HPD, HDC & WIN CELEBRATE GROUNDBREAKING OF $80 MILLION SUPPORTIVE AND AFFORDABLE...

HPD, HDC & WIN CELEBRATE GROUNDBREAKING OF $80 MILLION SUPPORTIVE AND AFFORDABLE HOUSING DEVELOPMENT IN BROOKLYN

Win Glenmore Will Provide Permanent Housing and Comprehensive Social Services to Chronically Homeless and Low-Income New Yorkers
A collaborative mix of public and private funding partners team up for historic project

Brooklyn, NY – October 21, 2015 – (RealEstateRama) — Win, one of the largest nonprofits serving homeless women and their families in New York City, was joined today by New York City’s Department of Housing Preservation and Development (HPD) Commissioner Vicki Been, New York City Housing Development Corporation (HDC) President Gary Rodney, and partners to break ground on a new affordable housing development in Brooklyn’s Brownsville neighborhood.

The Win Glenmore development is financed under Mayor Bill de Blasio’s Housing New York: A Five-Borough, 10-Year Housing Plan. The most comprehensive affordable housing plan in the City’s history and largest municipal housing plan in the nation, its goal is to create and preserve 200,000 units of affordable housing for very low- and middle income families to help address New York City’s affordability crisis.

The Win Glenmore, the largest permanent supportive housing initiative in Win’s history, will provide 160 safe, clean, and permanent residential apartments to some of New York’s most vulnerable families. The development will be a six-story mixed-use building containing approximately 176,923-square-feet. The unit distribution will include 12 studios, 67 one-bedroom apartments, 68 two-bedroom apartments and 13 three-bedroom apartments. There will be an additional two-bedroom apartment for an onsite superintendent. The development will also feature 24 onsite parking spaces, 3,158-square-feet of retail space and 3,179-square-feet of community space.

“We are overcome with the generosity of all of our funding partners, both public and private, that helped to make Win Glenmore a reality,” said Win President and CEO Bonnie Stone. “We are grateful for their partnership, collaboration, financial support, and shared vision for this project. Win is committed to easing the burden on New York City’s chronically homeless families and Win Glenmore allows us to continue to provide those most in need with safe, clean, and permanent housing and comprehensive social services to help break the cycle of homelessness.”

“HPD and HDC spent the past year developing programs like the one that financed Win Glenmore that will increase production of housing for the most vulnerable New Yorkers, and reach deeper levels of affordability,” said HPD Commissioner Vicki Been. “In partnering with Win, with its long history of serving homeless women and children, and our many government and private partners, we will soon see 161 new affordable homes in the Brownsville neighborhood of Brooklyn. I look forward to continuing our work of creating and preserving affordable housing and fostering thriving, diverse neighborhoods across the five boroughs.”
“In Mayor de Blasio’s Housing New York plan, the City committed to creating pathways to permanent housing for homeless individuals and other special needs populations,” said Gary Rodney, President of HDC. “HDC is proud to partner with Win to create 160 quality, affordable homes accompanied by the supportive services that will offer families the tools they need to get back and remain on their feet. I want to thank all of our partners for their shared commitment to Win Glenmore and our vision of a more equitable and inclusive New York.”

The $80 million supportive and affordable housing development will primarily serve 96 chronically homeless families or families at serious risk of becoming chronically homeless, in which the head of the household suffers from a substance abuse disorder, a disabling medical condition or HIV/AIDS. This development will benefit from project-based section 8, allowing residents to pay only 30 percent of their monthly income towards rent. The remaining 64 units will be affordable to low-income individuals and families with annual incomes no more than $36,300 for an individual and $46,620 for a family of three. Income levels are calculated annually by the U.S. Department of Housing and Urban Development (HUD). The above incomes are set according to HUD’s 2015 calculations.

An innovative mix of government and private sector funders have partnered with Win to support this project, including HDC, HPD, the New York State Homeless Housing and Assistance Program (HHAP) under the Office of Temporary Disability Assistance (OTDA), the office of Brooklyn Borough President Eric Adams, the New York City Department of Health and Mental Hygiene, the New York City Office of Environmental Remediation (OER), Richman Housing Capital, Bank of America, the Corporation for Supportive Housing (CSH), and Glenmore LLC.

“OTDA is excited to partner for the first time with Win and provide more than $5 million for its largest supportive housing project so far,” said Office of Temporary and Disability Assistance Commissioner Samuel M. Roberts. “We congratulate Win on today’s groundbreaking and look forward to seeing the final product which will provide invaluable support to some of the City’s neediest families.”

