At the National Association of Local Housing Finance Agencies’ (NALHFA)Annual Conference in Tampa, Florida, HDC was among the 2023 Awards for Excellence honorees, receiving two awards recognizing the innovative financing and development of the 425 Grand Concourse and PACT Brooklyn Bundle II projects.
The NALHFA Awards for Excellence shed light on the critical work that NALHFA members do in their local communities to provide affordable housing.
425 Grand Concourse – Multifamily Excellence Award
HDC received NALHFA’s 2023 Multifamily Excellence Award, which honors innovative multifamily projects and programs, for the Corporation’s contributions to the successful development of 425 Grand Concourse.
425 Grand Concourse is a 26-story, newly constructed mixed-use, mixed-income project located in the Mott Haven neighborhood of the Bronx. The project provides 193 units of permanently affordable housing to households earning between 30% to 130% of the Area Median Income (AMI) and includes 28 additional units for formerly homeless households. The development also provides its residents with access to quality amenities, including laundry facilities, a fitness center, an outdoor roof garden, and two community rooms.
This development strengthens key community assets that respond to the needs identified by community partners in the areas of health, nutrition, and education. Namely, 425 Grand Concourse includes a 29,0000 square-foot CUNY educational facility, a 4,000 square-foot health care facility, and 1,2000 square foot space for cultural programing, a 12,000 square foot supermarket, and a 400 square-foot public restroom administered by NYC Parks.
The project was jointly developed by Trinity Financial and Mid-Bronx Desperadoes (MBD) Community Housing Corporation under the New York City Housing Development Corporation (HDC) and the New York City Department of Housing Preservation & Development’s (HPD’s) Mix & Match and Mandatory Inclusionary Housing (MIH) programs.
Brooklyn Bundle II – Redevelopment Excellence
HDC was also recognized in the category of Redevelopment Excellence for its collaboration on the PACT Brooklyn Bundle II preservation effort. This award category recognizes successful redevelopment projects that have a large impact on communities in difficult to develop areas.
This preservation of Brooklyn Bundle II under NYCHA’s PACT program involved the successful rehabilitation of 2,625 public housing units across 9 NYCHA developments in various neighborhoods throughout Brooklyn. Each of the sites underwent substantial rehabilitation that involved improvements or replacement of common areas, community facilities, security systems, building exteriors, building systems, extensive electrical, mechanical, and plumbing upgrades as well as full renovation of apartment interiors. Four buildings were also fitted with solar panels, which will circulate the energy generated back into the electrical grid of the surrounding community to offset peak electricity usage.
It is important to note that no residents were displaced during at any point in this rehabilitation project.
Each of these developments were within HUD/US-Census defined Difficult to Develop Areas (DDAs) that have high land, construction, and utility costs relative to the Areas Median Income (AMI).
This project development team was a joint venture between Omni New York LLC, The Arker Companies, Dabar Development Partners, and Bedford Stuyvesant Restoration Corporation, who all worked in coordination with NYC HDC, HUD, and NYCHA to complete this redevelopment effort.
