pr_04-22-2016

PHASE I OF RENOVATIONS COMPLETE FOR RANDOLPH HOUSES IN CENTRAL HARLEM

The extensive rehabilitation of 22 historic tenement buildings located on West 114th Street between Adam Clayton Powell, Jr. and Frederick Douglass Boulevards resulted in 147 newly renovated public housing units and 20 affordable housing units

MANHATTAN, NY – U.S. Department of Housing and Urban Development (HUD) Regional Administrator of Region II/New York and New Jersey Holly Leicht, New York City Housing Authority (NYCHA) Chair and CEO Shola Olatoye, New York City Department of Housing Preservation and Development (HPD) Deputy Commissioner of Development Eric Enderlin and New York City Housing Development Corporation (HDC) Executive Vice President of Real Estate Paula Roy Carethers joined Trinity Financial, Inc., West Harlem Group Assistance, Inc. (WHGA), Enterprise Community Investment, Inc. (Enterprise), JP Morgan Community Capital, and TD Bank today to celebrate the completion of the first phase of the redevelopment of Randolph Houses and welcome residents home.

Randolph Houses consists of 36 tenement buildings along the north and south sides of West 114th Street between Adam Clayton Powell and Frederick Douglass Boulevard. Phase I addressed the gut rehabilitation of 22 previously vacant buildings located on the south side, resulting in 147 units of public housing, 20 units of affordable housing, and one unit for the superintendent. The public housing units were made available to current and former Randolph Houses residents, while the 20 units of affordable housing were filled via the NYC Housing Connect System. In addition to the unit renovations, Phase I also created approximately 3,000 square feet of community space including a library, computer rooms, additional community spaces, laundry rooms in the buildings, and landscaped outdoor space for tenant use. All buildings have elevators and are wheelchair accessible. In addition to these amenities, the renovations have incorporated green building practices and meet the requirements of the Enterprise Green Communities criteria. The second phase of the project will focus on the redevelopment of the 14 tenement buildings on the north side of the street, which were previously occupied by NYCHA tenants.

Through the U.S. Department of Housing and Urban Development’s (HUD) Mixed-Finance program that allows public housing authorities to combine HUD capital funds with other public, private, and non-profit sources to create public housing units in developments that also include affordable housing units, NYCHA contributed $40 million in federal capital funding towards the construction of the public housing units.

“The rebirth of Randolph Houses required creative partnerships among all levels of government and the non-profit and private sectors,” said Holly Leicht, HUD Regional Administrator for New York and New Jersey. “HUD’s Mixed-Finance program, through which NYCHA funded the project’s public housing units, gives housing authorities the flexibility to revitalize their communities without losing this precious resource. This is a great day for Harlem and for the future of public housing in New York City.”

“Expanding and preserving public and affordable housing is one of the main goals of NextGeneration NYCHA,” said NYCHA Chair and CEO Shola Olatoye. “The preservation and rehabilitation of these historic buildings is a victory for New York City – one that could not have been won without dedicated partners. I am honored to welcome Randolph Houses residents to their new and improved homes.”

“Today we welcome back residents of Randolph Houses to new homes. We also celebrate the arrival of new residents to this community,” said HPD Commissioner Vicki Been. “The redevelopment of these historic buildings showcases what we can accomplish when agency partners come together to preserve the city’s precious stock of public housing and expand the supply of much-needed affordable housing.  I want to thank our development partners for their creativity in melding the historic character of Randolph Houses with modern, sustainable design, and HUD, NYCHA, HDC, and all of our elected officials for their commitment to making this a more affordable city for all New Yorkers.”

Of the 168 units completed, 152 units were reserved for families earning at or below 60 percent of area median income (AMI), or what is equivalent to an annual household income of less than $38,100 for an individual or $54,360 for a family of four. Fifteen units were made available to families earning at or below 80 percent AMI, or what is equivalent to no more than $50,800 for an individual or $72,500 for a family of four.  One unit was set aside for the superintendent.

