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NYC Department of Housing Preservation & Development

FOR IMMEDIATE RELEASE
Tuesday, November 19, 2013

Juliet Morris (HPD) 212-863-5682
Charni Sochet (HCR) 212-872-0338


HCR, HPD & OER JOIN THE ACACIA NETWORK, CPC AND PARTNERS TO CELEBRATE THE START OF CONSTRUCTION OF 60 NEW AFFORDABLE APARTMENTS FOR SENIORS

West Tremont Senior Residences Will Bring New Affordable Housing to a Former Brownfield Location in the West Tremont Area of the Bronx

Bronx, NY - New York State Homes and Community Renewal (HCR), New York City Department of Housing Preservation & Development (HPD) and the New York City Mayor's Office of Environmental Remediation (OER) joined Acacia Network, The Community Preservation Corporation (CPC) and partners to celebrate the start of construction on the $17.4 million West Tremont Senior Residences, located at 92 West Tremont Ave in the Bronx. The new building, which is being constructed on land provided by the City, will provide affordable housing for 60 low- and very low-income senior citizen households. The New York State Energy Research and Development Authority (NYSERDA) and Hudson Housing Capital were also in attendance.

West Tremont Senior Residences is being developed under Mayor Michael R. Bloomberg's New Housing Marketplace Plan (NHMP), a multi-billion dollar initiative to finance 165,000 units of affordable housing by the close of the 2014 fiscal year.  To date, the plan has funded more than 156,769 units across the five boroughs, with nearly 49,370 units in the Bronx, and more than 5,100 of those units in Bronx Community Board 5 where this development is located. For every dollar invested by the City for affordable housing, the NHMP has leveraged $3.48 in funding from other sources for a total investment of more than $23.6 billion.

West Tremont is also part of New York State's significant investment in affordable housing, utilizing both low-income housing tax credits and a loan from the Housing Trust Fund. Under the leadership of Governor Andrew M. Cuomo, the state is making the largest investment in affordable housing in at least 15 years with the House New York program, which will create thousands of new units over the next five years.  House New York will also preserve more than 8,600 Mitchell-Lama units, extending affordability for 40 more years. House New York also builds on the Governor's unprecedented efforts to protect more than one million rent-regulated units, including the greatest strengthening of the state's rent laws in 30 years.

Darryl C. Towns Commissioner/CEO of New York State Homes and Community Renewal (HCR) said, "The West Tremont Senior Residences is a transformative project that will revive a community with affordable housing and sets the stage for further community renewal. As part of his $1 billion House New York Program, Governor Andrew Cuomo has made the creation and preservation of affordable housing a priority. This project provides a better, healthier quality of life for our seniors - and embodies the Governor's ground-up approach to funding significant community-oriented projects. HCR is proud to work with Acacia and our other public and private partners to grow the Bronx economy with this beautiful development."

"We are proud to see this once blighted site transformed into a supportive residence for the elderly. As this segment of the population grows, it's critical that we do everything we can to increase their access to permanent affordable housing," said HPD Commissioner RuthAnne Visnauskas. "One of the biggest challenges we face now and into the future is finding developable parcels of land on which we can build new, affordable housing. Providing City-owned land for this purpose offers an immense benefit for all concerned, allowing us to deepen the affordability and reach more low-income senior citizens. As a result, West Tremont Residences will create 60 homes where seniors will have the security of knowing that they can age in place safely. I thank the Acacia Network, HCR, OER, NYSERDA, Capital One, Hudson Housing Capital and all of our partners for their commitment to making New York City more affordable."

West Tremont Residences will be a six-story building with 60 one-bedroom apartments for adults age 55 and older and one two-bedroom apartment for an onsite superintendent. Twelve units will be available to people earning up to 30% AMI, or no more than $18,060 annually for an individual; 30 units will be available to those earning up to 50% AMI, or no more than $30,100 annually for an individual; 18 units will be available to those earning up to 60% AMI, or no more than $36,120 for an individual. These AMI levels are based on HUD's 2013 calculations.

Residents will have access to an onsite recreation room, lounge area and terrace space. The development will also have a landscaped exterior yard and a green roof. Residents will have access to long-term healthcare services through Acacia Network providers and a partnership with Center Light Health Systems.

"Acacia Network's vision of healthy communities is deeply connected to quality housing, and we are proud to have the ability to offer more comprehensive care to the seniors in our community," remarked Raul Russi, CEO of Acacia Network. "West Tremont will be our premier Affordable Housing Development project for seniors and, like all our affordable housing developments, will link residents to our comprehensive offering of healthcare, social services and economic development projects."

"High housing costs can drastically affect seniors' ability to afford other necessities such as food and medical care," noted Rafael E. Cestero, President and CEO of The Community Preservation Corporation. "Thanks to Acacia's West Tremont Residence, 60 Bronx seniors will not only have quality, affordable housing, but also access to services and a supportive community to age gracefully and continue to live independent lives. CPC is proud to originate a SONYMA insured $3.4 million loan to be purchased by NYCERS, and be part of a vital private-public partnership that is bringing stable and healthy homes to New York's seniors.  We hope to continue working with these critical partners until all seniors have the affordable housing they deserve."

