HUD Celebrates Renovation of Queens Multifamily Development
Project Management Director Stacey Schrager joined a host of local government and private partners at a ribbon cutting for Arverne View, a 1,093-unit, affordable housing complex in Queens, nearly two years after it was devastated by Hurricane Sandy. The complex, formerly known as Ocean Village, was flooded with more than five feet of water when Hurricane Sandy struck the east coast on October 29, 2012. The ceremonial re-opening celebrated the completion of a $60 million rehabilitation by L+M Development together with New York City, New York State, HUD and several private lenders.
"Almost two years after Hurricane Sandy wreaked havoc on the Rockaways, it is incredibly gratifying to see Arverne View not only restored, but transformed into a more livable, more resilient and more beautiful place to live than ever," said Leicht. "HUD is proud that Arverne View is the first development to be preserved through an innovative financing partnership with the U.S. Treasury Department that is making it easier to build and preserve affordable apartments in New York and across the country. Nowhere is affordable and resilient rental housing needed more than New York City, and we commend L&M Development Partners and the City of New York for this shining example."
The renovations covered all apartment interiors, common areas, roof replacement, mechanical and electrical equipment upgrades, landscaping and various storm-proofing and resiliency measures. In addition, the existing concrete facade was clad with an exterior insulation and finishing system to insulate the buildings, protect the buildings from water infiltration and update the property's aesthetic. The complex is now equipped with emergency generators, the buildings' mechanical and electric infrastructure was elevated, and 14-foot barriers were installed along the shorefront. The site's open space was redesigned by Global Design Strategies, Robin Key Landscape Architecture (RKLA) and OCV Architects and includes storm-resistant porous surfaces, salt-tolerant native plantings and 300 new trees. Today, residents enjoy private beach access, a daycare center, an on-site supermarket, and other outdoor amenities including, community gardens, play areas and a new basketball court.
Arverne View is the pilot project for a new joint program with the U.S. Treasury and HUD, where Treasury uses the Federal Financing Bank (FFB) to purchase FHA Risk Share insured loans from Housing Finance Agencies. Under this new program, upon conversion to permanent financing Arverne View's tax-exempt senior loan of $72,020,000 was FHA Insured (50/50) and sold to the FFB. By participating in this new program, the New York City Housing Development Corporation was able to reduce its borrowing costs and thus finance more affordable housing.
|Content Archived: March 25, 2016|