Release Date: Wednesday, April 18, 2012
HPD And HDC Join Mbd Community Housing Corporation And Partners To Celebrate The Rehabilitation Of Two Affordable Housing Developments In The Bronx
Extensive Renovations Completed on Mid-Bronx Plaza and Bryant Mews Senior Residence, preserving 184 units of affordable housing in the Crotona Park East neighborhood of the Bronx
New York, NY - Marc Jahr, President of the New York City Housing Development Corporation (HDC) and Eric Enderlin, Associate Commissioner for the Division of Preservation at the NYC Department of Housing Preservation and Development (HPD) joined representatives of MBD Community Housing Corporation, Monadnock Construction, Richman Housing Resources, LISC, Wells Fargo and partners at the ribbon-cutting ceremony for Mid-Bronx Plaza, located at 1441 Boston Road, and Bryant Mews Senior Residence, located at 1690-1700 Bryant Avenue in the Bronx. Rehabilitation work included an upgrade to major mechanical, electrical and plumbing systems and extends rent affordability an additional 30 years on each property.
Both properties were renovated under Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP). The Plan 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 over 129,900 units of affordable housing across the five boroughs with 6,116 units in Bronx Community Board 3 where Mid-Bronx Plaza and Bryant Mews are located.
“What makes the preservation of affordable housing unique is its immediate impact on the lives of the people who are already living in the buildings. It can be a complex process, but for each project the ultimate goal is simple and remains the same – to make life better for the people living in these buildings,” said HPD Commissioner Wambua. “Funding the rehabilitation of Mid-Bronx Plaza and Bryant Mews means that they will be safe, clean and affordable for the tenants who are there now, and it ensures that they will be a resource and a haven of affordability for future generations of New Yorkers.”
“HDC is proud to work with HPD, MBD Community Housing Corporation, Monadnock Construction, LISC, Wells Fargo and Richman Housing to fund the rehabilitation of Bryant Mews and Mid-Bronx Plaza,” said Marc Jahr, President of HDC. “This grand re-opening marks a new beginning for these grand old buildings – once state-of –the-art and now on the cutting edge again. MBD Properties will continue to serve the needs of our seniors, while providing them with sustainable, affordable and supportive homes.”
This venture is the most recent example of MBD Community Housing Corporation’s commitment to their community. Founded in 1974, MBD Community Housing Corporation or ‘the Mid-Bronx Desperadoes’ was established as a coalition of volunteers determined to save their community from the overwhelming incidence of arson, disinvestment, abandonment, and population loss that devastated their neighborhood. In addition to organizing the community and providing social services to residents, MBD has successfully sponsored, constructed, and renovated over 2,300 units of housing in Bronx Community District 3.
“It has been a pleasure to work with such a dedicated group of partners that are truly committed to the preservation of affordable housing in the Bronx and throughout the Boroughs of New York City", stated Derrick Lovett, President/CEO of MBD Housing Corporation. "This project positively impacts the quality of life for our senior residents and sustains the ability to keep quality housing affordable. MBD endeavors to continue its mission in preserving and constructing quality affordable housing for all moderate and low income residents for which it serves."
Originally built in 1926, Bryant Mews Senior Residence is a six-story, 92-unit building. The building features an on-site laundry facility and a community health facility which is leased and operated by Bronx Lebanon Hospital. Residents are 62 years of age and older. Mid-Bronx Plaza was built in 1990. The six-story, 92-unit building features a recreation room, laundry facility, outdoor garden and 19 parking spaces available to tenants. Both buildings are less than one mile apart. Renovation work was completed earlier this year. Both buildings received upgrades to mechanical, electrical and plumbing systems, new boilers and new roofs. Repairs were also made to common areas, windows and doors were replaced and kitchens were renovated throughout both buildings. Tenants were accommodated during rehabilitation by necessary temporary relocations. Rehabilitation work and project support was provided by Monadnock Construction.
“I am pleased Monadnock was able to be a part of the renovation team for Bryant Mews and Mid-Bronx Plaza. I am proud of the work done by my staff at Monadnock,” said Monadnock President Nick Lembo. “I want to thank Derrick Lovett, the staff and Board of MBD, Commissioner Wambua and HPD staff, Marc Jahr and HDC staff, Bill Traylor and Noel Henderson James at Richman; Duane Mutti, Tim Edwards and the Wells Fargo team; and Denise Scott and the folks at LISC and all of the project partners for their ongoing support of MBD and organizations across the city.”
