The completion of this development is a positive step for quality permanent rental housing for working families in the Bronx - Rella Fogliano, President of MacQuesten Development, LLC.
Bronx, New York (PRWEB) February 01, 2012
The NYC Department of Housing Preservation and Development (HPD), The NYC Housing Development Corporation (HDC), The New York City Housing Authority (NYCHA), and NYS Department of Homes & Community Renewal (DHCR) were joined by MacQuesten Development and Union Grove Baptist Church to celebrate the grand opening of Reverend Dr. Fletcher C. Crawford Apartments, an 84-unit low-income development in the Crotona Park East neighborhood of The Bronx, located at 1468 Hoe Avenue. The new affordable housing development is named in honor of the long-time Pastor of Union Grove Baptist Church, the Rev. Dr. Fletcher C. Crawford.
The Rev. Dr. Fletcher C. Crawford Apartments were created under the Bloomberg Administration’s New Housing Marketplace Plan. The plan, launched by Mayor Bloomberg in 2003, is 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. To date, the plan has funded the creation or preservation of more than 126,990 units of affordable housing across the five boroughs. Nearly 39,000 units have been financed in the Bronx with more than 6,100 units in Community Board 3 where the Rev. Dr. Fletcher C. Crawford Apartments is located.
“The beauty of affordable housing lies in the impact it has on surrounding communities. These developments introduce new homes which uplift and strengthen existing neighborhoods. What makes today’s occasion special is that the impact of the development’s namesake moved the community so much so that we stand here today at the brick and mortar representation of the heart of this community,” said Mathew Wambua, NYC HPD Commissioner. “We look at this new development as the meeting point of City, State and local partnership which resulted in the creation of 84 new homes. I want to thank the staffs of HPD, HDC, HCR, NYCHA and all of our partners for their hard work and investments, without which neighborhood enhancements like this would not be possible.”
“The Rev. Dr. Fletcher Apartments is a great example of how city agencies are working together with our private and non-profit partners to find new opportunities to create affordable housing and long-term stability for New York City families and neighborhoods,” said Marc Jahr, President of NYC HDC. “Creating affordable neighborhoods is an important dimension of Mayor Bloomberg’s New Housing Marketplace Plan. HDC is proud to have created and preserved approximately 17,301 affordable homes in the Bronx. Investment by the City and its development partners has helped bring about a remarkable change in this borough.”
The completion of this development is a positive step for quality permanent rental housing for working families in the Bronx," said Rella Fogliano, President of MacQuesten Development, LLC. "During this project, we provided much needed construction jobs and vital skill development to local residents for future employment opportunities. We are also proud of the fact that we were able to incorporate many green initiatives into the building."A woman owned corporation, MacQuesten Development has been developing affordable housing in the Bronx, Manhattan and lower Westchester for over 16 years.
The developments namesake Rev. Dr. Crawford led the Union Grove Baptist Church for 50 years and retired in 2006. A veteran of World War II, Rev. Dr. Crawford is a member of numerous organizations and has been a strong leader in the community. In doing so, he has organized a number of community initiatives such as summer youth programs and programs to assist residents with social services.
The development is an 82,891 square-foot, eight-story masonry elevator building, constructed on formerly City-owned land that was conveyed by NYCHA to the developer. The building includes seven studio units, 29 one-bedroom units, 40 two-bedroom units, seven three-bedroom units and one superintendent unit. Seven of the apartments have been set aside for people with impaired mobility, hearing and vision. Additionally, 20% of the units were set aside for formerly homeless households. Another 25% of the units have been reserved for households referred to by the New York City Housing Authority (NYCHA) from its waitlist. The 84 units are affordable to tenants who earn less than 60% of Area Median Income (AMI) or what is equivalent to not more than$46,080 (for a family of four).
