NYCHA, DOE, HPD and HDC JOIN HARLEM RBI, JONATHAN ROSE COMPANIES, AND NY YANKEES MARK TEIXEIRA TO BREAK GROUND ON MIXED-USE DEVELOPMENT IN EAST HARLEM
New York, NY th New York City Housing Authority (NYCHA) Chairman John B. Rhea, NYC Department of Education Chancellor Dennis Walcott, New York City Housing Development Corporation (HDC) President Marc Jahr, New York City Department of Housing Preservation and Development (HPD) Commissioner Mathew M. Wambua today joined Jonathan Rose Companies, Harlem RBI Executive Director Rich Berlin, Harlem RBI Board Member and New York Yankees Mark Teixeira, and others to celebrate the groundbreaking ceremony for The East Harlem Center for Living and Learning located in East Harlem.
(Media-Newswire.com) - New York, NY – New York City Housing Authority ( NYCHA ) Chairman John B. Rhea, NYC Department of Education Chancellor Dennis Walcott, New York City Housing Development Corporation ( HDC ) President Marc Jahr, New York City Department of Housing Preservation and Development ( HPD ) Commissioner Mathew M. Wambua today joined Jonathan Rose Companies, Harlem RBI Executive Director Rich Berlin, Harlem RBI Board Member and New York Yankees Mark Teixeira, and others to celebrate the groundbreaking ceremony for The East Harlem Center for Living and Learning located in East Harlem. The new 151,000-square-foot multi-family, mixed-use development will have 88 new affordable apartments, a 58,000-square-foot K-8 charter school and 6,000-square-feet of office space dedicated to not-for-profit organizations. The partnership of NYCHA, HPD and HDC highlights the Bloomberg Administration’s commitment to working across agencies to maximize city resources for the benefit of hardworking New Yorkers. The HPD/NYCHA collaboration has already produced more than 2,000 units with another 2,000 under construction and in pre-development; including Randolph Houses and Prospect Plaza, for a total of approximately 4,000 affordable units.
“The Harlem RBI mixed use development features broad public-private partnerships, an innovative financial structure, and unprecedented socio-economic benefits for NYCHA residents,” said NYCHA Chairman John B. Rhea. “NYCHA salutes Jonathan Rose, Harlem RBI, Civic Builders, HPD, HDC and the SCA for their collective efforts to improve the quality of life for the residents of Washington Houses for generations to come.”
“We remain steadfast in our commitment to support charter school facility development, and this groundbreaking reflects that,” said NYC Department of Education Chancellor Dennis Walcott. “Encouraging parent choice through new, state-of-the-art facilities is central to creating a system of great schools. We’re proud to be providing $32.5 million towards this development. The East Harlem community will be served well by this new space.”
“Harlem RBI has given the youth of this community an excellent grounding in things that are essential to starting off on the right foot,” said HDC President Jahr. “By working with a great developer, Jonathan Rose Companies, Harlem RBI and NYCHA have put together a winning team. HDC is proud to provide the construction and permanent financing that will allow this project to move forward for the benefit of the children, their families, and this community.”
“HPD’s partnership with NYCHA, which launched in 2005, has resulted in the development of more than 4,000 new or renovated units of affordable housing, and has played an integral role in the realization of our overall goals for expanding and preserving affordable housing opportunities in the City of New York,” said HPD Commissioner Wambua. “The New Yorkers who will make their homes here may not know how this development came about, but what is important is that they will have the opportunity to live and raise their families in housing that is safe, secure and affordable. Many thanks to our partners in government, finance, development, and the not-for-profit worlds for working so hard to take this from the drawing board to reality.”
“We feel both humbled and honored to break ground here today, in the heart of East Harlem. Humbled because of the gratitude that's due to this community that has supported, advocated and embraced us over that past two decades, and honored because it's always a privilege to get to do the work that you're passionate about,” said Rich Berlin, executive director, Harlem RBI. “This project, which includes a permanent home for DREAM Charter School, 89 units of affordable housing, headquarters for Harlem RBI, and the renovation of Blake Hobbs Park, will be a great benefit to the people in East Harlem - I consider it an honor to be the ones who help to make that happen.”
“This groundbreaking represents a wonderful new beginning for thousands of kids in East Harlem. These children and families deserve a beautiful, state of the art educational facility where they can learn, a park where they are safe to play, and Harlem RBI and DREAM by their side to help them grow. I am so proud to be a part of this project that is building the future for our youth, brick by brick,” added Mark Teixeira, Harlem RBI Board Member and New York Yankees first baseman.