Brooklyn Borough President Eric Adams said: “Win Glenmore is a real win for East New York and Brooklyn, providing affordable housing to New Yorkers in the greatest need of a helping hand. I am particularly proud to be a part of a project that will house nearly 100 families facing down challenges of chronic homelessness, supporting them with the services they need to live easier lives. Win Glenmore is helping Brooklyn fulfill its mission to be a safe place for everyone to raise healthy children and families.”

“Bank of America Merrill Lynch is pleased to work with Win and Junius Glenmore Development to help build supportive and affordable housing for families and those with special needs in Brownsville,” said Todd Gomez, Regional Executive in Community Development Banking at Bank of America Merrill Lynch. “This is a tremendous example of how public-private partnerships can address the needs of our most vulnerable residents while building strong, safe, and supportive neighborhoods throughout New York City. Win Glenmore fits perfectly into the Bank’s 10-year $1.5 trillion community development lending and investing initiative.”

“The Richman Group is excited to partner with the City of New York and New York State Agencies along with the great development team of Win and Junius Glenmore Development on The Glenmore,” said Richman Capital Executive Vice President Peter McHugh. “The Glenmore will be a unique property that will serve the Brooklyn community well.”

“This accomplishment by Win is so timely because of the growing number of families in New York City facing homelessness and many other hurdles before they reach self-sufficiency,” said Jennifer Trepinski, Corporation for Supportive Housing Loan Officer. “We partnered with Win, providing a $1 million loan for Win Glenmore, with the goal of aggressively moving these types of initiatives forward. We must work together to address the City’s housing-homelessness crisis, which is directly hurting families and children.”

Construction financing sources include $40.1 million in tax-exempt bonds and $8.85 million in corporate subsidy from HDC. HPD provided approximately $11.9 million in City Capital and Low-Income Housing Tax Credits. The Brooklyn Borough President’s office contributed $500,000 in Reso A. Approximately $5.2 million was contributed through the New York State Homeless Housing Assistance Program and the New York City Office of Environmental Remediation issued $40,000 for light remediation work. Additionally, Bank of America provided a loan of $4 million. The Richman Group is the tax credit syndicator for this project.

The affordable housing units not filled by special needs referral will be through NYC Housing Connect, an Open Lottery System to ensure fair and equitable distribution of housing to income-eligible applicants. Marketing of the apartments and the application process for the lottery typically begins when construction is approximately 70 percent complete. For more information regarding the affordable housing lottery process or if you would like to receive an e-mail when HPD updates its available apartment and home website listings for City-subsidized housing in the five boroughs, please visit the ‘Find Housing’ page under the ‘Renter’ tab at www.nyc.gov/hpd. Current housing lotteries are also available at www.nyc.gov/housingconnect. Applicants may submit either a paper application or an electronic application. Duplicate applications will be disqualified.

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About Win
Since 1983, Win has been transforming the lives of New York City homeless women and their children by providing the housing, programs and services they need to succeed on their own. With more than 1,100 units of family shelter and 230 units of permanent supportive housing for families in several boroughs, Win provides shelter for more than 4,500 people every night, including 2,600 children. Win focuses on solutions for the many causes of homelessness by helping more than 11,600 people each year improve their job skills, life skills and personal health and by providing childcare, after school programs and a dedicated summer day camp program, Camp Win.

About the New York City Department of Housing Preservation and Development (HPD)
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: A Five-Borough Ten-Year Plan to create and preserve 200,000 affordable units for New Yorkers at the very lowest incomes to those in the middle class. For more information visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us via www.facebook.com/nychpd and www.twitter.com/nychousing.

About the New York City Housing Development Corporation (HDC):
HDC is the nation’s largest municipal Housing Finance Agency and is charged with helping to finance the creation or preservation of affordable housing under Mayor Bill de Blasio’s Housing New York plan. Since 2003, HDC has financed more than 120,000 housing units using over $13.7 billion in bonds, and provided in excess of $1.6 billion in subsidy from corporate reserves. HDC has been the #1 issuer in the nation of mortgage revenue bonds for affordable multi-family housing in each of the last three years. In Affordable Housing Finance Magazine’s most recently published annual listing of the nation’s top ten funders of multi-family housing, HDC is the only municipal entity on the list. HDC is also the third largest affordable housing lender in the U.S. after Citi and Wells Fargo, ranking ahead of such industry leaders as Bank of America and Capital One. For additional information, visit: www.nychdc.com.

Contact: Juliet Morris (HPD),
Christina Sanchez (HDC),

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