News Alert: April 28
Governor Cuomo Announces Funding for Proactive Affordable Housing Development for Returning Fort Drum Troops
Governor Cuomo announced funding for nearly 100 new housing units in Watertown, N.Y. to meet the expected demand from Fort Drum's 10th Mountain Division, which is expected to return next year. The funding totals more than $13 million, including $1.9 million from the Housing Trust Fund and approximately $12 million in Low Income Housing Tax Credit equity.
The Creekwood project will consist of 13 two-story buildings, all of which will meet Green Building and Energy Efficiency Initiative Requirement regulations.
Click here for the full release.
News Alert: April 27
548 Affordable Bronx Units to Receive Immediate Rehab Under City Program
The City has reached an agreement with Finkelstein Timberger LLC to renovate and take ownership of the ten Milbank buildings in the Bronx that had fallen into serious disrepair. Finkelstein Timberger will pay $27.75M for the 548-unit complex in conjunction with an agreement to complete the necessary repairs and maintain the units as affordable. HPD will have the authority "to apporve the scope of work".
This turnover in management is part of the City's Proactive Preservation Initiative, which serves "to identify and address deteriorating physical conditions in multifamily buildings."
For full press release, click here.
News Alert: April 26
Harvard Releases Report on Rental Housing; Low-Income Residents Facing Increasing Financial Stresses
The percentage of renters who spend more than 50 percent of their pre-tax income on housing increased to 26 percent in 2009, according to a report issued by Harvard University's Joint Center for Housing Studies.
The report, titled "America's Rental Housing", found that while income growth for low-income earners has not kept pace with rent increases, the supply of affordable units is dwindling, placing increasing pressure on vacancy rates and rental prices.
Click here for the full report.
News Alert: April 20
NYU Report Finds Deleterious Education Effect on Children of Foreclosed Homes
A policy brief out of NYU studying the impact of foreclosure on children found that children typically find themselves relocated to lower-performing schools. On average, children from foreclosed households were moved to schools "with a math proficiency rate 12 percentage points lower and a reading proficiency rate five percentage points lower" than the school they previously attended.
The report titled "Foreclosure and Kids: Does Losing Your Home Mean Losing Your School?" was produced by researchers at NYU's Institute for Education and Social Policy and the Furman Center for Real Estate and Urban Policy.
Click here for the Furman Center website.
News Alert: April 20
NYSERDA Launches $7 Million Energy Use Benchmarking Program for Multifamily Buildings
The New York State Energy Research and Development Authority has announced a pilot program to assist mulitfamily, commercial and institutional buildings with baseline energy audits. The program is part of NYSERDA's efforts to help large buildings with energy, greenhouse gas emission and operating cost reductions.
The FlexTech Benchmarking Pilot program provides multifamily buildings with up to $3,000 in energy audit cost assistance. Commercial and institutional properties can receive up to $7,000 per site. Properties that have been paying the electric System Benefits Charge are eligible for the program.
According to NYSERDA, "benchmarking can be a gateway to engaging in energy efficiency and can enable building operators... to better understand and manage energy consumption." Energy audits can also help certain facilities to comply with Local Law 84 that requires certain building owners to benchmark energy consumption.
For more information, go to the NYSERDA website.
News Alert: April 14
NeighborWorks America Names Deborah Boatright Northeast Regional Director
NeighborWorks America has promoted Deborah Boatright to Northeast Regional Director. The Northeast Region is comprised of New York, New Jersey, Pennsylvania, Delaware, Maryland, the District of Columbia, the five New England states, Puerto Rico and the U.S. Virgin Islands.
Ms. Boatright was previously in the role of District Director of the Northeast District. She has been with the organization for five years. Her background includes Assistant Commissioner, Office of Community Development at NYS Homes and Community Renewal, as well as the Fannie Mae Fellowship at Harvard University's Kennedy School of Government Program for Senior Executives in State and Local Government.
Ms. Boatright also serves on the board of the New York Housing Conference and the Luncheon Planning Committee for the annual NYHC/NHC Awards Luncheon.
News Alert: April 13
Budget Compromise Zeroes Out HUD Housing Counseling Funds
The National Council of La Raza is reporting that the budget compromise reached last week that lead to the FY11 Continuing Resolution removes any funding in HUD's budget for housing counseling.
Since 2009, HUD-approved housing counseling agencies have:
For more information, contact Graciela Aponte, Senior Legislative Analyst, at (202) 776-1670.