“Jonathan Rose Companies is pleased to join Harlem RBI, NYCHA, Civic Builders, HPD, HDC and the SCA to create a community of opportunity for the residents of Washington Houses and East Harlem. There are five critical elements that help create communities of opportunities, and this development provides them all: safe, green affordable housing, energy efficiency to lower residents’ utility bills, easy access to mass transportation, a nearby park, job training, short-term and permanent employment opportunities and a superb education for the community's children,” said Jonathan Rose, president, Jonathan Rose Companies.
The new development will be located on 104th Street between Second and Third Avenues on land within the Washington Houses complex that the developer has purchased from NYCHA. In addition to providing affordable housing to the neighborhood of East Harlem, the facility will provide a new location for DREAM Charter School, a 450 student, K-8 program, and will provide office and program space for Harlem RBI, a not-for-profit community-based youth development organization. The development will further serve the East Harlem community by providing jobs at Harlem RBI and DREAM Charter School.
The 11-story affordable housing complex totals 80,000 square feet and will include 88 residential units and one superintendent’s unit. The residential towers consist of 18 studios, 41 one-bedroom units, 25 two-bedroom units, and four three-bedroom units. The apartments have been designated for low-income households earning less than 60 percent of the area median income ( AMI ), currently $49,800 for a family of four. The completed housing complex will include an exercise room, bike storage room, computer room, social service office, laundry facilities, and a landscaped terrace.
Sustainable elements of the condominium will include energy efficient boilers, low VOC paint, low “e” windows, and use of low emitting, recycled, and locally-produced materials. The building design will participate in NYSERDA’s Multifamily Performance Program and, in keeping with standards adopted by HPD for new construction and substantial renovation projects, is expected to achieve Enterprise Green Communities certification upon completion The charter school will occupy an adjacent four-story building and the first two stories of the residential tower.
Jonathan Rose Companies will develop and own the residential portion of the complex and will build the school and office space core and shell. Once completed, the residential portion of the development will be managed by Phipps Housing Services which is also responsible for the marketing and rent up of the units.
A NYCHA affiliate will serve as a not-for-profit joint venture partner of Jonathan Rose Companies to facilitate the tax credit financing of the affordable housing portion of this transaction. Resulting benefits to NYCHA residents of Washington Houses include:
• A 50 percent set-aside for the children of Washington Houses for the Harlem RBI charter school enrollment lottery; • A 25 percent preference for NYCHA residents applying for a rental unit in the new affordable housing building; • Construction and permanent job opportunities for NYCHA residents; • New playground equipment and trash compactors at Washington Houses; and the • Renovation of nearby Blake Hobbs Park.
SCA QUOTE: “We are excited to work with all these partners to build a state-of-the-art school for this project,” said Deputy Chancellor of Operations Kathleen Grimm who also oversees operations of the School Construction Authority. “We are committed to engage viable private developers, charter entities, and community-based organizations to provide matching grants to support charter school facility development through the School Construction Authority and the Department of Education.”
“At Enterprise, we believe that a stable, affordable home is the key to revitalizing neighborhoods and creating stronger communities. The East Harlem Center for Living and Learning will bring more affordable homes to East Harlem and an innovative charter school that will give our kids the solid foundation they need to succeed,” said Shola Olatoye, vice president and New York market leader, Enterprise which is syndicating the tax credits. “Enterprise is thrilled to be a part of this project – one that exemplifies the success of strong public-private partnerships for our neighborhoods and our kids.”
The total development cost for the facility is approximated $80 million, with $54.1 million for the school and $26.6 million for the housing. The project has leveraged a variety of public and private financing. The housing will be primarily financed through a $13.5 million first mortgage and a $5.8 million second mortgage from HDC, and HPD provided a $6.2 million loan for the project. The development also benefits from a $750,000 City Council Resolution A grant from Melissa Mark-Viverito, and a $142,000 NYSERDA grant. Enterprise supported the project with $10.5 million in Low Income Housing Tax Credit equity, sourced by JP Morgan Capital Corporation, as well as $2.1 million in committed predevelopment loan funding. To fund the school, office space and park, the School Construction Authority’s Charter Facilities Matching Grant Program provided a $32.5 million grant and Harlem RBI has raised $13.8 million to date.
The Harlem RBI Interagency Development is part of Mayor Michael R. Bloomberg’s New Housing Marketplace Plan ( NHMP ), a multibillion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of the 2014 fiscal year. For every dollar invested by the City, the Plan has leveraged $3.42 in additional funding for a total commitment of more than $21 billion. To date, the NHMP has funded the creation or preservation of more than 143,300 units of affordable housing across the five boroughs. More than 48,200 units have been created or preserved in Manhattan with more than 8,678 units in CB 11.
