Print Page   |   Contact Us   |   Sign In   |   Register
Community Search
NALHFA News
Blog Home All Blogs
Search all posts for:   

 

View all (55) posts »
 

NALHFA Member Spotlight: New York City Housing Development Corporation

Posted By Administration, Monday, June 4, 2018
Updated: Friday, June 1, 2018

 

During its 2018 Annual Conference, NALHFA presented the New York City Housing Development Corporation with the Multifamily Excellence award in recognition of the Alvista Towers, also known as the Jamaica development. This innovative affordable housing development merges much needed housing with important policy goals, including transit oriented development, inclusionary zoning, permanent affordability, and access to opportunity for very low to middle-income families.

 

The development, located in the New York City neighborhood of Jamaica, Queens, provides affordable, mixed-income housing in a community facing both intense affordability needs and serious displacement pressures. In 2013, the New York University Furman Center reported that nearly half of the district’s low-income households are severely rent burdened. While Jamaica has long been considered an economically depressed community, there has been significant development over the past 10-15 years, which has driven up market rate rents. As the cost of living continues to rise, Alvista Towers ensures that residents can stay in their community thanks to a long-term regulatory agreement locking in affordability for at least 40 years.

 

The development is also a significant investment in transit oriented development, ensuring that very low to middle New Yorkers have access to job centers and economic opportunities. This mixed-income project fosters greater economic diversity and community revitalization in the transit-rich area of downtown Jamaica. The multi-modal transportation hub offers quick access to Midtown and Lower Manhattan as well as JFK Airport. Alvista Towers sits adjacent to multiple sources of transportation including the Long Island Rail Road commuter rails, Mass Transit Authority subway lines, and more than 18 bus routes.

 

Alvista Towers contain 380 mixed-income homes and will provide 95 very low- and low-income

families with homes. Residents will enjoy amenities including a lounge, children’s play room,

fitness center, courtyard, laundry room, tenant storage, and rooftop access. The development is near completion and is anticipated to be finished by mid-2018.

 

The project is financed under HDC’s Mixed-Middle (M2) Program, which combines a first mortgage, funded with proceeds from the sale of variable or fixed rate tax-exempt bonds, with a second mortgage, funded with HDC corporate reserves and a third mortgage subsidy loan from the NYC Housing Preservation and Development (HPD). These funding sources are combined to finance multi-family rental housing affordable to a diverse spectrum of low, moderate and middle-income families. The program also requires developer equity contribution equal to a minimum of 10% of the total developments cost, which is supported by the moderate and middle income rents. The funding for Alvista Towers includes a $65.6 million HDC First Mortgage, a $30.4 million HCD Second Mortgage from Corporate Reserves and $30.4 million HPD Third Mortgage.

 

Alvista Towers is the result of a public-private partnership model. The co-developers from the private side are Artimus Construction, Inc., Phoenix Realty Company, LLC, HP 94th Avenue HDFC (NYC Housing Development Fund Company, Inc.), 94th Avenue Jamaica LLC (147-20 94th Jamaica Investors, LLC, and GSG 94 Jamaica Investor LLC (wholly owned by Goldman Sachs). These co-developers have provided equity and will build and manage the development.

 

This project is the first new construction development in the nation to participate in the HFA Federal Financing Bank Pilot Program. Under this program, at the conversion phase, the tax-exempt bond loan and accompanying bank loan will be paid off entirely with a loan funded from the Corporation’s reserves. The loan is then sold to the Federal Financing Bank (FFB). As such, the development is insured under FHA Risk Share (50/50) credit enhancement.

 

Congratulations to NYCHDC and their partners for their outstanding efforts in developing the Alvista Towers project. Does your organization have a success story to share? Email NALHFA Policy Director, Heather Voorman at hvoorman@nalhfa.org

This post has not been tagged.

Permalink | Comments (0)
 
more Calendar

10/2/2018 » 10/4/2018
2018 Legislative Conference

Association Management Software Powered by YourMembership  ::  Legal