HPD AND HDC JOIN PROPERTY RESOURCES CORPORATION AND CAMBER PROPERTY GROUP TO CELEBRATE OPENING OF 200-UNIT AFFORDABLE HOUSING COMPLEX IN SOUTH BRONX
Seven-story buildings, The Hemlock and The Mulberry, include plentiful indoor and outdoor amenity spaces for residents
Bronx, NY – Property Resources Corporation (PRC) and Camber Property Group today held a ribbon cutting ceremony for two new buildings in the South Bronx that deliver 200 units of affordable housing to the neighborhood. The Hemlock, located at 1000 Fox Street, includes 120 units, while The Mulberry at 960 Simpson Street includes 80 units.
The apartments at The Hemlock and The Mulberry will serve very low- and low-income individuals and families, with a portion set aside for formerly homeless households. Amenities at the two seven-story buildings include fitness rooms, community gathering spaces, laundry facilities and outdoor courtyards with playgrounds. The buildings were financed with support from NYC HPD and HDC, as well as Regions Bank and J.P. Morgan Chase. The developers were joined by local Council Member Rafael Salamanca, as well as City officials and local residents.
“As the city faces a housing crisis, we’re constantly looking for creative ways to deliver affordable housing to communities in need,” said Rick Gropper, Principal at Camber Property Group. “We were thrilled to collaborate with our City and financing partners to turn an underutilized lot into 200 high quality apartments with indoor and outdoor amenity space, just a block from the subway.”
"PRC is thrilled to open the doors to its newest Bronx development, The Hemlock and The Mulberry--two buildings that are especially significant to us," said Benjamin Linde, Principal at Property Resources Corporation. "PRC’s founder, Jerry Chatzky, grew up right here on Fox Street and dedicated his career to transforming the burnt-out buildings he saw in the South Bronx in 1971 into a thriving community. With our work, we aim to improve people’s lives with new beginnings, new housing, new businesses, new schools, and new jobs. We are so proud to be able to help make his dream a reality for 200 families today in the community he called home."
“Through Housing New York, we are using all our tools to produce new affordable housing at record pace,” said NYC HPD Commissioner Louise Carroll. “At The Hemlock and The Mulberry we were able to achieve more affordability because of landmark improvements made to the City’s zoning resolution through Zoning for Quality and Affordability (ZQA). I want to thank our elected officials, HDC, PRC, Camber, and all our development and financing partners for providing 200 families and individuals with the quality, affordable housing they need and deserve.”
“The completion of The Hemlock and The Mulberry marks another achievement for the City in its mission to create a more affordable New York. Today we are celebrating the completion of two brand new buildings that will improve the quality of life for 200 very low- and low-income individuals and families, including much-needed housing dedicated to formerly homeless households,” said HDC President Eric Enderlin. “I’d like to offer my congratulations to our private and public partners for their commitments to bringing long-term affordability and greater opportunity to the South Bronx community.”
The buildings include a range of studios, one-, two- and three-bedroom units, made available to residents through HPD’s Housing Connect lottery in summer of 2018. The team hired local workers throughout all phases of construction and held information sessions to raise awareness among community members of the opportunity to live in The Hemlock and The Mulberry, a reflection of Camber and PRC’s deep commitment to community engagement.
The buildings were constructed on underutilized parking lots through the City’s Zoning for Quality and Affordability (ZQA) legislation. ZQA enabled the Camber and PRC to waive mandatory parking minimums and instead construct more affordable units due to the buildings’ proximity to the Simpson Street stop along the 2 and 5 subway lines. Camber and PRC are also constructing a 163-unit affordable building at 175 Tiffany Street, which is expected to be completed in Fall 2020.
“I am thrilled to join community stakeholders in cutting the ribbon on these two new housing developments I approved during my first year in office,” stated Council Member Rafael Salamanca. “Today, the transformation from underutilized lots to a thriving section of the Longwood community is complete. With the opening of these buildings, we are adding 200 units of 100% affordable housing to the housing stock here in the South Bronx. Serving lower and moderate-income Bronxities, rents in the buildings start as low as $548 a month. Additionally, on-site community rooms and outdoor spaces will be accessible to all residents to enjoy with one another. I thank Property Resources Corporation (PRC), Camber Property Group, NYC Housing Preservation and Development and NYC Housing Development Corporation for their partnership in addressing the need for more affordable housing in New York City, and look forward to welcoming my constituents to their new home.”
“We applaud Camber and PRC for building affordable housing without sacrificing good permanent jobs, and we appreciate their commitment to ensuring that residents of the Bronx can live and work in dignity,” said Kyle Bragg, 32BJ Secretary Treasurer. “We are excited that this project includes dedicated workforce housing for people like our members, as well as building service jobs that pay family-sustaining wages and benefits.”
The total development cost for the project was approximately $68.2 million. Financing included $18 million in City Capital from HPD and $19 million in HDC Corporate Reserves. HDC also provided more than $16.8 million in HDC tax-exempt bonds. The project also benefitted from low-income housing tax credits, which generated approximately $14.7 million in tax credit equity.
About Property Resources Corporation
PRC has been serving the South Bronx for nearly 50 years. Throughout its history, PRC has developed and operated over 5,000 units of multifamily housing, including completing the construction of over $425 million of tenant-in-place affordable units over the last seven years. For more information about Property Resources Corporation, visit: https://www.prcny.com/.
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.