HDC AND HPD JOIN PROJECT PARTNERS TO UNVEIL 380 NEW AFFORDABLE HOMES IN JAMAICA, QUEENS
The brand new 380-unit mixed-income affordable housing development is located in the transit-rich Jamaica neighborhood of Queens and includes 95 permanently affordable homes
Image courtesy of GF55 Partners
Queens, NY – The New York City Department of Housing Preservation and Development (HPD) and New York City Housing Development Corporation (HDC) joined Council Member Daneek Miller, and representatives from the teams at Artimus, Greater Jamaica Development Corporation, Phoenix Realty Group, Goldman Sachs, Wells Fargo, Settlement Housing Fund, and the New York City Housing Partnership to celebrate the completion of Alvista Towers, a 380-unit affordable housing development in the Jamaica neighborhood of Queens.
“Through the Mayor’s Housing New York plan, we are producing more new affordable housing than at any time in HPD’s history, creating opportunity for more of our city’s hard-working families and lasting assets for our communities. Alvista Towers provides 380 high-quality affordable homes – 95 of which will be permanently affordable – to families at a range of incomes in a beautifully designed, energy-efficient development that will add to the vibrancy and diversity of the neighborhood,” said HPD Commissioner Maria Torres-Springer. “I want to thank Council Member Daneek Miller for his support and congratulate Artimus and our many partners for a job well done on a project that will meet the needs of the Jamaica community for decades to come.”
“Alvista Towers is bringing 380 affordable and energy-efficient new homes to the vibrant Jamaica community, and 95 of those homes will be permanently affordable,” said HDC President Eric Enderlin. “I commend all our partners and elected officials for their dedication to this transformative development.”
“Addressing the housing crisis in New York requires building affordable housing for low and moderate-income families. This new development is proof of the FFB’s ability to help generate that much needed affordable housing, and I'm pleased to see the 380 affordable housing units come to Jamaica,” said Congressman Gregory W. Meeks.”
The multi-family development was part of the Special Downtown Jamaica Rezoning adopted by the City of New York in 2007, intended to foster additional transit-oriented development around the multimodal transportation hub in Jamaica.
“Alvista Towers represents a true partnership between government and private enterprise that will provide real benefits for Southeast Queens,” said Council Member I. Daneek Miller. “Before the first cornerstone was laid, we worked collaboratively to ensure that all aspects of this project would tap into the vast resources of our community - embodied best by our human capital and M/WBEs - and residents whose roots lie in the District would be given primary consideration for residing in its 380 mixed income housing units. I‘m proud of what we have accomplished, and thank HPD Commissioner Maria Torres-Springer, HDC President Eric Enderlin, Greater Jamaica Development Corporation, and Artimus for their shared commitment to serving our local interests.”
Financed under HDC and HPD’s M2 Program, the project creates long-term affordable housing for very low- and low-income households, while also serving moderate and middle income households. Alvista Towers consists of 95 units affordable to low-income households that are permanently affordable under the City’s Inclusionary Housing Program. In addition, there are 110 moderate-income units, and 174 middle-income units at various income tiers.
“There are very exciting changes coming to Downtown Jamaica and the grand opening of Alvista Towers is a major step in addressing the urgent need for affordable housing in Jamaica,” said Council Member Adrienne Adams. “Alvista Towers is an exciting development that will meet many goals as we address the affordable housing crisis and residential needs of New Yorkers. I look forward to this exciting example of progress in our borough and creating affordable units for vulnerable populations of various incomes.”
The 360,000 square foot energy efficient development was designed by GF55 Partners to adhere to Enterprise Green Communities standards. A range of amenities are available to residents including a 24-hour attended lobby, bicycle room, lounge, terrace, fitness center, yoga room, business center, children’s playroom, and rooftop. The project also includes 111 parking spaces.
The $160 million development was financed through a mix of public and private investment from HPD, HDC, Wells Fargo, and Goldman Sachs. HDC provided more than $22.1 million in tax-exempt bonds, $30.4 million in corporate reserves, and a $43.5 million conventional loan through Wells Fargo. HPD provided approximately $30.4 million in City subsidy. The project benefits from low-income housing tax credits (LIHTC) that generated more than $13.9 million in tax credit equity. Goldman Sachs was the tax credit investor.
"We at Artimus are thrilled and privileged to have successfully developed a much needed affordable housing development in Jamaica. We very much appreciate the warm welcome and support from the community and we look forward to continuing the progress of future developments in Jamaica,” said Robert Ezrapour, Principle at Artimus.
"Alvista Towers has catalyzed new private investment in the Sutphin/LIRR/AirTrain corridor," said Hope Knight, president and CEO of the Greater Jamaica Development Corporation. "The 380-unit, 100% affordable project, sets the standard with ultra-modern apartments and luxury living amenities."
Alvista Towers was the first new construction development in the nation to participate in the Federal Financing Bank (FFB) Pilot Program - a recently expired risk-sharing program that reduces borrowing costs, saves taxpayer dollars, and improves affordability for tenants. FFB has helped to finance more than 3,000 affordable homes in New York City and 20,000 affordable homes across the nation. The City is actively working with public and private industry partners to advocate for the extension of this critical program.
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 Plan which was recently expanded and accelerated through Housing New York 2.0 to complete the initial goal of 200,000 homes two years ahead of schedule—by 2022, and achieve an additional 100,000 homes over the following four years, for a total of 300,000 homes by 2026. For full details visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us on Facebook, Twitter, and Instagram @NYCHousing.
The New York City Housing Development Corporation (HDC) The New York City Housing Development Corporation (HDC) is the nation’s largest municipal Housing Finance Agency and is charged with helping to finance the creation or preservation of affordable housing under Mayor Bill de Blasio’s Housing New York plan. Since 2003, HDC has financed more than 150,000 housing units using over $21.2 billion in bonds and other debt obligations, and provided in excess of $1.9 billion in subsidy from corporate reserves. HDC ranks among the nation’s top issuers of mortgage revenue bonds for affordable multi-family housing on Thomson Reuter’s annual list of multi-family bond issuers. In each of the last five consecutive years, HDC’s annual bond issuance has surpassed $1 billion. For additional information, visit: http://www.nychdc.com