Rent affordability has been extended 30 years on these developments. The units are reserved for low-income tenants. Limits are set by the U.S. Department of Housing and Urban Development (HUD) and are determined by the 2009 AMI calculations for this development. Income limits are set at 60% AMI or $46,080 for a family of four. All units in these buildings are fully rented. The affordability extension benefits families currently living in these buildings and those who rent vacancies in the future. Information on upcoming availabilities in new affordable housing developments can be found on the HPD and HDC websites.
Total development cost to rehabilitate Mid-Bronx Plaza and Bryant Mews Senior Residence is $38.6 million. The development was financed with a $15.1 million HDC first mortgage loan and a $3.6 million HPD second mortgage. In addition, the project’s financing includes $10.5 million in Low Income Housing Tax Credits syndicated through Richman Housing Resources. LISC provided predevelopment support and technical assistance with the financial structuring of the refinancing. Wells Fargo provided the Letter of Credit for the development.
“Keeping key community assets available to serve the needs of communities over generations is vitally important”, said Bill Traylor, President of Richman Housing Resources LLC. “Richman is proud to have partnered with the City of New York, MBD and Monadnock to rehabilitate Bryant Mews and Mid-Bronx Plaza so they can continue to serve the neighborhood’s seniors for well into the future”.
"LISC is very happy to be a partner with MBD. The preservation of Mid Bronx Senior Residences is a testament to MBD’s tenacity and ability to deliver quality affordable housing for Bronx seniors,” said Pierre Downing, Community Development Officer, NYC LISC. “The partnership between MBD and Monadnock is a model of a successful joint venture between a non-profit and for-profit developer."
"Wells Fargo is happy to help finance the rehabilitation of these two senior housing facilities," said Timothy Edwards of Wells Fargo Community, Lending and Investment. "This is a great effort by MBD Housing Corporation and Monadnock Construction to preserve senior housing in the Bronx for many years to come, and we are honored to be a part of it."
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 the five boroughs of New York City Housing Authority 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. 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 129,900 affordable homes have been created or preserved. For more information, visit www.nyc.gov/hpd.
About MBD Community Housing Corp (MBD):
MBD Community Housing Corporation, a 501©(3) nonprofit organization, was founded in 1974 to improve the quality of life of Bronx communities through housing development, property management, economic development and the delivery of human services for its residents.
Under new management since January 2010, led by Derrick Lovett, President/CEO, in addition to this 184 unit rehabilitation project, MBD is scheduled to close a 362 unit rehabilitation of affordable housing, which is comprised of 19 buildings. Over the next three years, MBD expects to rehabilitate the remainder of its 1,200 unit portfolio and begin construction of three additional buildings consisting of 205 units.
About Monadnock Construction:
For 35 years, Monadnock Construction has built more than buildings. They have built a rock-solid reputation. Just as impressive as their range of completed residential construction projects is their ability to build safe, fast and at lower costs than other large general contractors. Monadnock finds ways to save money without sacrificing quality. The result – Monadnock has built more affordable housing than any general contractor in New York City. And they are the only one today doing it union.
From conception to completion, Monadnock takes ownership, responsibility and pride in their work. Monadnock’s operations are supported by a staff that is experienced in all aspects of government compliance and reporting. They have a Contractors Controlled Insurance Program (CCIP) with dedicated safety staff monitoring all projects and a large bonding capacity from a AAA- rated company. Most importantly, every project receives the hands-on involvement of the company principals, Nicholas Lembo, Peter Hansen, and Greg Bauso.
About Wells Fargo:
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
LISC New York City raises grants, loans and equity for strategic investments in community development organizations. We commit to working with community groups over a long period of time, providing them with consultation and training in addition to financial support to help these organizations – and the residents they serve – prosper as they improve their communities. LISC New York City also facilitates strategic partnerships between public and private stakeholders that provide additional financial resources and leadership to community groups assisting low- and moderate-income families in New York City.