“The Rev. Dr. Fletcher C. Crawford Apartments exemplify NYCHA’s commitment to affordable housing for low-income New Yorkers and its completion is worthy of celebration,” said NYCHA Chairman John B. Rhea. “This partnership between NYCHA, HPD, HDC, DHCR, MacQuesten Development and Union Grove Baptist Church highlights the Bloomberg Administration’s commitment to working across agencies in the private and public sector to maximize resources, and provide housing opportunities for hardworking New Yorkers. We are confident that this new development will contribute dramatically to a growing community in a growing borough, and we couldn’t be prouder of being part of a collaboration that has achieved this.”
HCR Commissioner/CEO Darryl C. Towns said, “Under Governor Cuomo’s leadership, New York State will continue to ensure that community-based affordable housing projects like this one move from conception to creation. The State’s $12.5 million commitment to this project demonstrates a significant commitment to this community, with $3.8 million in Homes for Working Families funds and $8.7 million in Low Income Housing Tax Credits.”
The total development cost for the Rev. Dr. Fletcher C. Crawford Apartments is $26.6 million. The development was funded through HDC’s Low-Income Affordable Marketplace Program (LAMP). HDC provided $13.4M in tax-exempt bonds for the construction financing, $3.6M from its corporate reserves and $4.6M in subsidy. HPD contributed $2.8 million through the Low-Income Rental Income Program and $2.1 million in HOME funds; NYS Division of Housing and Community Renewal (DHCR) contributed $3.7 million in Homes for Working Families (HWF) and provided $8.7 million provided in Low-Income Housing Tax Credit (LIHTC) Equity. Under DHCR’s HWF Program, 100% of HWF-assisted units must meet LIHC rent restriction requirements, providing units affordable to households at or below 60% of area median income for 50 years.
About the NYC Housing Development Corporation (HDC):
The Housing Development Corporation (HDC) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout New York City. In partnership with the NYC Department of Housing Preservation and Development, HDC works to implement Mayor Michael R. Bloomberg’s New Housing Marketplace Plan to finance the creation or preservation of 165,000 affordable housing units by the end of the 2014 fiscal year. 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 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 126,990 affordable homes have been created or preserved. For more information, visit http://www.nyc.gov/hpd
About the New York City Housing Authority (NYCHA):
The New York City Housing Authority (NYCHA) is the largest public housing authority in North America and provides decent and affordable housing in a safe and secure living environment for low and moderate income residents throughout the five boroughs. NYCHA has 336 housing developments with 400,000 residents. The Authority also administers a citywide Section 8 Leased Housing Program in rental apartments. NYCHA serves approximately 1 in 13 New Yorkers through its public housing and Section 8 programs.
About New York State Division of Housing & Community Renewal (DHCR):
The Division of Housing and Community Renewal is responsible for the supervision, maintenance and development of affordable low- and moderate-income housing in New York State. The agency’s Office of Community Development administers housing development and community preservation programs, including State and Federal grants and loans to help finance construction or renovation of affordable housing; the Office of Housing Operations oversees and regulates the State's public and publicly assisted rental housing and the Office of Rent Administration administers the rent regulation process for more than one million rent-regulated apartments in New York City and in the counties of Albany, Erie, Nassau, Rockland, Schenectady, Rensselaer and Westchester.
About MacQuesten Development LLC:
The company is engaged in the building and development of affordable housing and employs 10 people. In the last 5 years, MacQuesten has completed new construction of residential, community facilities and commercial units. All of these projects were financed under various programs through HDC’s LAMP and New HOP programs, NYS Housing Finance Agency and NYS DHCR Homes for Working Families program. With the exception of Palmer Court Houses, a 135-unit New HOP project, MacQuesten has used proceeds from the sale of LIHTC in conjunction with the above referenced financing programs to develop over 500 units of affordable housing. MacQuesten has also worked with HPD to acquire property under its Land Disposition program. MacQuesten oversees the design, construction, finance, marketing and management of all these properties, which are located in Manhattan, the Bronx and Westchester. The firm successfully closed three HDC LAMP construction loans: Tony Mendez Apartments (2000 Open Resolution), Olga Mendez Apartments (December 2003 Open Resolution) and Claremont Park Apartments (June 2005 Open Resolution). All of the construction loans have converted to permanent.