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HDC Press Releases
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September
23, 2009
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HDC, HPD & Hudson Companies Break Ground for Eldert Lane at 1490 Dumont Avenue
First Affordable Housing Development in Brooklyn with Solar Panels
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NEW YORK, NY, September
23rd, 2009 - New York
City Housing Development
Corporation (HDC)
President Marc Jahr, New
York City Department of
Housing Preservation and
Development (HPD)
Commissioner Rafael E.
Cestero and Alan Bell
from Dumont Green LLC,
celebrated the
groundbreaking for a new
eight-story 176 unit
affordable apartment
building at 1490 Dumont
Avenue. They were joined
at the event by Brooklyn
Borough President Marty
Markowitz, Councilman
Charles Barron, Francis
J. Murray, President and
CEO of NYSERDA and Dan
Magidson, Director
Syndication-Originator
from Enterprise
Community Partners, Inc.
The creation of
affordable housing in
neighborhoods across New
York City is part of the
City's Five Borough
Economic Opportunity
Plan to create jobs for
New Yorkers today;
implement a vision for
long-term economic
growth and build
affordable attractive
neighborhoods.
The 176 unit Eldert Lane
development, also known
as 1490 Dumont, is being
constructed in the East
New York section in
Brooklyn, under HDC’s
Low-Income Affordable
Marketplace Program
(LAMP) and is the first
LAMP project in the
outer boroughs to
install and utilize
solar panels. When
complete, the building
will stand eight stories
tall and feature
amenities including a
6,000-square-foot
enclosed, landscaped
courtyard for the
exclusive use of
residents and forty-four
parking spaces. In
addition, an enclosed,
secured bike storage
facility will have
capacity to store 88
bicycles. All of the
units will be affordable
to families earning 30%
to 60% of Area Median
Income (AMI), or up to
$46,080 for a family of
four. Construction
activity at Eldert Lane
is expected to create
711 indirect and direct
jobs.
“As someone who has
advocated for affordable
housing since my
earliest days in public
life, the Eldert Lane
development at 1490
Dumont Avenue was a no
brainer to support from
the ground up,” said
Brooklyn Borough
President Marty
Markowitz. “By providing
176 affordable units to
working families this
project is win/win for
East New York—a
neighborhood in dire
need of quality
affordable housing—and
further proof of our
commitment to helping
those who built the
community, stay in the
community. I am of
course thrilled that the
project will not only be
a local job generator,
but will also utilize
sustainable construction
practices and materials
like EnergyStar
appliances, solar panels
and low-VOC cabinets
that were made right
here in Brooklyn! So
bravo to HDC, HPD and
Hudson Eldert for
ensuring that Brooklyn’s
future is not only
affordable for
generations, but
sustainable too.”
Developed under Mayor
Michael R. Bloomberg’s
New Housing Marketplace
plan (NHMP) to preserve
of construct 165,000
units of affordable
housing by 2014, Eldert
Lane is funded through
the NYC Housing Trust
Fund, NYC Acquisition
Fund, NYSERDA and the
Brooklyn Borough
President’s Office. HDC
has provided $25.8
million for the first
phase of construction
and $5.5 million for the
permanent financing of
this project. The total
cost of the development
is expected to be $50.6
million.
“This new building will
breathe fresh life into
this neighborhood,” said
HDC President Marc Jahr.
“Green elements combined
with great amenities and
high-quality
construction offer
tremendous opportunity
for the families who
will call this building
home. Eldert Lane/1490
Dumont is bricks and
mortar evidence of our
continued commitment to
the rebirth of East New
York. Over the years HDC
has provided $233.3
million in financing for
2,865 affordable homes
in this community board.
We are proud of the
contribution we continue
to make in creating a
more affordable,
sustainable New York
City.”
“Eldert Lane truly
exemplifies the City’s
mission to look at
affordable housing and
community stabilization
through a comprehensive
neighborhood lens,” said
HPD Commissioner Rafael
E. Cestero. “Through
Eldert Lane we will be
putting hundreds of
people to work, giving
the formerly homeless a
chance at independence,
and building safe,
affordable homes that
are greener and more
energy efficient. So
many different pieces
are coming together in
this development to
provide a higher quality
of life to the future
tenants, and a positive
and lasting impact to
the entire East New York
area. This kind of
forward thinking venture
couldn’t have been done
with out the efforts of
HDC, partners like NYC
Housing Trust Fund, the
NYC Acquisition Loan
Fund, NYSERDA and
Brooklyn Borough
President Markowitz.”
“I applaud the Hudson
Companies for
recognizing the
importance of
energy-efficiency in
today’s housing market.
Energy efficiency will
continue to play a
critical role in the
future of construction
and design. Like other
ENERGY STAR high-rises
in New York, you can see
firsthand how
high-performance
buildings will be in
demand as energy prices
continue to rise,” said
NYSERDA President and
CEO Francis J. Murray.
“To achieve Governor
Paterson plan of
reducing New York’s
energy use by 15 percent
by 2015, we’ve been
reaching out to building
owners, residents, and
other developers
throughout New York
State, joining forces
with them to unite in a
common effort to cut
costs and to save
energy.”