“For our scholars at DREAM, this new building is a source of pride because they know that the community cares deeply about them--enough to build a beautiful new school just for them. And as for our staff, we are inspired by the idea of taking our work to this new space because it will allow us to grow our program and ideas and ultimately ensure our students recognize their potential and realize their dreams,” noted Eve Colavito, Principal at DREAM Charter School.
The school and living units will be developed by Harlem RBI and Civic Builders, a firm specializing in the development of charter schools. The affordable apartments are scheduled to open in July, 2014, with the school and office facilities opening the following August for the 2014-2015 school year.
# # # About the New York City Housing Authority ( NYCHA ) NYCHA provides decent and affordable housing in a safe and secure living environment for low and moderate- income residents throughout the five boroughs. To fulfill this mission, NYCHA must preserve its aging housing stock through timely maintenance and modernization of its developments. NYCHA also administers a citywide Section 8 Leased Housing Program in rental apartments. Simultaneously, NYCHA works to enhance the quality of life of its residents by offering opportunities to participate in a multitude of community, educational and recreational programs, as well as job readiness and training initiatives. For more information, visit www.nyc.gov/nycha
About the NYC Housing Development Corporation ( HDC ): Since 2000, HDC has issued roughly 10% of all the multifamily housing revenue bonds in the U.S. and since 2003, when Mayor Bloomberg’s New Housing Marketplace Plan was launched, HDC has raised more than $6.7 billion in financing for affordable housing developments, including in excess of $1 billion in subsidy from corporate reserves This past year, Affordable Housing Finance magazine named HDC the fourth largest affordable housing lender in the U.S. after Citi, Wells Fargo and Bank of America, beating out JPMorgan Chase and Capital One. To date, under the Mayor’s plan, HDC has financed the creation or preservation of more than 67,000 affordable units in multifamily buildings that also include 1.7 million square feet of commercial space. For additional information, visit: www.nychdc.com.
About the NYC Department of Housing Preservation and Development ( HPD ) HPD is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and viable neighborhoods for New Yorkers through education, outreach, loan and development programs and enforcement of housing quality standards. It is responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to finance the construction or preservation of 165,000 units of affordable housing by 2014. Since the plan’s inception, more than 143,300 affordable homes have been created or preserved. For more information, visit www.nyc.gov/hpd.
About Harlem RBI And Dream Charter School Harlem RBI, a 501( c )3 non-profit organization, began in 1991 when a group of volunteers transformed an abandoned, garbage-strewn lot into two baseball diamonds for the youth of East Harlem. Since then, Harlem RBI has grown to serve more than 1,200 boys and girls, ages 5-22, with year-round academic, sports and enrichment programs. Harlem RBI’s comprehensive approach to youth development replaces the barriers inner-city youth typically face with concrete opportunities to build the skills and confidence needed to graduate high school, matriculate to college and break the cycle of poverty. Since 2005, 98% of Harlem RBI seniors have graduated high school, 94% of seniors have been accepted into college and 99% of participants have avoided teen parenthood.
In 2008, after 17 years of working in East Harlem and producing exceptional results, Harlem RBI opened DREAM Charter School. DREAM’s mission is to prepare students for high-performing high schools, colleges and beyond through a rigorous academic program that develops critical thinkers who demonstrate a love of learning, strong character, and a commitment to wellness and active citizenship. DREAM Charter School inspires all students to recognize their potential and realize their dreams. Today the school serves 250 students and will grow one grade each year until it reaches capacity at 450 students, grades K-8.
About Jonathan Rose Companies Jonathan Rose Companies is an award winning real estate development, planning, owner’s representative, and investment firm whose mission is to repair the fabric of communities. A leading green urban solutions provider, the firm currently manages over $1.5 billion of work, much of it in close collaboration with not-for-profits, cities and towns. Jonathan Rose Companies has offices in New York, Connecticut, Colorado, New Mexico and Washington. www.rosecompanies.com
About Enterprise Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For 30 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 $11 billion in equity, grants and loans to help build or preserve more than 280,000 affordable rental and for-sale homes to create vital communities. Visit www.EnterpriseCommunity.org and www.EnterpriseCommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
Since opening our New York office in 1987, Enterprise has created or preserved more than 35,000 affordable homes for 116,000 New Yorkers, and has committed over $2.3 billion in equity, grants, and loans to community development projects across the city.
This story was released on 2013-02-07. Please make sure to visit the official company or organization web site to learn more about the original release date. See our disclaimer for additional information.