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NYC Department of Housing Preservation & Development

FOR IMMEDIATE RELEASE
Friday, May 10, 2013

Juliet Morris (HPD) 212-863-5682


HPD JOINS PROVIDENCE HOUSE AND PARTNERS TO CELEBRATE THE GRAND OPENING FOR THE D'ADDARIO RESIDENCE

$12.6 Million Residence Provides Permanent Housing and Services for Homeless and Formerly Incarcerated Individuals and Their Families

 

Brooklyn, NY – NYC Department of Housing Preservation and Development (HPD) joined Providence House, Inc., Alembic Community Development, Bedford-Stuyvesant residents, and homeless service providers today to celebrate the grand opening of The D’Addario Residence, a $12.6 million development providing permanent service-enriched affordable housing for formerly incarcerated individuals and their families and low-income community residents. Also in attendance were NYS Assembly Member Annette Robinson, the Brooklyn Borough President’s Office, The Richman Group, Capital One and partners.

The D’Addario Residence was developed under 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 NHMP has leveraged $3.43 in private funding, amounting to a total commitment to date of more than $21 billion to fund the creation or preservation of over 147,500 units of affordable housing across the five boroughs to date. Over 35,900 units have been financed in Brooklyn with 4,069 of those units in Brooklyn Community Board 3 where the D’Addario Residence is located.

”There are few things in life that are as important as having a second chance,” said HPD Commissioner Mathew M. Wambua. “In envisioning the purpose and mission of the D’Addario Residence, Providence House and Alembic Community Development have brought the opportunity for new beginnings closer than ever for a very needy and deserving population. On behalf of all the tenants who will make new homes here, HPD is very proud to have joined with our other financial partners making this project and its programs a reality.” 

"This is a wonderful day for us, as we celebrate the opening of The D’Addario Residence, our first permanent housing development,” said Sister Janet Kinney, Executive Director of Providence House.  “We look forward to working with our tenants and help them transition successfully and become fully participatory members in the local community."

“As with many affordable and supportive housing developments, The D’Addario Residence required many financing partners and a creative financing structure,” said Arlo Chase, principal with Alembic Community Development.  “I am delighted to see it open, and appreciative of our many financing partners – the City, Capital One Bank, The Richman Group and others – who helped us make this happen.”

Providence House developed The D’Addario Residence in partnership with Alembic Community Development with financing from HPD, Capital One and the Brooklyn Borough President’s Office.  The development includes 45 units of supportive housing, 2,845 square feet of outdoor recreation space, and 1,200 square feet of community space featuring a meeting room, exercise room and a learning center.  Providence House will provide on-site case management and life services to each resident as well as referrals to a spectrum of services in the community to include employment and training programs, health and mental health services, and childcare/after school programs. Providence House will connect tenants to recreational activities both inside and outside the building.

“Bravo to NYC HPD, Commissioner Matthew Wambua, Alembic Community Development and to the D’Addorio Family on today’s grand opening of the D’Addario Residence,” Brooklyn Borough President Marty Markowitz said.  “Affordable housing developments like this one ensure that Brooklyn remains the proud home to everyone from every income level—and this development not only transforms a vacant and blighted lot into a community beacon, but with the additional services provided ensures that the individuals who live here will have every possible opportunity to be responsible and contributing members of our community.”

“This development transforms a vacant lot into a productive part of this community,” New York State Assembly Member Annette M. Robinson said.  “Providence House is to be commended for making the D’Addario Residence happen.  This is a great day for this community, and I am honored to have helped to make it happen.”

The residence is named after Janet and Jim D’Addario, long-time benefactors of Providence House.  Janet D’Addario, a board member and former graphics designer, began working with Providence House over 10 years ago, through St. Josephs Parish of Brooklyn, and St. Brigid’s Parish of Westbury. She also serves on the Board for Long Island Cares, the Harry Chapin Food Bank located in Hauppauge, NY. Jim D’Addario is CEO of D’Addario & Company, world’s largest manufacturer of music strings and other musical accessories for musical instruments.  In addition, the D’Addario Foundation supports hundreds of music performance and education programs worldwide.

“This is such an honor for Jim and me,” Janet D’Addario said.  “I am so proud to be a member of the Providence House Board and to work with such people as Sister Janet, who have the vision and energy to make developments like this happen.”

There as 35 studio units and 11 one-bedroom units in this development. Eight units were made available to families earning no more than 50% Area Median Income (AMI) or $29,050 for an individual and 28 units were made available to families earning no more than 60% or $34,860 for an individual. Twenty-eight of the total units were set aside for formerly homeless families. These units will benefit from project-based Section 8. AMI levels are calculated yearly by the U.S. Department of Housing and Urban Development (HUD).

“We forget that just a few years ago, during the height of the financial crisis, investors and lenders weren’t jumping at opportunities, especially if they are out of the box, leading-edge and innovative in the way that D’Addario Residence is,” said Bill Traylor, President, Richman Housing Resources.  “But Capital One Bank is not an ordinary investor/lender; Capital One truly stepped up to the plate and made D’Addario Residence happen. Richman Housing is proud to partner with Capital One and with Alembic and Providence House to raise D’Addario residence up from a rubble strewn vacant lot and make it a home for some of New York’s neediest citizens.”

 “Investing in affordable housing is about much more than financing new construction. It’s about expanding economic opportunities for individuals, families and communities,” said Fabian Ramirez, senior vice president, Community Development Banking, Capital One Bank. “At Capital One Bank, we recognize that strong communities and strong business go hand in hand. As a business, we benefit when the communities where we operate are thriving -- and developments like D’Addario Residence that provide affordable housing for those most in need is a significant step in the economic well-being of this community.”

The total development cost of the D’Addario Residence is $12.6 million. HPD provided $4.9 million in HOME funding and $7 million in Low-Income Housing Tax Credits. The Brooklyn Borough President’s office provided $750,000 in Reso A funding. Capital One acted as the lending partner and The Richman Group was the tax credit syndicator.

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. Marketing of the apartments and the application process for the lottery typically begin when construction is approximately 70 percent complete. The units in this development are currently filled. 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/hpd.

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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 147,500 affordable homes have been created or preserved. For regular updates on news and services, connect with us via www.facebook.com/nychpd and www.twitter.com/nychousing. For more information, visit our website at www.nyc.gov/hpd

About Providence House:

Emphasizing the dignity of every human person, Providence House affirms its commitment to provide shelter and support to homeless, abused and formerly incarcerated women and their children in a hospitable, non-violent, compassionate atmosphere. Founded in 1979, Providence House is a not-for-profit organization that accomplishes its mission one family at a time through its programs and services. These include transitional residences, transitional apartments, parole resource centers and permanent housing. Not only does Providence House provide shelter to people in need, it also strives to break the cycle of homelessness and return to incarceration through the values, skills and relationships that are established during their time at Providence House.  Many more mothers and children have followed over the past 30 years. To date, over 7,000 women and 3,800 children have lived at Providence House.

About Alembic Community Development:

Alembic Community Development makes long-term commitments to partnerships and investments in underserved neighborhoods through real estate development, organizational capacity building and community-based planning initiatives.  A combination of two community development practices that shared a common commitment to collaborative efforts to build stronger communities, Alembic Community Development offers a full continuum of planning and development services to nonprofit organizations, neighborhoods and cities. Since inception, Alembic has, with its partners, developed 300 units of affordable and supportive housing in New York City, with an additional 260 units in construction, and more than 330 units in predevelopment.




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