HOPE AND PRIDE RETURN TO HARLEM'S REVITALIZED WEST 140TH STREET --
ONCE CONSIDERED THE WORST STREET IN THE CITY
388 Apartments In 20 Buildings Are Renovated On One City Block
Under City's Building Blocks! Program
On behalf of Mayor Rudolph W. Giuliani, Deputy Mayor Rudy Washington today celebrated the rebirth of West 140th Street in Harlem -- once considered the worst street in New York City.
Joining Deputy Mayor Washington on a visit to West 140th Street, between Frederick Douglass Boulevard and Adam Clayton Powell Boulevard, were Department of Housing Preservation and Development (HPD) Commissioner Richard T. Roberts, Michael Hegarty, Vice Chairman of The Chase Manhattan Bank, Paul S. Grogan, President and Chief Executive Officer of Local Initiatives Support Corporation (LISC), elected officials, representatives from the not-for-profit sector and the Harlem community.
"Years ago New York turned its back on Harlem and 140th Street," said Mayor Giuliani. "The New York media considered 140th Street the worst street in the City. Crime was out of control, the buildings were in disrepair and everyone thought we were fighting a losing battle. Today, though, we celebrate the rebirth of this block and this neighborhood. In 1994 the City committed $25 million towards the renovation of three hundred eighty-eight apartments in twenty buildings. Look around today. The residents of this block have something to be proud of. The buildings have been renovated from the bottom up -- new plumbing, new floors, new paint, new life -- they're cleaner, brighter and safer."
Launched in 1994 by HPD, the Building Blocks! program was designed to return City-owned property to responsible private owners and to spur neighborhood growth. At the core of this program is the Neighborhood Entrepreneurs Program (NEP), which enables neighborhood-based private property managers to own and manage City-owned buildings. The buildings selected for NEP are sold to the New York City Housing Partnership and then leased to these entrepreneurs, who oversee the rehabilitation and purchase the buildings when the renovations are complete. The Building Blocks! program is currently underway in Central and East Harlem, Bedford-Stuyvesant and Crown Heights. More than 6,000 apartments are expected to be conveyed to local entrepreneurs and community-based not-for-profit groups and to be rehabilitated over the next several years.
"This block of Harlem represents the power of public and private partnerships that are at the core of our Administration's housing strategy," the Mayor added. "The Building Blocks! program was designed to facilitate growth by allowing those with the most stake in the community, the deepest commitment to the community, and the greatest understanding of the community to bring their own neighborhoods back. It was designed to stimulate and support private investment, which is crucial for the long term vitality of any neighborhood. Public-private partnerships are the best vehicles for creating the kind of housing that leads to real, long-lasting community renewal. With the energy of community-based developers, we will meet the challenge of rebuilding our neighborhoods and get the job done."
HPD Commissioner Richard T. Roberts said, "The Building Blocks! program is a neighborhood driven strategy designed to empower tenants, community-based organizations and local entrepreneurs. It makes full use of neighborhood resources while providing safe and decent housing for families. The revitalization of this block is an excellent example of what can happen when public and private entities pool together their resources. When we do this, we undoubtedly reinforce the substantial investment the City has already made in communities such as this one, and at the same time rebuild neighborhood economies."
The Chase Manhattan Bank has provided $14 million in corporate equity investment to 140th Street. The funds are syndicated through the New York Equity Fund (NYEF), a nine-year old partnership created by the LISC and The Enterprise Foundation that raises corporate investment dollars through the use of the Federal Low Income Housing Tax Credits.
"Ventures like this one on West 140th Street demonstrate that community reinvestment makes economic and social sense," said Michael Hegarty, Vice Chairman of The Chase Manhattan Bank. "The partnership of the public and private sectors has created a climate in communities like Harlem where banks can lend and invest, can be socially responsible, but also remain responsible to our shareholders."
Paul Grogan, President and Chief Executive Officer of LISC, said, "When we began this partnership there were many skeptics who wondered whether local entrepreneurs and community-based not-for-profits had the capacity and the corporate community had the means to make a dent in the City's housing crisis. The answer is here on West 140th Street and it is not limited to this one block, but can be found throughout the City's resurgent neighborhoods from the South Bronx to Eastern Brooklyn."
Rey Ramsey, President and Chief Executive Officer of The Enterprise Foundation, said, "The strong support of Mayor Giuliani and his Administration, coupled with the commitment of corporate investors, hard-working community-based non-profits, and local entrepreneurs in every borough, has made New York a national model of successful public-private partnership. The Federal Tax Credit program has served as a catalyst for neighborhood revitalization and forging partnerships between government, corporations, business entrepreneurs and non-profits that will ensure the long-term vitality of the neighborhood."
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