Household incomes will
range from $16,000 to
$46,000 including 20% of
the units set aside for
formerly homeless
tenants who will receive
services either on site,
or through a referral
system. With a strong
commitment to
sustainable development,
the project intends to
participate in the
Enterprise Green
Communities Program, as
well as EnergyStar
appliances and low/no
VOC (Volatile Organic
Compounds) kitchen
cabinets manufactured in
Brooklyn.
“At Enterprise, we
believe that a safe,
healthy, and affordable
home is the foundation
for a successful life”
said Abby Jo Sigal, Vice
President and New York
City Office Director,
Enterprise Community
Partners, Inc.
“Enterprise is proud to
have supported the
development of much
needed affordable
housing by providing an
acquisition loan for
1490 Dumont Avenue. We
are committed to
continuing our work in
New York City to ensure
that those most in need
have a place to call
home.”
Alan Bell, Principal of
The Hudson Companies and
Managing Member of
Dumont Green LLC said,
“Even in this time of
tight budgets Mayor
Bloomberg has found a
way to fulfill his
commitment to develop
new affordable housing.
In addition to serving
an ever growing need,
developments like 1490
Dumont generate
desperately needed jobs,
tax revenues and
economic activity for
the local economy. As if
that wasn't enough, this
building at 1490 Dumont
breaks new ground in
creating highly energy
efficient new housing
following the principles
of sustainable
development as the first
affordable housing in
Brooklyn that will
incorporate rooftop
photovoltaic Solar
Panels to provide all of
the electricity needs
for the common areas of
the building. Following
the guidelines laid out
by the Mayor in PlaNYC,
this new building will
not only provide "state
of the art" energy
efficiency for the
present, but will ensure
long term energy
efficiency through the
use of solar power for
years to come.”
About the New York
City Housing Development
Corporation (HDC):
The New York City
Housing Development
Corporation (HDC)
provides a variety of
financing programs for
the creation and
preservation of
multi-family affordable
housing throughout the
five boroughs of New
York City. Our programs
are designed to meet the
wide-range of affordable
housing needs of the
City's economically
diverse population. In
partnership with the NYC
Department of Housing
Preservation &
Development, HDC is
charged with carrying
out Mayor Michael R.
Bloomberg’s New Housing
Marketplace plan to
create of preserve
165,000 affordable
housing units by 2014.
In the first six years
of the plan, HDC
financed more than
40,000 homes for low- ,
moderate- and
middle-income New
Yorkers. The New York
City Housing Development
Corporation is rated AA
by S&P and Aa2 by
Moody’s.
About the NYC
Department of Housing
Preservation and
Development (HPD):
HPD is the agency
responsible for carrying
out Mayor Michael R.
Bloomberg’s NHMP and its
mission is to promote
quality housing and
viable neighborhoods for
New Yorkers. It is the
nation’s largest
municipal housing
preservation and
development agency.
Responsible for
implementing Mayor
Bloomberg’s New Housing
Marketplace Plan to
build and preserve
165,000 units of
affordable housing. HPD
also actively promotes
the preservation of
affordable housing
through education,
outreach, loan programs
and enforcement of
housing quality
standards. For more
information, visit
www.nyc.gov/hpd.
About Hudson:
The Hudson Companies
Incorporated is a real
estate development firm
active in residential
development in New York
City. Founded in 1986,
Hudson's long record of
successful real estate
development reflects a
commitment to managing
the details of the
development process from
property acquisition,
design and project
finance through
construction, marketing
and property management.
The firm is experienced
in both new construction
and building
rehabilitation,
including the adaptive
re-use of historic
structures. The firm's
concentration in
residential development
spans the luxury,
middle-income and
subsidized affordable
housing markets. To
date, Hudson has
developed over 3,700 new
units of housing in over
34 projects and has
several hundred more
units currently under
development. Hudson
prides itself on
creating high quality,
attractive buildings
appropriate for each
marketplace. Hudson has
demonstrated an ability
to complete a broad
array of complex and
exciting projects.
About Enterprise:
Enterprise is a leading
provider of the
development capital and
expertise it takes to
create decent,
affordable homes and
rebuild communities. For
more than 25 years,
Enterprise has
introduced neighborhood
solutions through
public-private
partnerships with
financial institutions,
governments, community
organizations and others
that share our vision.
Enterprise has raised
and invested more than
$10 billion in equity,
grants and loans to help
build or preserve more
than a quarter of a
million affordable
rental and for-sale
homes to create vital
communities. Enterprise
is currently investing
in communities at a rate
of $1 billion a year.
Visit
www.enterprisecommunity.org
and
www.enterprisecommunity.com
to learn more about
Enterprise's efforts to
build communities and
opportunity.
Enterprise New York has
been working to
revitalize low-income
communities across New
York City since 1987. In
that time, Enterprise
New York has housed
nearly 100,000 men,
women, and children,
developed more nearly
30,000 affordable homes,
and committed $2 billion
in equity, grants, and
loans to community
development projects
across the city.
Contact:
Christina Sanchez, HDC
(212) 227-2644
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