Phase II apartments will be made available to families earning at or below 60% of AMI. Marketing of the apartments and the application process for the lottery typically begin when construction is approximately 70 percent complete. For more information regarding the lottery process or if you would like to receive an e-mail when HPD updates its available apartment and home website listings for City-subsidized housing in the five boroughs, please visit the Apartment Seekers and Homebuyers pages at www.nyc.gov. Current housing lotteries are also available at www.nyc.gov/housingconnect. Applicants may submit either a paper application or an electronic application. Duplicate applications will be disqualified.

“This celebration marks a new beginning for the residents of Randolph Houses, many of whom have waited for years for this day to come,” said Gary Rodney, HDC President. “This project reflects an unprecedented level of collaboration among the City’s housing agencies and with HUD to ensure the long-term sustainability of our public housing stock.  It also exemplifies the approach we are taking through Housing New York to spur the creation of affordable housing and foster diverse, sustainable neighborhoods.  I want to thank HUD, NYCHA, HPD, Trinity Financial, West Harlem Group Assistance, TD Bank, Enterprise and Congressman Charles Rangel, Senator Bill Perkins, Assemblyman Keith Wright, Borough President Gale Brewer, and Councilmember Inez Dickens for tailoring a preservation plan that meets the needs of our residents and the community.”

Randolph Houses were originally constructed in the 1890’s and acquired by NYCHA in the 1970’s. The buildings have been designated a historic landmark by the New York State Historical Preservation Office (SHPO) in 2014 and were awarded over $18 million in historical state and federal tax credits. In addition to restoring the exterior façade, the historic circulation patterns of each tenement building were preserved including the stoop, front entry, and stairs.

“This has been a long journey for the development team, and an even longer journey for the residents of Randolph Houses – but arriving at this point in the process and being able to welcome residents into their new homes makes all of that time and effort worthwhile. The new units at Randolph Houses, coupled with the added community space and robust social services programming positions this property as a strong contributor to the fabric of this West Harlem neighborhood for decades to come,” said Kenan Bigby, Managing Director, Trinity Financial, Inc.

“The redevelopment of Randolph Houses marks a new, healthier lifestyle for 283 families in Harlem,” said Donald C. Notice, Executive Director, West Harlem Group Assistance, Inc. “By renovating these apartments to be more energy-efficient and sustainable, we are not only preserving the affordable housing the city desperately needs, but also preserving our investment in public resources and ensuring that they continue to provide New Yorkers with safe, quality affordable housing for generations to come.  As we celebrate the completion of the first phase, West Harlem Group Assistance is excited about working with the 167 families--who will be moving into their newly renovated homes.”

“It has taken us many years to arrive at this point and we’re excited to see that the work has been completed. Now we are moving into state-of-the-art apartments,” stated Robertus Coleman, President, Randolph Houses Task Force. “We are proud to have been part of this collaboration with Trinity Financial and we look forward to the on-going support the residents will receive from the staff of West Harlem Group Assistance so we can take the next steps in our lives. The residents will continue to be strong members of the team that brought us here today.”

“From innovative financing to collaborative public-private partnerships, Randolph Houses is a model for the novel solutions NYCHA needs to maintain a decent standard of living for its 400,000+ residents,” said Judi Kende, VP and New York Market Leader, Enterprise Community Partners. “At Randolph Houses, we’ve not only preserved and renovated a vital source of affordable housing, but more importantly, improved the quality of life of its residents by providing them with a safe, healthy, and affordable place to live.”

“TD Bank, America's Most Convenient Bank, is proud to provide financial support to Randolph Houses and to support affordable housing in New York City," said Matthew Schatz, Senior Loan Officer, Commercial Real Estate, TD Bank. "Our investment in this worthy project aligns with our goal to help create, rehabilitate and maintain safe, affordable housing in the communities where we do business."

