President's Blog

By the New York City Housing Development Corporation

 

OFFICIALS CELEBRATE GROUNDBREAKING CEREMONY FOR 159 AFFORDABLE HOUSING APARTMENTS FOR SENIORS IN JAMAICA, QUEENS 

 

Northeastern Towers Annex will create 159 new homes for very low-income and formerly homeless seniors

Ground Breaking ShovelsNew York, NY – The New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC) joined the Northeastern Conference of Seventh Day Adventists (NEC), Fifth Avenue Committee (FAC), and Mega Contracting to break ground today on Northeastern Towers Annex, a joint venture development in Jamaica, Queens. This new 10-story building will create 159 affordable apartments for very low-income seniors aged 62 years and up. This project is being financed through HPD’s Senior Affordable Rental Apartments (SARA) Program and HDC’s Extremely Low and Low-Income (ELLA) Program.

“Through Housing New York 2.0, we committed to put seniors first while working on every front to unlock underused lots and put them to use as affordable housing.  Working with non-profit, faith-based, and private partners, this innovative development will pair 159 new affordable apartments for seniors with on-site social services,” said HPD Commissioner Maria Torres-Springer. “I want to thank our partners at NEC, FAC, HDC, and all our dedicated partners for working with us to make sure that quality, affordable housing is within everyone’s reach.”

“With Northeastern Towers Annex, we are delivering on the promise of Housing New York to provide greater stability to our city’s most vulnerable seniors through the creation of deeply affordable housing,” said HDC President Eric Enderlin. “This project represents the power of public-private partnership, and I’d like to express my appreciation for the collective creativity and hard work of all involved.”

This unique project, adjacent to an existing senior low-income apartment building on Guy R. Brewer Boulevard, will include 58 studios, 100 one-bedroom apartments, and 1 two-bedroom superintendent’s apartment. A portion of the apartments will be set aside for seniors with mobility, visual, and hearing impairments, and a portion of the apartments will be reserved for formerly homeless households. Addressing the needs of seniors on fixed or very low incomes, the building will be 100% affordable for low- and very-low income residents while also offering on-site social services provided The Hellenic American Neighborhood Action Committee (HANAC).

“This is an important day and a major step in addressing the urgent need for affordable housing in Jamaica,” says Council Member Adrienne Adams (D-Jamaica). “Northeastern Towers Annex is an exciting development that will meet many goals as we address the affordable housing crisis and residential needs of older New Yorkers. I look forward to this exciting example of progress in our borough and creating affordable units for vulnerable populations of various incomes.”

“The need for affordable housing – especially for seniors – in Queens and New York City has never been greater. The development of 159 more new affordable units of housing specifically for seniors on fixed- or very low-incomes is a most welcome addition to Jamaica. Thanks to this unique joint partnership, the new homes and amenities will help support our elders to age gracefully with dignity, and to remain active and engaged in our communities," said Queens Borough President Melinda Katz.

In addition to Northeastern Towers Annex’s affordable apartments, the site will include several on-site amenities specifically designed for its senior residents. On-site features will include: a community room, a media room, an exercise and wellness center, social service and office suites, warming pantry and storage, laundry and television lounges on every floor, a library and club room, a rooftop with terrace and separate rooftop garden area, a personal care room, and 90 parking spaces reserved for residents.

“The Northeastern Conference of Seventh-day Adventists is proud to stand with our neighbors to insure that senior citizens, who have given so much to our community, enjoy safe, clean and affordable housing in their sunset years,” says Dr. Daniel Honore, President of the Northeastern Conference of Seventh-day Adventists.

“Fifth Avenue Committee is thrilled to break ground on Northeastern Towers Annex -  our first project in Queens and our first affordable housing exclusively for seniors.  This project has been a true partnership with the Northeastern Conference of Seventh Day Adventists from inception, and FAC is very excited to be working with our long-time partner Mega,” says Michelle de la Uz, Executive Director of Fifth Avenue Committee. “We thank the local elected officials, the City of New York and Wells Fargo for their financial support and investment, and we’re enthusiastic about bringing much needed affordable, senior housing to Jamaica and helping seniors to remain in the community and borough they love.”

“Mega is thrilled to continue our relationship with Fifth Avenue Committee and to forge a new relationship with Northeastern Conference as we embark on co-developing and building this important project,” says Hercules Argyriou, Vice President of Mega Contracting. “We applaud the City’s commitment to creating new quality senior supportive housing, which is a critical need in this community. Thanks to all of our partners that have made this groundbreaking a reality!”

The project was financed through $90.6 million in public and private investment. NYC Housing Development Corporation provided more than $50 million in tax-exempt bonds and an additional $8.7 million in corporate reserves. NYC Department of Housing Preservation and Development provided more than $13 million in local subsidy. In addition, the project benefits from Low-Income Housing Tax Credits (LIHTC) that generated more than $37 million in tax credit equity from investors through Wells Fargo, who also provided the letter of credit.Queens Borough President Melinda Katz provided $1,000,000 in discretionary capital funding from the City of New York.

“Wells Fargo would like to congratulate everyone at Fifth Avenue Committee, NEC, Mega Contracting, HPD, HDC and HUD on this vital project.  When complete, the building will provide 159 apartments and on-site services to low income and formerly homeless seniors who are so deserving of a beautiful new building to call home,” says Page Travelstead, Senior Vice President at Wells Fargo Bank. “Our goal at Wells Fargo is to support long-term economic growth and improve the quality of life for the communities that we serve.  We are so grateful that through our involvement in the NE Towers Annex project, we can play a small role in creating a vibrant seniors community in this Jamaica neighborhood.  On a more personal note, as a former FAC project manager, I am thrilled to be a financing partner on this project and see all the great work that FAC continues to do throughout Brooklyn and now Queens!”

Northeastern Towers Annex is expected to be completed in September 2020.

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