HUD Helps to Preserve Affordable Housing Complex

Teresa Bainton, HUD NY Multifamily Director (middle) cuts ribbon while being joined by representatives from the NYC Housing Development Corporation, The Arker Companies, Wells Fargo, Freddie Mac and Councilmember James S. Oddo.

Teresa Bainton, HUD New York Multifamily Director, attended the ribbon-cutting ceremony of Concord Court and Seaside Apartments, an affordable housing complex located in the Park Hill and Fort Wadsworth neighborhoods of Staten Island. Teresa joined a host of city, state and private sector organizations who collaborated in the development's preservation.

Concord Seaside Apartments was rehabilitated under Mayor Michael R. Bloomberg's New Housing Marketplace Plan (NHMP). The NHMP is a multi-billion dollar initiative to finance 165,000 units of affordable housing for half-a-million New Yorkers by 2014. To date, the plan has funded the creation or preservation of more than 130,606 units of affordable housing across the five boroughs with 1,536 units in Staten Island. Almost a third of these are in Community Board 2, with 563 units.

Concord Court has 156 units; 33 are one-bedrooms, 81 are two-bedroom units, and there are 41 three-bedroom units. One two-bedroom apartment is reserved for the Superintendent. There is also a community room. Seaside Plaza is made up of two buildings with 275 units including 72 one-bedroom units, 176 two-bedroom units, 25 three-bedroom units, a two-bedroom Superintendent's unit and one community room. For new tenants moving in, apartments are available to households earning up to 60% of the Area Median Income (AMI), currently $46,080 for a family of four. The 431 apartments in the occupied complex will remain income-restricted over the next 30 years. The renovations include the use of new green technologies.

The rehabilitation work included the extensive repair and improvement of each building's major systems, apartment interiors, masonry repairs, elevator and security upgrades. During the upgrades, tenants were able to remain in place, ensuring that disruptions to their daily routines were kept to a minimum. Concord Court and Seaside Plaza participated in NYSERDA's Multifamily Performance Program (MPP). The program is designed to improve building performance using proven technologies and advances in building science. Through this program the buildings both received energy efficient boiler and water heaters, Energy Star qualified products and appliances, high efficiency lighting and other green features. The renovations also included the installation of cogeneration plants. The new on-site plants generate electricity while making use of the heat created during the process to minimize waste. The green technology is called Combined Heat and Power (CHP) Technology.

"The preservation of Concord Court and Seaside Apartments as quality affordable housing demonstrates what can be accomplished when government and the private sector work together," said HUD Acting Regional Administrator Mirza Orriols. "This is especially impressive given the fragility of the housing market and the scarcity of credit. I applaud the Arker Companies, Wells Fargo, Mayor Bloomberg and HDC, Freddie Mac and NYSERDA for answering the call to preserve the ever-growing need for affordable housing throughout the five boroughs. I am proud of HUD's investment and congratulate all our partners who have made this possible."

The total development cost for Concord Seaside was $84.1 million. The rehabilitation was financed with a $52.6 million HDC First Loan. The tax-exempt bond portion of the loan is supported by Freddie Mac. The development also received $24 million in Low Income Tax Credits. NYSERDA provided $841,440 in incentives for energy efficiency measures. The New York City Department of Housing Preservation & Development (HPD) contributed a partial 420-C tax exemption. HUD is providing rental subsidies to income-eligible residents.

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