Related Partners with the New York State Housing Finance Agency and the State of New York Mortgage Agency to Extend Affordability for Additional 30 Years Related Affordable, a division of Related Companies, today announced the renovation and preservation of 298 units of affordable housing in upstate New York. The units are located in Port Jervis and Warwick in Orange County, Monticello in Sullivan Country and Fredonia in Chautauqua County.
Related will undertake over $5 million in renovations and upgrades to the units and properties and preserve their affordability for an additional 30 years. The New York State Housing Finance Agency (HFA) provided $14,585,000 in bond financing to facilitate the preservation of the units and the State of New York Mortgage Agency (SONYMA) provided the credit enhancement. $5,767,415 in low income housing tax credit equity was provided by RBC Capital Markets. All of the apartments are set aside for tenants whose incomes are at or below 60% of the Area Median Income (AMI) and benefit from project based Section 8.
Mark E. Carbone, President of Related Affordable said, “Related is proud to continue its nearly 40 year commitment to affordable housing through the renovation and preservation of 298 units in New York State. We are grateful for the partnership of New York State Homes and Community Renewal (HCR) whose critical support ensured these units remain affordable for an additional 30 years. Keeping families in their homes has a tremendous impact on the quality of their lives and helps to stabilize neighborhoods and we look forward to working with HCR to preserve even more affordable units in upcoming months and years.”
Machackemach Village Apartments was built in 1978, contains 50 residences and is located at 230 Jersey Avenue in the City of Port Jervis, in Orange County. The development consists of 3 two-story elevator buildings on 1 acre of land. The renovations, which cost approximately $21,000 per unit, include the installation of new kitchen and bathroom cabinets and fixtures, flooring and Energy-Star appliances.
Energy efficient lighting will also be installed throughout the units. Capital renovations include new siding, roofing, windows and elevator modernization. Improvements are expected to be complete in August 2012. Burt Farms II Apartments was built in 1981, contains 50 residences and is located at 97 Forester Avenue in the Village of Warwick, in Orange County.
The development consists of 3 two-story walk-up buildings on 3 acres of land. The renovations, which cost approximately $15,000 per unit, include the installation of new kitchen and bathroom cabinets and fixtures, flooring and painting. Capital renovations include new windows and landscaping. Improvements are expected to be complete in August 2012. John Crawford Apartments was built in 1981, contains 96 residences and is located at 33 Liberty Street in the Village of Monticello, in Sullivan County.
The development consists of 5 two-story walk-up buildings on 4.5 acres of land. The renovations, which cost approximately $11,000 per unit, include the installation of new bathroom cabinets and fixtures as well as Energy-Star kitchen appliances and lighting, Capital renovations include community room, upgrades, management office upgrades and landscaping. Improvements are expected to be complete in August 2012. Greenacres Apartments was built in 1980 and is located at 102 Wisteria Drive in the Village of Fredonia, in Chautauqua County. The development consists of 12 two-story walk-up buildings on 14 acres of land.
The renovations, which cost approximately $21,000 per unit, include the installation of new bathroom cabinets and fixtures as well as Energy-Star kitchen lighting. Capital renovations include the addition of a community room, management office upgrades, electrical upgrades and landscaping. Improvements are expected to be complete in August 2012. Related Affordable develops, acquires and preserves affordable housing throughout the nation.
Earlier this year, Related announced the renovation and long-term preservation of 412 units of affordable housing at Westminster Village Arms in Lowell, Massachusetts, the acquisition and preservation of Parkway Gardens, a 694-unit affordable housing apartment property in the Southside of Chicago and the announced the renovation and 30-year preservation of 258 affordable apartments at three Manhattan sites. ###