The project is being developed on formerly City-owned land that served as a dry cleaning operation from 1948 through at least 1979. In order to ensure the safety of the soil at the site, it will be remediated under the guidance of the Mayor's Office of Environmental Remediation within the NYC Voluntary Cleanup Program. The new development will be designed with energy-efficient systems that meet the criteria of NYSERDA's Multifamily Performance Program.

"The NYC Voluntary Cleanup Program is cleaning up blighted properties in disadvantaged neighborhoods and solving environmental problems that would have stopped development in the past," said Daniel Walsh, Director of the Mayor's Office of Environmental Remediation. "We are cleaning up these properties, making our communities safer, and enabling new development that is bringing affordable housing and new jobs to the people who need them most.

"Working with NYSERDA's Multifamily Performance Program, Acacia Network will develop much-needed affordable senior housing that is energy efficient from the ground up," said John B. Rhodes, President and CEO, NYSERDA. "This public-private partnership will have a significant impact on energy savings, helping New York State continue progress toward Governor Andrew M. Cuomo's priorities to reduce dependence on fossil fuels and protect the environment."

The total development cost for this project will be approximately $17.4 million. HPD provided the land the project will be constructed on. HCR will provide $13.7 million in low income housing tax credits and $1.7 million from its Housing Trust Fund. Hudson Housing Corporation will act as tax credit syndicator. CPC will originate a SONYMA insured $3.4 million loan for the development. Capital One will provide a loan of $1.6 million. NYSERDA will provide $114,000 for high energy-efficiency measures to enable the building to use 15% less energy than similar buildings that are built only to minimum code requirements.

"As a local bank, Capital One recognizes the need for ensuring that quality, affordable housing is available for individuals and families in the Bronx community," said Rich Schnapper, Senior Vice President, Small Business Banking and Bronx Market President at Capital One. "That's why we are proud to provide a $6.1 million construction loan and $13.8 million in tax credit equity for this development, which will provide affordable, multi-family rental housing for our senior citizens."

"Partnering with experienced non-profit housing providers, like Acacia Network, to create new affordable housing for seniors helps revitalize neighborhoods and enables seniors to live independently. Hudson Housing is proud to be a part of the West Tremont Residences development," said Kimmel Cameron, Vice President of Hudson Housing Capital, LLC.

About New York State Homes and Community Renewal (HCR):
New York State Homes and Community Renewal (HCR) consists of all the State's major housing and community renewal agencies, including the Housing Finance Agency, the Affordable Housing Corporation, the Division of Housing and Community Renewal, State of New York Mortgage Agency, Housing Trust Fund Corporation and others. HCR is committed to collaborating with partners, and keeping homes affordable and communities strong by protecting one million rent-regulated units, managing a portfolio of more than 190,000 multifamily units and administering more than $1.5 billion each year to expand affordable housing and build strong communities throughout New York State. For additional information visit our web site: http://www.nyshcr.org/.

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 end of fiscal year 2014. Since the plan's inception, more than 156,769 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 the NYC Mayor's Office of Environmental Remediation (OER):
OER administers New York City's programs to clean up and redevelop brownfield sites, including the nation's first municipally-run cleanup program, the New York City Voluntary Cleanup Program.  OER works with developers, landowners, and community organizations to promote economic development and neighborhood vitality while meeting rigorous New York State quality standards.  In a typical year, OER cleanups enable new development representing $2.25 billion in private investment, 6 million square feet of building space, creating 2,200 permanent jobs, 6,500 construction jobs, and 1,000 units of affordable housing. This economic activity takes place on properties that have been vacant, on average, for 18 years.  Visit our website at www.nyc.gov/oer

About NYSERDA:
NYSERDA, a public benefit corporation, offers objective information and analysis, innovative programs, technical expertise, and funding to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce their reliance on fossil fuels.  NYSERDA professionals work to protect our environment and create clean-energy jobs. NYSERDA has been developing partnerships to advance innovative energy solutions in New York since 1975. For more information, visit http://nyserda.ny.gov/ or follow us on Twitter, Facebook, YouTube, Instagram.

About Acacia Network, Inc.:
Founded in 1969, Acacia Network is the second largest Latino-founded and led community-based organization in the country and the largest in New York State.  Acacia Network's vast network of integrated services include: substance abuse and mental health treatment, primary and specialty medical care, skilled nursing home and outpatient support for individuals with HIV/AIDS, services for people with developmental disabilities, daycare and education services, transitional housing for homeless families, the development and management of rental housing for low income households, Health Home care coordination and economic development services.  The roots of the Acacia Network, Inc. are deep in the Bronx and East Harlem communities.  For more information, please visit our website at www.acacianetwork.org.

About 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 nearly $8.4 billion in over 157,000 units of housing. For more information, please visit www.communityp.com.

About Capital One:
Capital One Financial Corporation, headquartered in McLean, Virginia, is a Fortune 500 company with more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District of Columbia. Its subsidiaries, Capital One, N.A. and Capital One Bank (USA), N. A. offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. We apply the same principles of innovation, collaboration and empowerment in our commitment to our communities across the country that we do in our business. We recognize that helping to build strong and healthy communities - good places to work, good places to do business and good places to raise families - benefits us all and we are proud to support this and other community initiatives.