New York, NY – The New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC) joined the Northeastern Conference of Seventh Day Adventists (NEC), Fifth Avenue Committee (FAC), and Mega Contracting to break ground today on Northeastern Towers Annex, a joint venture development in Jamaica, Queens. This new 10-story building will create 159 affordable apartments for very low-income seniors aged 62 years and up. This project is being financed through HPD’s Senior Affordable Rental Apartments (SARA) Program and HDC’s Extremely Low and Low-Income (ELLA) Program.
“Through Housing New York 2.0, we committed to put seniors first while working on every front to unlock underused lots and put them to use as affordable housing. Working with non-profit, faith-based, and private partners, this innovative development will pair 159 new affordable apartments for seniors with on-site social services,” said HPD Commissioner Maria Torres-Springer. “I want to thank our partners at NEC, FAC, HDC, and all our dedicated partners for working with us to make sure that quality, affordable housing is within everyone’s reach.”
“With Northeastern Towers Annex, we are delivering on the promise of Housing New York to provide greater stability to our city’s most vulnerable seniors through the creation of deeply affordable housing,” said HDC President Eric Enderlin. “This project represents the power of public-private partnership, and I’d like to express my appreciation for the collective creativity and hard work of all involved.”
This unique project, adjacent to an existing senior low-income apartment building on Guy R. Brewer Boulevard, will include 58 studios, 100 one-bedroom apartments, and 1 two-bedroom superintendent’s apartment. A portion of the apartments will be set aside for seniors with mobility, visual, and hearing impairments, and a portion of the apartments will be reserved for formerly homeless households. Addressing the needs of seniors on fixed or very low incomes, the building will be 100% affordable for low- and very-low income residents while also offering on-site social services provided The Hellenic American Neighborhood Action Committee (HANAC).
“This is an important day and a major step in addressing the urgent need for affordable housing in Jamaica,” says Council Member Adrienne Adams (D-Jamaica). “Northeastern Towers Annex is an exciting development that will meet many goals as we address the affordable housing crisis and residential needs of older New Yorkers. I look forward to this exciting example of progress in our borough and creating affordable units for vulnerable populations of various incomes.”
“The need for affordable housing – especially for seniors – in Queens and New York City has never been greater. The development of 159 more new affordable units of housing specifically for seniors on fixed- or very low-incomes is a most welcome addition to Jamaica. Thanks to this unique joint partnership, the new homes and amenities will help support our elders to age gracefully with dignity, and to remain active and engaged in our communities," said Queens Borough President Melinda Katz.
In addition to Northeastern Towers Annex’s affordable apartments, the site will include several on-site amenities specifically designed for its senior residents. On-site features will include: a community room, a media room, an exercise and wellness center, social service and office suites, warming pantry and storage, laundry and television lounges on every floor, a library and club room, a rooftop with terrace and separate rooftop garden area, a personal care room, and 90 parking spaces reserved for residents.
“The Northeastern Conference of Seventh-day Adventists is proud to stand with our neighbors to insure that senior citizens, who have given so much to our community, enjoy safe, clean and affordable housing in their sunset years,” says Dr. Daniel Honore, President of the Northeastern Conference of Seventh-day Adventists.
“Fifth Avenue Committee is thrilled to break ground on Northeastern Towers Annex - our first project in Queens and our first affordable housing exclusively for seniors. This project has been a true partnership with the Northeastern Conference of Seventh Day Adventists from inception, and FAC is very excited to be working with our long-time partner Mega,” says Michelle de la Uz, Executive Director of Fifth Avenue Committee. “We thank the local elected officials, the City of New York and Wells Fargo for their financial support and investment, and we’re enthusiastic about bringing much needed affordable, senior housing to Jamaica and helping seniors to remain in the community and borough they love.”
“Mega is thrilled to continue our relationship with Fifth Avenue Committee and to forge a new relationship with Northeastern Conference as we embark on co-developing and building this important project,” says Hercules Argyriou, Vice President of Mega Contracting. “We applaud the City’s commitment to creating new quality senior supportive housing, which is a critical need in this community. Thanks to all of our partners that have made this groundbreaking a reality!”
The project was financed through $90.6 million in public and private investment. NYC Housing Development Corporation provided more than $50 million in tax-exempt bonds and an additional $8.7 million in corporate reserves. NYC Department of Housing Preservation and Development provided more than $13 million in local subsidy. In addition, the project benefits from Low-Income Housing Tax Credits (LIHTC) that generated more than $37 million in tax credit equity from investors through Wells Fargo, who also provided the letter of credit.Queens Borough President Melinda Katz provided $1,000,000 in discretionary capital funding from the City of New York.
“Wells Fargo would like to congratulate everyone at Fifth Avenue Committee, NEC, Mega Contracting, HPD, HDC and HUD on this vital project. When complete, the building will provide 159 apartments and on-site services to low income and formerly homeless seniors who are so deserving of a beautiful new building to call home,” says Page Travelstead, Senior Vice President at Wells Fargo Bank. “Our goal at Wells Fargo is to support long-term economic growth and improve the quality of life for the communities that we serve. We are so grateful that through our involvement in the NE Towers Annex project, we can play a small role in creating a vibrant seniors community in this Jamaica neighborhood. On a more personal note, as a former FAC project manager, I am thrilled to be a financing partner on this project and see all the great work that FAC continues to do throughout Brooklyn and now Queens!”
Northeastern Towers Annex is expected to be completed in September 2020.
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About 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.
About the Northeastern Conference of Seventh-day Adventists: The Northeastern Conference of Seventh-day Adventists is a religious non-profit organization of the General Conference of Seventh-day Adventists that administers 182 churches and 17 parochial schools within the states of Connecticut, Maine, New Hampshire, New York, Rhode Island and the Commonwealth of Massachusetts. The 182 churches, located primarily within the urban centers of the cities within the Conference territory, comprise a membership totaling 59,029 with a congregational demographic make-up of Afro-American/Caribbean, Hispanic, Haitian, Portuguese, Ghanaian and Nigerian members. The mission of the Northeastern Conference is “to proclaim the gospel of Jesus Christ, to transform all people within its territory and prepare them for His imminent return”. The ministries of the Conference consist of evangelism, leadership training and varied community outreach programs; and are carried out through its churches and schools. Learn more at www.northeastern.org
About Fifth Avenue Committee: Fifth Avenue Committee (FAC) is a 40-year-old comprehensive community development corporation and chartered NeighborWorks member based in South Brooklyn that advances economic and social justice by building vibrant, diverse communities where residents have genuine opportunities to achieve their goals, as well as the power to shape the community’s future. FAC works to transform the lives of over 5,500 low- and moderate-income New Yorkers annually so that all can all live and work with dignity and respect while making our community more equitable, sustainable, inclusive, and just. Learn more at www.fifthave.org.
About Mega Contracting Group: With almost 30 years of experience, Mega Contracting Group is a full-service Development, General Contracting, and Construction Management firm. Offering a broad range of services, including design phase consulting and construction coordination from inception through project completion. Mega’s work can be seen throughout the New York metro area; in apartment buildings, commercial buildings, landmark rehabilitation projects, schools, public infrastructure and recreational facilities. Learn more at www.megagroup.nyc.
