New York, NY – June 25, 2009 – (RealEstateRama) – Deputy Mayor for Economic Development Robert C. Lieber and New York Economic Development Corporation President Seth W. Pinsky (NYCEDC) today announced the grand opening of the first phase of the Mount Hope Community Center located at 55 Townsend Avenue in the Bronx. The $16 million community center was designed as a sustainable project to serve residents of the Mount Hope section of the Bronx and provide facilities for numerous community-based programs, including youth services, employment services, financial literacy, vocational training and asset building programs. Funded in part by the Bronx Initiative for Energy and Environment and the Bronx Borough President, the project incorporates green building design, enabling participants to use its facilities in an abundance of natural light surrounded by ample green spaces. With the assistance of NYCEDC, the project was one of the first to obtain New Markets Tax Credit (NMTC) assistance. About $10 million for the project was provided from city capital funds. A portion of the $10 million in city capital funds was used to leverage $4.2 million in New Markets Tax Credit financing.
“Providing New Yorkers access to the tools they need to manage their finances, identify training opportunities and find jobs is critical to our five borough economic opportunity plan, and the new Mount Hope Community Center will go a long way towards achieving these objectives,” said Deputy Mayor Robert C. Lieber. “I congratulate Shaun Belle and the Mount Hope organization on this impressive project and look forward to working with them on Phase II.”
“Mount Hope has stayed the course in realizing a long-held dream for a community facility oasis that takes into consideration Bronx residents’ educational, health and recreational needs while establishing the hallmark for future community facilities,” said Mount Hope President & CEO Shaun M. Belle.
Additional funding for the Mount Hope project was provided by Council Member Maria Baez, the National Development Council, Deutsche Bank, Citibank, the Independence Community Foundation, the Hagedorn Fund, the Booth Ferris Foundation, New York State Energy Research and Development Authority, and JP Morgan Chase, as well as individual donors.
Designed by Croxton Collaborative Architects, PC, the four-story Mount Hope Community Center includes a Learning Center consisting of six classrooms and two computer labs that can serve more than 750 community members a day in various educational programs. The building features two green roofs and outdoor open space for active and passive recreational activities. It was designed according to sustainable design principles to maximize natural light and incorporate low and non-toxic, recycled materials where possible. Phase II of the project will be a multi-use gymnasium.
The Mount Hope Community Center was the first project where NYCEDC was able to use New Markets Tax Credit financing for a project receiving city capital funding. The New Markets Tax Credit Program provides a federal income tax credit for taxpayers making qualified investments in designated Community Development Entities.
“The New Markets Tax Credit Program is another valuable tool NYCEDC can use to help spur investment in community facilities in underserved neighborhoods,” said NYCEDC President Seth Pinsky. “I am pleased that NYCEDC was successful in helping Mount Hope to access the program to make this important project a reality, thereby serving as a model for other important projects.”
Based on the success of this project, NYCEDC issued a Request for Proposals to identify a strategic partner to help structure NMTC financing for city capital projects, as well as other projects in the City. United Fund Advisors (UFA) was selected in 2007. To date NYCEDC, with the help of UFA, has closed on NMTC financing for four additional projects:
International AIDS Vaccine Initiative – NMTC financing supported the creation of a new $23.7 million, 39,000-square-foot research facility to accelerate development of a vaccine to prevent HIV infection and AIDS.
McKibbin Street Industrial Center – NMTC assistance provided the gap financing needed for the $17.8 million historic rehabilitation of a 72,000-square-foot industrial facility in Bushwick, Brooklyn. The owner, Greenpoint Manufacturing Design Center, offers below market rate leases for small and mid-sized, locally owned industrial and artisanal businesses.
Museum for African Art – NMTC financing is assisting the construction of a $70 million, 75,000-square-foot permanent home for the museum on 110th Street and Fifth Avenue in Harlem.
Brooklyn Scholars Charter School – NMTC financing will help rehabilitate a 43,000-square-foot former parochial school into a new K-8 charter school in East New York, Brooklyn. The $11 million project will serve up to 700 students in a district where 41 percent of students are below proficiency in math and 60 percent are below proficiency in language arts.
About Mount Hope Housing Company
Mount Hope Housing Company was founded in 1986 by community residents and leaders in response to the dramatic deterioration of the Mount Hope section of the Bronx. Mount Hope’s intense efforts in community planning and development community infrastructure reflects its commitment to area sustainability and can be measured in reduced crime, increased property values, a growing local economy and improved quality of life. Mount Hope Housing Company has invested more than $100 million in affordable housing and neighborhood infrastructure and workforce, youth and asset development programs.
About NYCEDC
New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities.
About the Five Borough Economic Opportunity Plan
The Five Borough Economic Opportunity Plan is a comprehensive strategy to bring New York City through the current economic downturn as fast as possible. It focuses on three major areas: creating jobs for New Yorkers today, implementing a long-term vision for growing the city’s economy, and building affordable, attractive neighborhoods in every borough. Taken together, the initiatives that the City has launched to achieve these goals will generate thousands of jobs and put New York City on a path to economic recovery and growth.
CONTACT
- David Lombino/Janel Patterson
- (212) 312- 3523
