New York, NY - The New York City Housing Development Corporation (HDC) and the Department of Housing Preservation and Development (HPD) joined The Arker Companies, elected officials, and project partners Slate Property Group and the Neighborhood Housing Services of Jamaica today to celebrate the ribbon cutting of a new 14-story affordable housing complex in the transit-rich Jamaica neighborhood of Queens. Located at 92-61 165th Street, Archer Avenue includes 89 units of affordable housing and 7,000 square feet of commercial space.
“We’re thankful to stand here hand-in-hand with the community and local elected officials in celebration of a project that will create affordable housing with state-of-the-art amenities for families in Jamaica,” said Alex Arker, Principal of The Arker Companies. “The Arker Companies remains steadfast in its commitment to bringing high quality, affordable housing to families across New York City, and we hope to have many more ribbon cuttings like this in the future.”
“This one hundred percent affordable housing development is bringing greater opportunity to 89 low-income individuals and families in the dynamic neighborhood of Jamaica,” said HDC President Eric Enderlin. “I would like to extend my thanks to our elected officials and project partners and a warm welcome home to all the residents of Archer Avenue.”
The building currently has a 100 percent occupancy rate with unit mixes ranging from studios to three-bedroom apartments for families earning between 40 and 60 percent AMI, which ranges from an annual income of $29,880 at 40 percent for a family of one up to $57,660 for a family of three at 60 percent. Residents have access to modern amenities including a laundry facility, bike storage room and a recreational room.
"I've struggled with uncomfortable living conditions and rent burden at my previous residence," said Amanda Ambriose, a resident of Archer Avenue Apartments. "But now, living here at Archer Avenue Apartments, my rent is lower and the apartments allow for comfortable living, which has made it easier for me to pursue my Bachelor's degree. This development is good for the community and is helping young adults like me become independent."
“Slate Property Group was proud to develop 92-61 165th street in partnership with the Arker Companies and Neighborhood Housing Services of Jamaica,” said David Schwartz, Principal at Slate Property Group. “The need for quality affordable housing in Queens is needed more now than ever. Slate is committed to continuing to build affordable housing throughout New York City.”
"The Archer Avenue Apartments complex is a welcome addition to one of our City’s most vibrant communities,” said Queens Borough President Melinda Katz. “This project has brought 89 units of much needed high-quality affordable housing to Jamaica, a great neighborhood that is growing with community input through the implementation of the Jamaica NOW Action Plan, which our office developed in partnership with the de Blasio Administration. It is great to be here today to celebrate this latest milestone in the revitalization of Jamaica.”
“This is a long time coming. Congratulations to Jamaica Neighborhood Housing Services, the Arker Companies and Slate Property Group for bringing this 14 story building with 100% affordability to South East Queens, said Assemblywoman Alicia Hyndman. “Affordable housing in a predominant community of color is something we need to see more of. With 100% affordability we are easing the burden of the high cost of residing in this city and at least a portion of our constituents will have a little more to save and recycle into their communities. Thank you to all for their hard work.”
“The opening of Archer Avenue is a big step toward the revitalization of Downtown Jamaica,” said Council Member Donovan Richards. “Providing New Yorkers with quality, affordable housing is the key to lifting up and stabilizing our communities. I’d like to thank Mayor de Blasio, HPD Commissioner Carroll, HDC President Enderlin and the Arker Companies for their investment in the Southeast Queens community, and I congratulate Council Member Miller and all of the new residents of Archer Avenue.”
Archer Avenue was made possible through $31.8 million in public and private investment and financed under the City’s LAMP program. HDC provided $16 million in tax-exempt bonds and $5 million in corporate reserves. HPD contributed $4 million in City Capital. The project benefits from low-income housing tax credits (LIHTC) resulting in $13.4 million in tax credit equity. Wells Fargo was the tax-credit investor and provided a stand-by letter of credit.
For additional photos and video of the event, please follow this link.
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About the Arker Companies
Founded in 1949, The Arker Companies has created over 7,500 affordable housing units and nearly one million square feet of commercial office space. The company’s other projects include single-family housing developments, medical office buildings, high-rise office towers and landscaped gardens. To learn more, visit www.arkercompanies.com.
About 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: 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 on Facebook, Twitter, and Instagram @NYCHousing.
About 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 180,000 housing units using over $23.5 billion in bonds and other debt obligations, and provided in excess of $2.9 billion in subsidy. 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 seven consecutive years, HDC’s annual bond issuance has surpassed $1 billion. For additional information, visit: http://www.nychdc.com.