News Alert: April 12
Mixed Results for Affordable Housing in Budget Compromise
The National Council of State Housing Agencies has outlined how the budget compromise will affect funding levels for affordable housing programs:
•$1.61 billion for the HOME Investment Partnerships program (HOME), $215 million less than the FY 2010 enacted level and $40 million less than the President's FY 2011 request
•$18.407 billion for the Section 8 Housing Choice Voucher (voucher) program, $223 million more than the FY 2010 enacted level and $1.1 billion less than the President's FY 2011 request; FY 2011 funding includes $16.7 billion for voucher renewals, $400 million more than the FY 2010 enacted level, and $1.45 billion for administrative fees, $125 million less than the FY 2010 enacted level
•$9.282 billion for the Project-Based Section 8 program, $730 million more than the FY 2010 enacted level and $100 million less than the President's FY 2011 request; FY 2011 funding includes $8.95 billion for contract renewals, $624 million more than the FY 2010 enacted level, and $326 million for contract administration, $68 million more than the FY 2010 enacted level
•$3.34 billion for the Community Development Block Grant (CDBG) program, $650 million less than the FY 2010 enacted level and the President's FY 2011 request
•$1.905 billion for homeless assistance grants, a $40 million increase over the FY 2010 enacted level and $150 million less than the President's FY 2011 request
•$400 million for the Section 202 Housing for the Elderly program, $425 million less than the FY 2010 enacted level and $126 million more than the President's FY 2011 request
•$150 million for the Section 811 Housing for Persons with Disabilities program, $150 million less than the FY 2010 enacted level and $60 million more than the President's FY 2011 request; the CR also includes $35 million for Mainstream Section 811 voucher renewals within the voucher account
News Alert: April 11
NYSERDA Announces Carbon Emission Incentive Program for Multifamily Buildings
The New York State Energy Research and Development Authority (NYSERDA) has launched a $6.5 million incentive program to help multifamily buildings with more than 5 units to phase out the use of #6 fuel oil.
More than 9,000 buildings in New York City burn #6 oil, which produces 13 percent more carbon emissions than #2 fuel oil and 49 percent more than natural gas. #6 fuel oil also creates a substantial amount of soot and sulfur dioxide.The program is projected to reduce carbon emissions equivalent to removing over 39,000 cars from the road.
Click here to access NYSERDA's carbon emission reduction calculator or go to http://www.getenergysmart.com.
News Alert: April 7
263-Unit Supportive Housing Project Opens on Lower East Side
Common Ground officially opened The Lee, 263 units of supportive low-income housing at 133 Pitt Street on the Lower East Side. The $59 million building was financed with $31 million in tax-exempt bonds from HDC during construction, with another $24.6 million coming from HPD.
JPMorgan Chase provided the construction letter of credit and acquisition financing, with the Low Income Investment Fund assisting with the latter. Wells Fargo was the source of $22 million in tax credit equity. $6.5 million in capital financing came from the NYS Homeless Housing and Assistance Program. Other sources include the Federal Home Loan Bank of New York, the Manhattan Borough President's office, HUD, the LMDC, the Larson Family Foundation, NYSERDA, HSBC Bank and a deferred developer's fee.
Click here for the full press release.
News Alert: April 7
Selfhelp Breaks Ground on 92-Unit Building in Flushing
Selfhelp Community Services has started construction on a 14-story, 92-unit building in Flushing that will house over 100 senior citizens and include a 12,000 square foot facility that provides services for residents and the broader community.
The $26.1 million project is funded with assistance from the HDC through its Low-Income Affordable Marketplace Program, $13 million in tax-exempt bonds and a $5,980,000 second subordinate loan. HPD is providing $2.3 million in City Capital funding, $1.5 million in HOME funds and $400,000 in City Capital funding from the City Council. The projects expect to receive $8.6 million in tax credit equity from JPMorgan Chase.
Click here for full press release.
News Alert: April 5
NYSERDA Announces New York's First Solar Thermal Incentive Program
The New York State Energy Research and Development Authority has launched a 5-year, $25 million program to promote solar thermal systems throughout the state. Solar thermal systems produce hot water from solar power.
Eligible single- and multi-family residences can receive up to $4,000 per site, while commercial and nonprofit organizations can receive up to $25,000 per site. Federal and state tax incentives are also available to solar thermal system adopters.
For more information, go to the NYSERDA website.
News Alert: April 4
Emily Youssouf Appointed to NYCHA Board
The Bloomberg Administration has announced the appointment of Emily Youssouf to a 5-year term as Vice-Chair of the New York City Housing Authority Board.
Ms. Youssouf, currently a Clinical Professor at NYU's Shack Institute of Real Estate, will helm NYCHA's Audit Committee which "provides independent, objective value-added advice to improve the Authority's operations."
Formerly a Managing Director at JP Morgan Securities in charge of the Housing Finance Department, Ms. Youssouf also serves on the board of the New York Housing Conference.