NYC HDC & HPD JOIN RADSON DEVELOPMENT, BRONX BP DIAZ TO CELEBRATE THE OPENING OF MLK PLAZA WITH A RIBBON CUTTING
MLK Plaza brings 167 Green and Affordable Homes to the Mott Haven section of the Bronx
Rendering courtesy of Magnusson Architecture and Planning
Bronx, NY (March 4, 2018) – Today, the New York City Housing Development Corporation (HDC), the Department of Housing Preservation and Development (HPD), Radson Development, Bronx Borough President Ruben Diaz and Council Member Diana Ayala celebrated the opening of MLK Plaza with a ribbon cutting. MLK Plaza, a 12-story building located at 869 E. 147th St in the Bronx, will provide affordable housing to New Yorkers at a range of income levels, and will contribute to the city’s growing stock of permanently affordable units as one of the first buildings completed under the city’s MIH program.
Financed under HPD and HDC’s Extremely Low and Low-Income Affordability Program (ELLA) and HPD’s Our Space Initiative, MLK Plaza provides 167-units of all affordable housing with units available to individuals earning $21,930 up to a family of three earning just over $75,000 per year. 33 of the units are set aside for formerly homeless households. The building was designed by Magnusson Architecture and Planning (MAP) under LEED Platinum standards, and is comprised of 25 studios, 57 one bedrooms, 60 two-bedrooms, 24 three-bedroom apartments. The building also includes a 722 square foot community room and a green roof.
“MLK Plaza is an amenity rich, technologically advanced, energy efficient, active lifestyle building that is 100% affordable,” said Dan Rad, Principal of Radson Development. “Radson Development is proud to bring this state of the art building to Mott Haven, and we are grateful to all our partners that helped make this dream a reality.”
“MLK Plaza is a testament to our efforts to create new housing units and keep our borough and our city affordable,” said Bronx Borough President Ruben Diaz, Jr. “Since 2009, we have invested $1.6 billion towards the creation of over 6,100 affordable units across 68 projects, mostly for low-income families, including $500,000 in capital funding for this worthy project. MLK Plaza will not only provide necessary affordable housing units for the borough but considering that permanent supportive housing is the key to preventing recurring homelessness, these new units will also help alleviate the homelessness problem.”
“MLK Plaza brings much-needed affordable housing and community facility space to the South Bronx. I would like to thank my predecessor, former Speaker Melissa Mark-Viverito, Bronx Borough President Ruben Diaz, and HPD for making this project possible. I look forward to more deeply affordable projects like MLK Plaza being replicated throughout Mott Haven,” said Council Member Diana Ayala.
“Through Housing New York, we aren’t just producing affordable housing at record pace, we are transforming the way our city grows by ensuring it is more equitable for future generations of New Yorkers. One of the first projects to be financed after the passage of Mandatory Inclusionary Housing, 68 of the 167 affordable homes at MLK Plaza will be permanently affordable,” said HPD Commissioner Maria Torres-Springer. “I want to thank the Borough President, the teams at HPD, HDC, and DCP, Radson, and all our development partners for bringing this beautifully designed building over the finish line and creating a lasting asset for the community.”
“Today we are celebrating the completion of 167 new homes at MLK Plaza that will serve some of our city’s lowest income New Yorkers, including the formerly homeless. And as one of the very first projects to benefit from permanent affordability under the City’s Mandatory Inclusionary Housing program, 68 of these units are guaranteed to be an asset to the Mott Haven community for generations to come,” said HDC President Eric Enderlin. “Thanks to all our elected officials and project partners for their ongoing support of our efforts to build a more inclusive and affordable city through the Housing New York.”
“We’re so proud of what MLK Plaza represents, it’s a statement that everyone deserves quality housing design. And we’re honored that Radson trusted us to deliver on that vision,” said Fernando Villa, Principal, MAP.
"MLK Plaza is a shining example of beautiful, sustainable affordable housing. Radson Development and MAP created a highly efficient building with aesthetics that rival luxury properties. Bright Power is proud to have provided energy efficiency and sustainability services throughout the project," said Andrea Mancino, Director, New Construction, Bright Power.
“MLK Plaza is an affordable housing development that hits many marks, including LEED Platinum certification, affordability to a wide range of income levels, and being one of the first projects done under the City’s MIH program,” said William Yates, a Director with Citi. “The building is striking – both from a distance, with its vivid yellow and silver cladding, and up close, with its cantilevered entrance and the mural in the lobby. This project is prime example of many parties coming together to address housing affordability and sustainability.”
The total development cost for MLK Plaza is approximately $63.71 million. HDC funding sources for this development include $27.72 million in tax-exempt bonds and approximately $10.86 million in corporate subsidy. HPD provided nearly $12.53 million in subsidy plus an additional $6.6 million under the OurSpace Initiative to fund the homeless units.
Additionally, Bronx Borough President Ruben Diaz, Jr. and former City Council Speaker Melissa Mark-Viverito each committed $500,000, for a combined total of $1 million in Reso A city capital funding to this project. Citi is providing a construction period letter of credit. HSBC is serving as tax credit investor. Raymond James Financial is the tax credit syndicator. The Housing Partnership Development Corporation is the Housing Development Finance Corporation (HDFC) partner on the project.
Raymond James Tax Credit Funds partnered with NYC HPD, NYC HDC and Radson Development on the transformative MLK Plaza project. RJTCF, together with HSBC Bank USA invested more than $22 million in MLK Plaza.
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
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.