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NYC Department of Housing Preservation & Development

FOR IMMEDIATE RELEASE
Friday, November 16, 2012

Juliet Morris (HPD) 212-863-5682
Christina Sanchez (HDC) 212-227-2644


HPD AND HDC JOIN AZIMUTH, BEST DEVELOPMENT AND SEBCO TO CELEBRATE THE OPENING OF INTERVALE SENIOR RESIDENCES

48 Newly constructed units of low-income housing in the Bronx offers quality supportive services to seniors 55 years of age and older

Bronx, N.Y. – The New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corporation (HDC), Azimuth Development Group, Best Development, South East Bronx Community Organization Development, Inc. (SEBCO) and partners celebrated the opening of Intervale Senior Residences, a newly constructed senior housing building located at 1115 Intervale Avenue in the Bronx. The development, which contains approximately 44,270 square feet of gross building area, will house 48 rental apartments available to low-income tenants 55 years of age or older, plus an additional superintendent’s unit. Also in attendance were Deputy Bronx Borough President Aurelia Greene; Senior Policy Advisor for Economic Development and Employment Cheryl Simmons-Oliver represented Congressman Jose Serrano; Assemblyman Marcos Crespo; and City Council Member Maria del Carmen Arroyo.

Intervale Senior Residences was developed as part of Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP). The NHMP is a multi-billion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of Fiscal Year 2014. For every dollar invested by the City, the Plan has leveraged $3.41 in private funding for a total commitment of more than $19.4 billion to fund the creation or preservation of over 142,422 units of affordable housing across the five boroughs, with more than 44,993 units financed in the Bronx.

“Now more than ever New Yorkers need the support of City officials and our partners. It is important that we join together to find a way to provide safe and affordable homes for New Yorkers,” said HPD Commissioner Mathew M. Wambua. “Today’s opening of Intervale Residences is a testament to the commitment of our partners. We need to keep New Yorkers in safe affordable housing that meets their basic needs. I’m proud of our involvement in this development and applaud all of our partners who made it possible. Let us continue to work together to support our neighbors in need.”

“I would like to thank all of our partners and elected officials who have continued to work hard to meet the needs of our seniors,” said Simon Bacchus, Senior Vice President of Development at HDC. “Intervale Senior Residences will not only be a safe place for our residents to call home, but will enrich their lives and strengthen this community during these difficult times.”

"During the early planning stages of this development, we looked at the need for senior housing in the Bronx and we saw tremendous demand.  In these challenging times, it is imperative that we provide quality housing to keep seniors in place,” said Guido Subotovsky, President, of Azimuth Development Group LLC. “We are proud to be a part of this exciting new development."

 

Intervale Senior Residences is an eight-story mid-rise residential building that is divided into 13 studios, 34 one-bedroom apartments, and 1 two-bedroom apartment reserved for a superintendent. All units are handicapped-accessible and equipped with call buttons in case of an emergency. The building was designed to maximize convenience for tenants by minimizing the distance between elevators and individual apartments. In addition, there is an on-site 2,200-square-foot resident community center with a large open gathering room, private office, full kitchen and two bathrooms, as well as a landscaped rear garden for residents to enjoy. Tenants will also have access to free lunch and bus services.

Ten of the units are available to tenants earning no more than 40% of the Area Median Income (AMI) or $22,920 for an individual. Thirty-four of the units are available to tenants earning no more than 60% of the Area Median Income (AMI) or $34,380 for an individual. The remaining three units are available to tenants earning no more than 50% AMI or $28,650 for an individual. Income levels are determined by the U.S. Department of Housing and Urban Development (HUD).

The apartments were marketed in accordance with the HPD lottery process which was supervised by HDC. For more information regarding the lottery process, current housing lotteries, how to apply to an open lottery, and if you would like to receive an e-mail when HPD has updated its website concerning available apartment and home listings for City-subsidized housing in the five boroughs, please visit the Apartment Seekers and Homebuyers pages at www.nyc.gov//hpd/.  

The total development cost for Intervale Senior Residence is $11,305,985. HDC, through its Low-income Affordable Marketplace Program (LAMP), provided a senior loan funded with $5.66 million in tax-exempt bonds, allowing the project to benefit from equity generated from 4% Low Income Housing Tax Credits. HDC also provided an additional loan in the amount of $3,120,000. Raymond James Tax Credit Funds, Inc. will act as the tax credit syndicator. JP Morgan Chase provided a stand-by letter of credit. HPD, through its Low Income Rental Program, provided $262,170 in City Capital funds and approximately $1.62 million in HOME funds. City Councilmember Maria del Carmen Arroyo provided City Capital Reso A funds in the amount of $1 million. The developers are Guido Subotovsky of Azimuth Development and Ron Schulman of Best Development.  SEBCO is the non-profit social service provider and proposed managing agent. Aufgang + Subotovsky acted as the project architect.

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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 the close of the 2014 fiscal year. Since the plan’s inception, more than 142,422 affordable homes have been financed. For more information, visit www.nyc.gov/hpd 

About the NYC Housing Development Corporation (HDC):

HDC provides financing that builds and strengthens neighborhoods. Since 2000, the corporation has issued roughly 10% of all the multifamily housing revenue bonds in the U.S. and since 2003, when Mayor Bloomberg’s New Housing Marketplace Plan was launched, HDC has raised more than $6.7 billion in financing for affordable housing developments, including in excess of $1 billion in subsidy from corporate reserves. In Affordable Housing Finance magazine’s annual listing of the nation’s top ten funders of multifamily housing, HDC is the only municipal entity included on the list, and consistently bests many of the largest commercial banks and most statewide Housing Finance Agencies (HFA). This past year, HDC was the fourth largest affordable housing lender in the U.S. after Citi, Wells Fargo and Bank of America, beating out JPMorgan Chase and Capital One. To date, under the Mayor’s plan, HDC has financed the creation or preservation of more than 60,000 affordable units in multifamily buildings that also include 1.7 million square feet of commercial space. For additional information, visit: www.nychdc.com 

About Azimuth Development Group LLC

Azimuth Development Group was founded in 2009 by Guido Subotovsky. The firm has since launched several developments consisting of affordable, mixed use and market rate housing in New York City and Westchester County.  Azimuth continues to partner with both the public and private sector to develop quality housing throughout the City of New York.

About  Best Development Group LLC

Best Development Group LLC provides financial consulting and development advisory services to owners and developers of affordable housing. Best Development can also joint venture with developers to build affordable housing.

Best Development's consulting services specialize in feasibility studies, rezonings, tax exempt bond financing, low income tax credit applications, bank construction loans, and permanent financing applications. Best Development also focuses on mixed income rental housing applications under "80/20" and similar housing programs. Best Development is a transaction-based company www.bestdevelopmentgroup.com

About SEBCO

SEBCO’s social services programs were first established in 1979 to serve its growing residential population. SEBCO firmly believes that strong social service programs not only improve our resident’s quality of life but also help to stabilize the surrounding community. Since 1990, this department has developed three major divisions: Community Life Services, Senior Services and Homeless Services. www.sebcodevelopment.org 




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