NEW YORK, NY – September 23, 2009 – (RealEstateRama) — New York City Housing Development Corporation (HDC) President Marc Jahr, New York City Department of Housing Preservation and Development (HPD) Commissioner Rafael E. Cestero and Alan Bell from Dumont Green LLC, celebrated the groundbreaking for a new eight-story 176 unit affordable apartment building at 1490 Dumont Avenue. They were joined at the event by Brooklyn Borough President Marty Markowitz, Councilman Charles Barron, Francis J. Murray, President and CEO of NYSERDA and Dan Magidson, Director Syndication-Originator from Enterprise Community Partners, Inc. The creation of affordable housing in neighborhoods across New York City is part of the City’s Five Borough Economic Opportunity Plan to create jobs for New Yorkers today; implement a vision for long-term economic growth and build affordable attractive neighborhoods.
The 176 unit Eldert Lane development, also known as 1490 Dumont, is being constructed in the East New York section in Brooklyn, under HDC’s Low-Income Affordable Marketplace Program (LAMP) and is the first LAMP project in the outer boroughs to install and utilize solar panels. When complete, the building will stand eight stories tall and feature amenities including a 6,000-square-foot enclosed, landscaped courtyard for the exclusive use of residents and forty-four parking spaces. In addition, an enclosed, secured bike storage facility will have capacity to store 88 bicycles. All of the units will be affordable to families earning 30% to 60% of Area Median Income (AMI), or up to $46,080 for a family of four. Construction activity at Eldert Lane is expected to create 711 indirect and direct jobs.
“As someone who has advocated for affordable housing since my earliest days in public life, the Eldert Lane development at 1490 Dumont Avenue was a no brainer to support from the ground up,” said Brooklyn Borough President Marty Markowitz. “By providing 176 affordable units to working families this project is win/win for East New York—a neighborhood in dire need of quality affordable housing—and further proof of our commitment to helping those who built the community, stay in the community. I am of course thrilled that the project will not only be a local job generator, but will also utilize sustainable construction practices and materials like EnergyStar appliances, solar panels and low-VOC cabinets that were made right here in Brooklyn! So bravo to HDC, HPD and Hudson Eldert for ensuring that Brooklyn’s future is not only affordable for generations, but sustainable too.”
Developed under Mayor Michael R. Bloomberg’s New Housing Marketplace plan (NHMP) to preserve of construct 165,000 units of affordable housing by 2014, Eldert Lane is funded through the NYC Housing Trust Fund, NYC Acquisition Fund, NYSERDA and the Brooklyn Borough President’s Office. HDC has provided $25.8 million for the first phase of construction and $5.5 million for the permanent financing of this project. The total cost of the development is expected to be $50.6 million.
“This new building will breathe fresh life into this neighborhood,” said HDC President Marc Jahr. “Green elements combined with great amenities and high-quality construction offer tremendous opportunity for the families who will call this building home. Eldert Lane/1490 Dumont is bricks and mortar evidence of our continued commitment to the rebirth of East New York. Over the years HDC has provided $233.3 million in financing for 2,865 affordable homes in this community board. We are proud of the contribution we continue to make in creating a more affordable, sustainable New York City.”
“Eldert Lane truly exemplifies the City’s mission to look at affordable housing and community stabilization through a comprehensive neighborhood lens,” said HPD Commissioner Rafael E. Cestero. “Through Eldert Lane we will be putting hundreds of people to work, giving the formerly homeless a chance at independence, and building safe, affordable homes that are greener and more energy efficient. So many different pieces are coming together in this development to provide a higher quality of life to the future tenants, and a positive and lasting impact to the entire East New York area. This kind of forward thinking venture couldn’t have been done with out the efforts of HDC, partners like NYC Housing Trust Fund, the NYC Acquisition Loan Fund, NYSERDA and Brooklyn Borough President Markowitz.”
