549 Affordable Housing Units in Harlem to be Preserved for 40 Years in $135 Million Deal

HARLEM, NY — City and federal agencies are teaming up with real estate developers to renovate and preserve 549 affordable apartment units in Harlem and keep those units affordable for 40 years, the city Department of Housing Preservation and Development announced Thursday.

The agencies involved in the deal include the HPD, the New York City Housing Development Corporation and the U.S. Department of Housing and Urban Development. Those agencies will be working with three private companies Tahl Propp Equities, Bellwether Enterprise Real Estate Capital LLC and Enterprise Community Investment Inc.

"Preserving affordable homes is a core HPD mission, and the deals extending the affordability of these 18 buildings in Harlem means over 500 New York families will have affordable homes for another 40 years. That is key to the stability of our families, or neighborhoods -- and indeed our city as a whole,” HPD Commissioner Vicki Been said in a press release. “I want to thank our partners at Tahl Propp, Bellwether, Enterprise, and HDC for their commitment to making New York City a more affordable city.”

The deal calls for the renovation of five affordable housing complexes in Harlem: Gladys Hampton Houses on Frederick Douglas Boulevard, New West I and II on West 111th Street and Riverside I and II on West 135th Street. The total cost of the development deal is estimated at $135,133,374, according to the HPD announcement.

The deal advances the goals of Mayor Bill de Blasio's 10-year housing plan to create and preserve 200,000 affordable housing units in New York City.

“Preserving affordable housing is an impactful way for us to make our city more affordable and keep New Yorkers thriving. This vast preservation project will help keep more than 500 families in their homes, and is representative of the day-in-and-day-out work we do to make New York stronger,” Mayor de Blasio said in a statement.

The money will go toward renovation projects including roof replacements, new windows and boilers, updates to common areas and new interiors including kitchen cabinets, appliances, flooring and bathroom fixtures for 18 different apartment buildings.

"It had been more than 10 years since my apartment had any significant improvements", Barbara Johnson, a resident in one of the buildings for 29 years, said in a press release.

Despite the renovation projects the apartment buildings will remain at full occupancy and residents will continue to be eligible for rent subsidies such as Section 8, according to the HPD press release. Vacant units in the buildings will be reserved for individuals and families who are homeless, said the press release.

Money for the renovations will come in three forms: a $15.2 million loan from HPD, low-income housing tax credits of $35.9 million and New York City Housing Development Corporation issued tax exempt bonds worth $62.3 million.

"The City’s affordable housing shortage, especially in vulnerable, historic neighborhoods like Harlem, calls for bold and innovative solutions, rooted in strong partnerships, vision and responsiveness to the community," Joseph A. Tahl, president and co-founder of Tahl Propp Equities, said in the press release.

Image by The Office of Public Advocate for the City of New York/Wikimedia Commons/CC by 2.0