For Immediate Release: Tuesday, June 5, 2018
Contact: General HPD Media Contact: email@example.com
City and State Officials Join Development Partners to Announce Ribbon-Cutting Ceremony for the $92.7 Million Modernization, Upgrade, and Preservation of Fox Hill Apartments
362 affordable apartments on Staten Island recently completed renovations and will benefit from a new agreement that will extend affordability for an additional 40 years
Staten Island, New York – New York City Department of Housing Preservation and Development, New York State Homes and Community Renewal (HCR), Rockabill Consulting-Development, Park Management, and development partners celebrate the completion of modernization work at the Fox Hill Apartments complex on Staten Island, a $92.7 million project to improve 362 apartments for extremely low-, very low-, low-, and moderate-income New Yorkers.
“Safeguarding affordability around the city is key to keeping people in their homes and an integral part of our work through Housing New York. With the extensive rehabilitation of these three buildings at Fox Hill, 394 homes will remain affordable and high-quality for an additional 40 years,” said HPD Commissioner Maria Torres-Springer. “ I want to thank our partners in government as well as the development team for their commitment to supporting our communities and helping to build a more affordable New York.”
HCR Commissioner RuthAnne Visnauskas said, “The modernization of the Fox Hill Apartments complex is a concrete example of Governor Cuomo’s commitment to affordable housing on Staten Island. Built a year after the Verrazano Narrows Bridge opened, this revitalization of Fox Hill enhances the quality of life for current residents and assures affordable rents for 40 years to come.”
New York City Councilwoman Deborah Rose said, “The need for affordable housing is the top concern among my constituents based on the calls that come into my office and the conversations I have with local residents. Ensuring quality housing for people of all income levels is therefore among my top priorities as councilmember. By upgrading, strengthening and preserving 362 residential units in Fox Hills, this public-private partnership between Park Management and New York State Homes and Community Renewal helps meet an important need here on the North Shore.”
Originally built in 1965, the development, located on Vanderbilt and Park Hill avenues, consists of three, six-story elevator buildings of studio, one- and two-bedroom apartments. The renovations upgraded lobbies, hallways, kitchens, bathrooms, elevators and electric systems. New roofs, Energy Star appliances, flooring, boilers, and water heaters were also added. Handicapped accessible ramps have been installed in each building lobby. The work was conducted with tenants in place.
Fox Hill Housing, LLC, Manager Joel Gluck said, “The financial restructuring of Fox Hill Apartments is a true public-private partnership which preserves the affordability of 362 apartments for the next 40 years while enabling much needed renovations to be completed at the property. Park Management is committed to maintaining the highest level of affordable housing for its tenants and would like to take this opportunity to thank its public and private partners including HCR, HPD, HUD, Wells Fargo and local elected officials in making this renovation project a reality.”
Rockabill Consulting-Development President Niall Murray said, “I congratulate Park Management for completing the challenging project within the 18 month construction schedule without the need to relocate tenants. During the course of construction, the developer recognized that additional work should be done in order to provide the best possible project to the tenants and provided an additional $1.2 million from outside the development budget to fund this work. I commend HCR, HPD, HUD, and Wells Fargo for their commitment to the project and providing the necessary capital to fund the renovations and improving the quality of life for Fox Hill Apartment tenants.”
The total development cost is $92.7 million. HCR provided $48.5 million in financing in the form of tax-exempt bonds and a subsidy loan through its Multi-Family Preservation Program. HCR’s federal Low-Income Housing Tax Credit allocation will generate about $33.4 million in equity for the project. Fox Hill Apartments is supported by a HHAP contract for the U.S. Housing and Urban Development’s (HUD) Section 8 program. HPD provided $5.2 million in City Capital. As a condition of receiving both State and City funding for the project, the owners of Fox Hill Housing, LLC, entered into regulatory agreements which will maintain tenant affordability for the next 40 years.
The New York City Department of Housing Preservation and Development (HPD) is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked with fulfilling Mayor de Blasio’s Housing New York Plan which was recently expanded and accelerated through Housing New York 2.0 to complete the initial goal of 200,000 homes two years ahead of schedule—by 2022, and achieve an additional 100,000 homes over the following four years, for a total of 300,000 homes by 2026. For full details visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us on Facebook, Twitter, and Instagram @NYCHousing.