134-UNIT NEW HOUSING DEVELOPMENT COMPLETE IN OCEAN HILL BROWNSVILLE

Original Media Dource: NYC Newswire

Brooklyn, N.Y. – The New York City Department of Housing Preservation and Development (HPD) and New York City Housing Development Corporation (HDC) joined Alembic Community Development, Services for the UnderServed (SUS), and project partners to celebrate the opening of Henry Apartments, a two-building, 134-unit supportive housing development in the Ocean Hill neighborhood of Brooklyn. Of the total 134 units of affordable housing, 78 units are set aside for formerly homeless families and individuals. The remaining units serve extremely low- and low-income individuals and families. Residents will have access to on-site supportive services through Services for the UnderServed.

“The ability to start and end each day in a secure, affordable home is a basic human need. This new development will provide affordable homes to 134 low-income and formerly homeless families, offering not just stability but opportunity,” said HPD Commissioner Maria Torres-Springer. “On site supportive services will ensure that residents receive individualized attention and training to improve their lives. Thank you to our teams at HPD and HDC as well as Alembic Community Development and Services for the UnderServed for all of their hard work to make this project a reality.”

“Today we witness the incredible outcome we can achieve through strong public and private partnership. At Henry Apartments, we’ve combined an under-used City-owned site with private land to lock-in permanent affordability for more than half of the 134 homes that will serve low-income and formerly homeless New Yorkers,” said HDC President Eric Enderlin.“Thanks to our partners at Alembic, Services for the UnderServed, HPD, NYCHA, and NYS Office of Mental Health, future residents will benefit from the security of an affordable home and the supportive services they need to help build a better future.”

1676 Broadway is a six-story building with 55 affordable apartments. The building includes 40 studios, 10 one-bedrooms, and five two-bedroom units, as well as 2,500 square feet of commercial space.

8 Rockaway Avenue, located across the street from 1676 Broadway, is also a six-story building. The building includes 79 affordable apartments with 37 studios, 15 one-bedrooms, 20 two-bedrooms, and six three-bedroom units, as well as a two-bedroom unit for a live-in super and 4,500 square feet of commercial space.

Building amenities include laundry facilities, and bicycle parking space in the buildings’ cellars. Each building features a landscaped outdoor recreation space with seating and tables, as well as an area for urban farming.

NYS Assemblymember Latrice Monique Walker said, “We applaud New York City Housing Development Corporation for investing in affordable housing in Ocean Hill.  We know that for to many families in Brooklyn are being priced out, so building and preserving our affordable housing stock is critical to our communities.  We will continue to fight for more real affordable housing in the 55th Assembly District, like the Henry Apartments affordable housing development.”

“I am thrilled to see this exciting and much-needed development open,” said Michael McCarthy, Director, New York Office, Alembic Community Development. “As with many affordable and supportive housing developments, Henry Apartments required many financing partners and a creative financing structure. Thanks go to the many financing partners who stepped up and committed to this development – HPD, HDC, NYCHA, Wells Fargo Bank, The Richman Group, the Corporation for Supportive Housing and others. Their steadfast and essential support is a key reason we are standing here today. Alembic looks forward to our future collaborations with SUS and all who made today possible.”

“Services for the UnderServed is proud and grateful to stand with our partners to celebrate the Henry Apartments as a new home for 134 deserving individuals and families. The Henry Apartments represent a substantial, long-term solution to challenges faced by thousands who find themselves homeless across our city. This project moves SUS closer to its vision of a New York that provides opportunity for all,” said SUS CEO Donna Colonna.

“The opening of Henry Apartments will further Wells Fargo’s goals of supporting long-term economic growth and improving the quality of life for everyone in our communities,” said David Mayseless, Vice President, Community Lending and Investment of Well Fargo. “We are proud to help further the City’s goal of reducing homelessness, while providing necessary supportive housing services to deserving New Yorkers. Congratulations to Alembic Community Development, SUS, the City and everyone who helped bring the project to fruition.”

All units in Henry Apartments serve very low- and low-income families and formerly homeless families and individuals. Rents for 106 of the households will be subsidized with Project-based Section 8 vouchers from NYCHA. Residents will be expected to contribute 30 percent of their monthly income toward rent payments.

On-site supportive services, provided by SUS, include individualized case management and personalized recovery programs based on identified needs. Daily life skills training, employment training and job placement services, and structured social and recreation activities will also be offered to the buildings’ residents.

“We congratulate Alembic Community Development and SUS for its commitment to create new apartment units for extremely low-and low income individuals and families,” said Moshe McKie-Krisberg Executive Vice President of Richman Housing Resources LLC. “Henry Apartments is a great example of how public-private partnerships, using federal low income housing tax credit programs, can create housing for the formerly homeless. We would also like to thank all of our partners, the City and State as well as Wells Fargo, for making Henry Apartments a great success.”

“CSH congratulates Alembic Community Development and SUS on the opening of this beautiful project that revitalizes Ocean Hill, Brooklyn, and provides affordable and safe homes for New York individuals and families,” said

Jennifer Trepinski, Senior Loan Officer of the Corporation for Supportive Housing. “CSH is proud to have provided $750,000 in early-stage predevelopment funding for this excellent public-private collaboration.

The total development cost of Henry Apartments is approximately $61.9 million. HDC provided $30.5 in tax exempt bonds and $8.7 million in 421a Funds towards construction financing. HPD provided $10 million in Federal HOME Funds towards construction and permanent financing and allocated Low-Income Housing Tax Credits that generated $24 million in equity. The project also received NYSERDA Multi-Family Performance Benefits in the amount of $100,000. Richman Housing Resources acts as the tax credit syndicator and Wells Fargo acts as the credit enhancer. The Corporation for Supportive Housing (CSH) provided predevelopment funding to the project.

For additional information, visit: http://www.nychdc.com

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