The total development cost of the first phase of Randolph Houses is approximately $95.5 million. Enterprise provided $50.1 million in Low-Income Housing Tax Credit and Historic Tax Credit equity and Historic Tax Credit equity through JP Morgan Community Capital. HPD will provide $3.4 million in City Capital. NYCHA capital, financed through HUD, will be approximately $41.5 million. HDC provided $47 million in construction financing through tax exempt bonds. TD Bank will issue a letter of credit to support the bonds.

The Randolph Houses are named after A. (Asa) Philip Randolph. Randolph was born in 1889. He was the principal organizer of a number of key organizations during the civil rights movement including the Brotherhood of Sleeping Car Porters (BSCP), the League for Nonviolent Civil Disobedience Against Military Segregation, and the March on Washington Movement. Randolph led efforts to end segregation in the Armed Forces and in schools. The BSCP was the first African-American union in the United States and it came to be viewed as a symbol of the African-American's claim to dignity, respect and a decent livelihood. Randolph received the Presidential Medal of Freedom by President Lyndon B. Johnson in 1964. A. Philip Randolph died in 1979 at the age of 90.

About the U.S. Department of Housing and Urban Development (HUD)

For over 50 years, HUD's mission has been to create strong, sustainable, inclusive communities and quality affordable homes for all Americans. In New York, HUD funding provides rental assistance for over 600,000 households, emergency shelter for more than 70,000 individuals statewide, mortgage guarantees for nearly 300,000 New Yorkers, and more than $7 billion in disaster recovery funding to the State in the wake of Hurricanes Irene and Sandy.  More information about HUD and its programs is available at www.hud.gov and http://espanol.hud.gov. You can also connect with HUD on social media, follow Secretary Castro on TwitterFacebook, and Instagram, and sign up for news alerts on HUD's Email List.

About the New York City Housing Authority (NYCHA)

NYCHA’s mission is to increase opportunities for low- and moderate-income New Yorkers by providing safe, affordable housing and facilitating access to social and community services. More than 400,000 New Yorkers reside in NYCHA’s 334 public housing developments around the five boroughs, and another 235,000 receive subsidized rental assistance in private homes through the NYCHA-administered Section 8 Leased Housing Program. For more information, visit our website at www.nyc.gov/nycha

About the New York City Department of Housing Preservation and Development (HPD)

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 viawww.facebook.com/nychpd and www.twitter.com/nychousing.

About the New York City Housing Development Corporation (HDC)

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 120,000 housing units using over $13.7 billion in bonds, and provided in excess of $1.6 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 four consecutive years, HDC's annual bond issuance has surpassed $1 billion.  For additional information, visit: www.nychdc.com.

About Trinity Financial, Inc.

Trinity Financial has a long and stellar record for developing successful public housing authority mixed-finance projects.  Founded in 1987, Trinity Financial has completed or is currently developing over $1.46 billion in real estate, including over 6,700 residential units, more than 2,400 of which have been developed as part of large scale public housing redevelopment initiatives.  This includes more public housing redevelopment work in the Northeast than any other developer in the country. Trinity’s vision is to revitalize neighborhoods, strengthen commerce and foster opportunities through a collaborative urban spirit. 

About West Harlem Group Assistance, Inc., (WHGA)

WHGA’s mission is to revitalize its community through housing and economic development.  In addition to housing, WHGA operates programs to provide small business opportunities, address homelessness, support anti-drug initiatives, address early childhood disabilities and development issues, adult employability, community medical access and access to technology. WHGA has developed over 1,600 units of affordable rental housing, 800 of which they directly manage; 125 of those units function as emergency homeless housing and 167 units provide housing for seniors. It owns 43,767 square feet of commercial space. Under city and state contracts, WHGA assists hundreds of tenants and landlords each year with building code repairs, housing court counseling and eviction prevention.

About Enterprise Community Partners, Inc.

Enterprise works with partners nationwide to build opportunity. We create and advocate for affordable homes in thriving communities linked to jobs, good schools, health care and transportation. 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 340,000 homes, invested $18.6 billion and touched millions of lives. Join us at www.EnterpriseCommunity.com or www.EnterpriseCommunity.org.

About TD Bank, America's Most Convenient Bank®

TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com.