Renovation will preserve affordability of 20 studio apartments at 81 Madison Street for 40 years
New York, NY – October 5, 2016 – (RealEstateRama) — The New York City Department of Housing Preservation and Development (HPD), Enterprise Community Loan Fund, Inc. (ECLF), and Asian Americans for Equality (AAFE) today announced a deal to upgrade and preserve the affordability of 81 Madison Street, a 20-unit apartment building in Chinatown. The rehabilitation will include energy efficient features made possible by one of the first loans through HPD’s new Green Housing Preservation Program. Rents in the renovated, green building will remain income-restricted for 40 years, preserving affordability in a neighborhood where rising costs of living threaten to push out longtime residents.
“The rising cost of utilities is a threat to the long-term viability of affordable housing,” said HPD Commissioner Vicki Been. “Through the Green Housing Preservation Program, HPD is helping small building owners undertake energy efficiency and water conservation improvements that are expected to save up to 40% in utility costs, annually, and secure the affordability of homes in neighborhoods like Chinatown where rents are rapidly rising. HPD is proud to partner with AAFE and Enterprise to promote the long-term health and stability of 81 Madison, and help foster a more sustainable and affordable city.”
HPD’s Green Housing Preservation Program and Green Initiatives, which were created with input from Enterprise, provide low- and no-interest loans to finance energy efficiency and water conservation improvements as well as moderate building rehabilitation. The program was designed to bolster the physical condition of properties and to preserve safe affordable housing for low and moderate income households in New York City.
“Making affordable homes green is incredibly important to long-term building stability and resident health, which is why the Green Housing Preservation Program is such a critical new tool,” saidJudi Kende, vice president and New York market leader, Enterprise Community Partners, ECLF’s parent company. “HPD’s leadership in this area is vital, and we’re proud to be one of the first to use the program with our longtime partner AAFE as we keep the building affordable for residents who will call this neighborhood home for decades to come.”
AAFE originally acquired 81 Madison Street in 2012 as part of its Rebuild Chinatown initiative. The $2.25 million refinance and green rehabilitation deal comprises a $1,260,000 loan from Enterprise and a $993,000 loan from HPD through the Green Housing Preservation Program. Renovations to the five-story walk-up building will include heating, electric, and plumbing system upgrades, lead and asbestos abatement, interior wall replacement and new tiling for kitchens and bathrooms.
“Today, there is no greater crisis in our city’s neighborhoods than the loss of affordable housing,” said Christopher Kui, the executive director at Asian Americans for Equality (AAFE). “With the homes of immigrants and working families under constant threat, ensuring the long term affordability of 81 Madison Street is a great victory for these residents and for the community. The additional energy efficiency upgrades and environmental health improvements will also give residents the peace of mind to rest easy each night. I want to thank our partners at HPD and Enterprise for recognizing this need and working with us to create a tangible solution with such tremendous positive impact.”
About the New York City Department of Housing Preservation and Development (HPD)
The New York City Department of Housing Preservation and Development (HPD) is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked with fulfilling Mayor de Blasio’s Housing New York: A Five-Borough Ten-Year Plan to create and preserve 200,000 affordable units for New Yorkers at the very lowest incomes to those in the middle class. For more information visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us via www.facebook.com/nychousing and@NYCHousing.
Enterprise works with partners nationwide to build opportunity. We create and advocate for affordable homes in thriving communities linked to good schools, jobs, transit and health care. We lend funds, finance development and manage and build affordable housing, while shaping new strategies, solutions and policy. Over more than 30 years, Enterprise has created nearly 358,000 homes, invested $23.4 billion and touched millions of lives. Join us atwww.EnterpriseCommunity.com or www.EnterpriseCommunity.org.
About Asian Americans for Equality (AAFE)
Asian Americans for Equality (AAFE) is a non-profit organization dedicated to enriching the lives of Asian Americans and all of those in need. Founded in 1974 to advocate for equal rights, AAFE has transformed in the past four decades to become one of New York’s preeminent housing, social service and community development organizations. AAFE is committed to preserving affordable housing throughout New York and to providing new opportunities for the city’s diverse immigrant communities. Employing innovative approaches, the organization has preserved and developed 86 buildings, creating more than 800 units of housing. It has secured over $378 million in mortgage financing for homebuyers and disbursed over $44 million in loans to over one-thousand small businesses. Through a wide range of multilingual counseling services, AAFE provides education, financial assistance and training to empower people, small businesses and neighborhoods.
CONTACT: Elizabeth Rohlfing
(212) 863-8076, rohlfinge (at) hpd.nyc (dot) gov