Albany Mayor Gerald D. Jennings, the New York State Housing Finance Agency and Related Companies today joined with residents to celebrate the grand re-opening of Capitol Green, a 308-unit affordable housing development in Albany, New York. Over $4 million of improvements were made on the property and Related has committed to ensuring the residences remain affordable for an additional 30 years.
Albany Mayor Gerald D. Jennings said, "I am grateful to Related Companies for their commitment to quality affordable housing for the people of our City. For 30 years, 400 Central Avenue has been home to many Albany families, and now having been rehabilitated, this address is poised to serve Albany families well into the future."
Priscilla Almodovar, President and Chief Executive Officer of the New York State Housing Finance Agency said, "Preserving affordable housing is one of the highest priorities of the Spitzer administration. That's why I am very proud that HFA was able to help Related Companies finance the capital improvements of Capitol Green in Albany and agreed to keep the project affordable for 30 more years. This project preserved 308 residential units and ensured that they will remain affordable for the current residents and generations to come."
Dave Senecal, President of Capitol Green Tenant Association said, "The dramatic restoration of Capitol Green is the result of the residents and management working together in a collaborative manner to prioritize and realize these improvements. We look forward to continuing to work with Related to consistently improve the quality of life for all of Capitol Green's residents."
Related Affordable President Mark E. Carbone said, "Related Companies was pleased to partner with the New York State Housing Finance Agency and the City of Albany to upgrade and ensure the long-term preservation of affordability of Capitol Green. Affordable housing is not just a need, but it stabilizes and energizes our neighborhoods. Our communities' vitality depends on the ability of people at every income level to have a place to call home, and a place that they want to call home. The comprehensive rehabilitation and preservation of affordability at Capitol Green is indicative of Related's long standing commitment to quality affordable housing. Since 1972, Related has developed, acquired or financed over 300,000 units of affordable housing."
Related Management President Jeffrey I. Brodsky said, "Related is proud to continually invest in improvements that are not only beneficial to the physical structure of buildings, but also significantly improve the quality of life for all of our residents. We are pleased to have worked with the residents of Capitol Green to prioritize the improvement initiatives and ensure we meet their needs. The upgraded apartment amenities, renovated community room, new children's playground and landscaped gardens will make Capitol Green an even better place to live and raise a family."
Capitol Green was original constructed in 1973. The improvements to the 23-story Capitol Green included significant upgrades to kitchens, bathrooms, appliances, hallways, carpeting, lighting, roof, elevators, the community room, lobby, laundry room, parking garage, security system, gated access and awnings. In addition, a new playground was constructed for Capitol Green's many family occupants and a front patio area was converted into a beautifully landscaped garden. Capitol Green (formally Central Towers) received bond financing and tax credits from the New York State Housing Finance Agency (HFA).
The City of Albany secured real estate tax abatements and the Department of Housing and Urban Development ensured that housing vouchers could be provided to qualifying residents. As a result, $4.2 million in critical rehabilitations are underway along with a commitment to thirty more years of affordability. Nearly all of the apartments in Capitol Green are set aside for seniors and tenants whose incomes are at or below 60% of the Area Median Income for the Albany County Area, which is $66,300.
### About Related: Heralded as one of the most prolific and visionary developers in the country, Related Companies was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has offices and major developments in Miami, Los Angeles, San Francisco, Chicago and Boston and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and the Frank Gehry-designed Grand Avenue development, situated directly across from the beloved Walt Disney Concert Hall, which will include luxury residences, retail, notable restaurants and a world class hotel. Related is staunchly committed to sustainable design with over $6 billion in green development underway or completed.
The firm developed one of the first green residential buildings in the nation, Tribeca Green in Battery Park City, New York and Chicago's first green residential building, 340 on the Park. Related is currently developing eight new LEED-certified residential buildings, The Brompton, The Harrison, and Superior Ink in New York City, The Clarendon in Boston, The Century in Los Angeles, The Village in Santa Monica, Canyon Ranch Living and The Peshtigo in Chicago as well as Bronx Terminal Market, a one million square foot retail development in Bronx, New York. Related serves on the board of directors of the World Resources Institute. This past year, Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. The company is also the largest shareholder in Centerline, the leading financier of affordable housing in the country.
Related Affordable develops, acquires and preserves affordable housing throughout the nation. In the area of acquisitions and refinancing, the company pursues properties that meet one of the following criteria: Section 8 properties with project-based contracts; Section 236 properties in need of rehabilitation; Section 42 LIHTC properties with expiring low-income restrictions; Section 515 FmHA properties with loans that can be prepaid; or other assisted properties, including HODAG, HOME, federal or state-financed public housing. Related has thirty-five years of experience in debt and equity financing and extensive management experience of government-assisted properties. Related actively looks for affordable housing opportunities through the development, acquisition and refinancing of low, moderate and mixed-income properties around the country. Since 1972, Related has developed, acquired or financed over 300,000 units of affordable housing.
For more information about Related Companies please visit www.related.com.
