New Yorkers grow older and live longer lives, Enterprise is committed to making sure all low-income seniors enjoy affordable homes with access to the services they need,” said Abby Jo Sigal, Vice President and New York Market Leader, Enterprise Community Partners, Inc. “We are proud to have contributed over $8.6 million in Low-Income Housing Tax Credit equity to Selfhelp (K-VII) Associates and partnered with Selfhelp, which shares our commitment to providing seniors the best quality of life.”
Selfhelp is one of six recent recipients of a $25,000 Enterprise Green Health Living grant designed to support educational tools and training that reinforce resident engagement in green operations and maintenance of affordable housing. Selfhelp will use this grant for a pilot program, run out of the Harry and Jeanette Weinberg House (K-V) building, to engage and train residents on green and healthy living.
Selfhelp has piloted a program using technology in conjunction with senior centers to promote wellness and alleviate the isolation and loneliness of homebound seniors, encouraging the pursuit of active social lives through connectivity. Selfhelp (KVII) Associates will be modeled on that program and will be a technology-enabled building, featuring computer-ready units, availability of ADL monitors, energy efficient systems, and roll-in showers. A social worker will be based in the building and will assist residents to avail themselves of the full panoply of services which are the hallmark of the Selfhelp building. In addition, the community room will be equipped with video chat-enabled computer work stations, cognitive strengthening units and exercise equipment, and health screening kiosks.
Selfhelp (K-VII) Associates, with a total development cost of $26.1 million, will be financed using fixed-rate tax-exempt bonds issued by HDC under its Low-Income Affordable Marketplace Program (LAMP), with credit enhancement during construction provided by JPMorgan Chase. HDC issued tax-exempt bonds to finance the $13,075,000 Senior Mortgage and provided a $5,980,000 Second Subordinate Loan funded through the Corporation’s Reserves. HPD is providing financing in the form of $2.3 million in City Capital funding, $1.5 million in HOME funds, and an additional $400,000 in City Capital funding allocated by the City Council. The New York State Office for the Aging, as directed by the NY State Senate, is providing $250,000 toward project construction as well. Enterprise expects to provide $8.6 million in Low Income Housing Tax Credit (LIHTC) equity sourced by JPMorgan Chase.
“As New York’s largest bank, JPMorgan Chase is committed to financing projects that have a positive, sustainable impact on the communities where we do business,” said Pat Nash, Managing Director, J.P. Morgan Capital Corporation. “This new apartment building will bring much-needed affordable senior housing to the Flushing community.”
Selfhelp (K-VII) Associates will be constructed on vacant land that is in close proximity to Selfhelp's Helen R. Scheuer House (K-I) and Martin Lande House (K-II), which together contain 420 affordable housing rental units for seniors; these buildings are currently undergoing a $20 million rehabilitation which is expected to be completed in late spring of this year. It is one of the first financings in New York City to benefit from the allocation of federal stimulus money authorized under the American Resource Recovery Act (ARRA).
Selfhelp is a not-for-profit organization dedicated to maintaining the independence and dignity of seniors and at-risk populations through a spectrum of housing, home health care and social services and will lead in applying new methods and techniques to address the changing needs of its communities. Selfhelp will continue to serve as the "last surviving relative" to its historic constituency, victims of Nazi persecution. Please visit www.selfhelp.net for more information.
About The New York City 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 2003, 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 New York City 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 112,000 affordable homes have been created or preserved by HPD and the NYC Housing Development Corporation. For more information, visit www.nyc.gov/hpd.
About Enterprise Community Partners
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10 billion in equity, grants and loans to help build or preserve more than 250,000 affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity. Since opening our New York office in 1987, Enterprise has created or preserved more than 32,000 affordable homes for 105,000 New Yorkers, and has committed nearly $2.2 billion in equity, grants, and loans to community development projects across the city.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.