“I applaud the Hudson Companies for recognizing the importance of energy-efficiency in today’s housing market. Energy efficiency will continue to play a critical role in the future of construction and design. Like other ENERGY STAR high-rises in New York, you can see firsthand how high-performance buildings will be in demand as energy prices continue to rise,” said NYSERDA President and CEO Francis J. Murray. “To achieve Governor Paterson plan of reducing New York’s energy use by 15 percent by 2015, we’ve been reaching out to building owners, residents, and other developers throughout New York State, joining forces with them to unite in a common effort to cut costs and to save energy.”
Household incomes will range from $16,000 to $46,000 including 20% of the units set aside for formerly homeless tenants who will receive services either on site, or through a referral system. With a strong commitment to sustainable development, the project intends to participate in the Enterprise Green Communities Program, as well as EnergyStar appliances and low/no VOC (Volatile Organic Compounds) kitchen cabinets manufactured in Brooklyn.
“At Enterprise, we believe that a safe, healthy, and affordable home is the foundation for a successful life” said Abby Jo Sigal, Vice President and New York City Office Director, Enterprise Community Partners, Inc. “Enterprise is proud to have supported the development of much needed affordable housing by providing an acquisition loan for 1490 Dumont Avenue. We are committed to continuing our work in New York City to ensure that those most in need have a place to call home.”
Alan Bell, Principal of The Hudson Companies and Managing Member of Dumont Green LLC said, “Even in this time of tight budgets Mayor Bloomberg has found a way to fulfill his commitment to develop new affordable housing. In addition to serving an ever growing need, developments like 1490 Dumont generate desperately needed jobs, tax revenues and economic activity for the local economy. As if that wasn’t enough, this building at 1490 Dumont breaks new ground in creating highly energy efficient new housing following the principles of sustainable development as the first affordable housing in Brooklyn that will incorporate rooftop photovoltaic Solar Panels to provide all of the electricity needs for the common areas of the building. Following the guidelines laid out by the Mayor in PlaNYC, this new building will not only provide “state of the art” energy efficiency for the present, but will ensure long term energy efficiency through the use of solar power for years to come.”
About the New York City Housing Development Corporation (HDC):
The New York City Housing Development Corporation (HDC) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout the five boroughs of New York City. Our programs are designed to meet the wide-range of affordable housing needs of the City’s economically diverse population. In partnership with the NYC Department of Housing Preservation & Development, HDC is charged with carrying out Mayor Michael R. Bloomberg’s New Housing Marketplace plan to create of preserve 165,000 affordable housing units by 2014. In the first six years of the plan, HDC financed more than 40,000 homes for low- , moderate- and middle-income New Yorkers. The New York City Housing Development Corporation is rated AA by S&P and Aa2 by Moody’s.
About the NYC Department of Housing Preservation and Development (HPD):
HPD is the agency responsible for carrying out Mayor Michael R. Bloomberg’s NHMP and its mission is to promote quality housing and viable neighborhoods for New Yorkers. It is the nation’s largest municipal housing preservation and development agency. Responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing. HPD also actively promotes the preservation of affordable housing through education, outreach, loan programs and enforcement of housing quality standards. For more information, visit www.nyc.gov/hpd.
The Hudson Companies Incorporated is a real estate development firm active in residential development in New York City. Founded in 1986, Hudson’s long record of successful real estate development reflects a commitment to managing the details of the development process from property acquisition, design and project finance through construction, marketing and property management. The firm is experienced in both new construction and building rehabilitation, including the adaptive re-use of historic structures. The firm’s concentration in residential development spans the luxury, middle-income and subsidized affordable housing markets. To date, Hudson has developed over 3,700 new units of housing in over 34 projects and has several hundred more units currently under development. Hudson prides itself on creating high quality, attractive buildings appropriate for each marketplace. Hudson has demonstrated an ability to complete a broad array of complex and exciting projects.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10 billion in equity, grants and loans to help build or preserve more than a quarter of a million affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise’s efforts to build communities and opportunity.
Enterprise New York has been working to revitalize low-income communities across New York City since 1987. In that time, Enterprise New York has housed nearly 100,000 men, women, and children, developed more nearly 30,000 affordable homes, and committed $2 billion in equity, grants, and loans to community development projects across the city.
Christina Sanchez, HDC (212) 227-2644