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NALHFA Member Spotlight: New York City Housing Development Corporation

Posted By Administration, Thursday, July 25, 2019
Updated: Thursday, July 18, 2019

During its 2019 Annual Conference, NALHFA presented the New York City Housing Development Corporation with the Redevelopment Excellence award in recognition of the ADC Genesis Year 15 Resyndication project.

 

The project involved the transfer of ownership, financial restructuring of debt and rehabilitation of a scattered-site portfolio of 28 multifamily rental apartment buildings providing an extraordinary and far reaching benefit to the community by not only protecting the 358 existing low-income households that would otherwise be at-risk of displacement, but also by contributing to the long-term affordability and diversity of the increasingly high-cost Harlem neighborhood of Manhattan.

 

The ADC Genesis portfolio of buildings was initially constructed during the span of 1899 to 1935 dating the building portfolio at roughly 100 years old. The buildings range from four to eight stories in height, typically with a basement-level boiler room and apartment sizes ranging from studios to three bedroom units. There are seven retail spaces within the properties, averaging 570 square feet each, as well as two community spaces. Six of the buildings have an elevator, while the remaining buildings are walk-ups

 

The ADC Genesis portfolio will remain affordable for a minimum of 30 years, with 324 units at 60% AMI and 28 units at 50% AMI. 70 units in the portfolio are reserved for formerly homeless households.

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