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NYC Department of Housing Preservation & Development

FOR IMMEDIATE RELEASE
Thursday, February 28, 2013

Juliet Morris (HPD) 212-863-5682


HPD & CPC JOIN BRIDGE STREET DEVELOPMENT CORPORATION AND PARTNERS TO CELEBRATE THE OPENING OF NOEL POINTER APARTMENTS IN BROOKLYN

Named After Lauded Jazz Musician Noel Pointer, This New Development Brings 23 Units of Affordable Housing, and an Energy Efficient Design to the Bedford-Stuyvesant Neighborhood of Brooklyn

Brooklyn, NY –New York City Department of Housing Preservation and Development (HPD) and The Community Preservation Corporation (CPC) join Bridge Street Development Corporation and partners to celebrate the opening of Noel Pointer Apartments, a 23 unit new affordable housing development in the Bedford-Stuyvesant neighborhood in Brooklyn. 

The Noel Pointer development is part of Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), a multibillion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of the 2014 fiscal year. To date, the NHMP has funded the creation or preservation of more than 143,300 units of affordable housing across the five boroughs. More than 35,709 units have been created or preserved in Brooklyn with more than 4,054 of those units in CB 3. For every dollar invested by the City, the Plan has leveraged $3.43 in additional funding, equaling a total commitment of more than $21 billion. 

“In developing new housing opportunities and building for the future, it is important to pay homage to a community’s past,” said HPD Commissioner Mathew M. Wambua. “Bed-Stuy has an exceptionally rich history and culture. Noel Pointer was representative of the genius that is a hallmark of the best that this famous neighborhood can call its own. It is entirely fitting that he be honored and remembered by naming of this new affordable housing in his honor. I hope that this act prompts those who know Noel Pointer’s work will take the opportunity to remember his mastery and that those who have never heard his music will be inspired to discover who he was and appreciate his unique gifts.” 

“CPC’s permanent loan to help finance Noel Pointer Court Apartments highlights our continued commitment to investing in underserved communities and bringing affordable, up-to-date and energy efficient homes to neighborhoods throughout the City. It is also an excellent example of how public and private entities can work together to strengthen and revitalize New York communities,” said Rafael E. Cestero, President and CEO, The Community Preservation Corporation. “Our loan would not have been possible without the New York City Pension Funds and the flexibility of SONYMA, and we thank HCR, the City, NYC Comptroller John C. Liu on behalf of the NYC Pension Funds, Bridge Street Development Corporation, and other partners for their commitment to providing 23 families with new homes they can afford.”  

“We can meet our City’s need for affordable housing when we work together,” Comptroller John C. Liu said.  “We are proud that our City’s workforce is dedicated to putting their retirement savings back into the communities where they live and work, including more than $200 million in 5,570 units of affordable housing since 2010.” 

“One thing we have realized is that our tenants and the community at large appreciate that we work hard to produce apartments that are attractive and use high-quality materials that people can be proud of,” says Emilio Dorcely, BSDC’s Acting President & CEO. “Our affordable housing developments are indistinguishable from private, market-rate rental buildings.” 

This development is named after the late Grammy-nominated and Bedford-Stuyvesant resident, jazz violinist Noel Pointer. Born in Brooklyn in 1954, Pointer’s talent as an artist was first noted when he performed Vivaldi with the Symphony of the New World Orchestra at the age of 13. As a teenager, Pointer established himself as a master of his craft while performing with several orchestras and Broadway shows. Noel went on to top the Billboard charts with seven solo albums including All My Reasons and Direct Hit, which were nominated for Grammy Awards. Pointer received special recognition from the United States Congress, the US Congressional Black Caucus, the African National Congress (ANC), and numerous other civic and private organizations. He was an advisory panelist for the National Endowment for the Arts (NEA) and the United States Information Agency (USIA). Pointer died of a stroke in 1994 at the age of 39. The Noel Pointer Foundation and the Noel Pointer School of Music in Brooklyn continue Noel Pointer’s legacy of musical literacy and enrichment. 

“I am very happy that Bridge Street Development Corporation has decided to name their newest project in honor of my husband,” said Chinita Pointer, widow of the musician and executive director of the Noel Pointer Foundation. “Noel was a son of Bedford-Stuyvesant and he would be so proud to know that his name lives on not only through his musical legacy and the Noel Pointer Foundation, but also a building that will provide affordable, safe homes to low-income families in his old neighborhood.” 

Noel Pointer Apartments is located at 790 Lafayette Avenue in Brooklyn. The new development was constructed on a combination of private and formerly City-owned land. The 3-story, 23 unit affordable housing development totals 24,039 square feet. There are six one-bedroom units, and 17 two-bedroom units. Fourteen of the units are reserved for families earning no more than 50 percent of the Area Median Income (AMI), or $40,900 for a family of four. The remaining nine units are reserved for families earning no more than 60 percent AMI, or $49,080 for a family of four. AMI levels are determined by the U.S. Department of Housing and Urban Development (HUD) and are set by the 2011 calculations for this development. 

Residents of Noel Pointer Apartments will have access to an on-site laundry room, a large backyard gazebo and outdoor seating. The development design incorporates various green elements including bamboo flooring, Energy Star appliances and low-flow plumbing in each unit and throughout the building. 

The City of New York requires that subsidized apartments be rented through an open lottery system to ensure fair and equitable distribution of housing to eligible applicants. The lottery process for Noel Pointer Apartments is closed. Marketing of the apartments and the application process for the lottery typically begin when construction is approximately 70 percent complete. 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 updates its available apartment and home website listings for City-subsidized housing in the five boroughs, please visit the Apartment Seekers and Homebuyers pages at www.nyc.gov

The total development cost for the Noel Pointer Apartments is approximately $9.3 million. HPD contributed $2.5 million through HUD’s NSP 2 funding. HPD also provide a 9% tax credit award of $621,000. The Local Initiatives Support Corporation (LISC) provided $5.5 million in Low-Income Tax Credit Equity. The Community Preservation Corporation (CPC) will provide a permanent loan in the amount of $833,153 on behalf of the NYC Pension Funds’ acting through their Economically Targeted Investments program, which invests in under-capitalized New York City neighborhoods. The PF loan will be insured by the State of NY Mortgage Agency Mortgage Insurance Fund and serviced by CPC. The NYS Dormitory Authority will provide $100,000. The Federal Home Loan Bank of NY contributed $208,162 through its Affordable Housing Program. TD Bank was a construction lender and provided a loan of $4.3 million. The National Equity Fund acted as Tax Credit Syndicator. 

Wavecrest Management is the Managing Agent. PM Architecture served as 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 2014. Since the plan’s inception, more than 143,300 affordable homes have been created or preserved. For more information, visit www.nyc.gov/hpd.  

About The Community Preservation Corporation (CPC)

The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York.  Since its founding in 1974, CPC has invested more than $8 billion in over 144,000 units of housing. http://www.communityp.com/  

About the Bridge Street Development Corporation (BSDC)

Bridge Street Development Corporation (BSDC) was founded in 1995 by members of the oldest continuing African-American congregation in Brooklyn, the Bridge Street AWME Church. It is a faith-based, 501(c)(3) not-for-profit organization the  mission of which is to build partnerships with businesses, government, and other community stakeholders to provide civic and economic opportunities to the residents of Central Brooklyn. BSDC’s vision is to preserve Bedford-Stuyvesant as a desirable neighborhood for raising families, owning businesses and taking part in vibrant cultural, spiritual and recreational opportunities. Their motto, “Building on Community Strength,” describes the  core belief that the most effective way to improve a community is to develop and promote local assets, including people, homes, businesses, and organizations.




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