HPD, HDC, NYCRS, and CPC Celebrate Ribbon-Cutting for Affordable Housing Complex in Harlem

23 Renovated Units at Bethany Place Available for Sandy-Impacted and Rent-Burdened Families

New York, NY, November 12, 2014 – State and local officials joined New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corporation (HDC), New York City Retirement Systems (NYCRS), The Community Preservation Corporation, Inc. (CPC), Bethany II HDFC, and Bethany Baptist Church to celebrate the ribbon cutting of Bethany Place, an affordable housing development located at 301 West 153rd Street in Harlem.

Bethany Place has been gut renovated into 23 quality rental units, 10 percent of which are set aside for families displaced from their homes due to Hurricane Sandy, with the remaining units reserved for income-eligible households.

“Over the past 20 years, serving as Chairman of the Housing Ministry has been such a wonderful experience, but the completion of this project has proven to be my greatest joy. While we started out to do Housing Ministry, this building was our goal. Two buildings and 20 years later, we have done what no one believed could be accomplished. Well, it’s to God’s Glory that we are able to provide apartments to people in need of affordable housing. I wish to thank all of the agencies and people involved in making this dream, a dream come true,” said Deacon Robinson, President of Bethany II HDFC.

Financing for Bethany Place came from a variety of public and private sources. HPD provided a $2.5 million construction-to-permanent loan, and HDC provided $1.3 million in subsidy. CPC provided a $4.4 million construction loan, and a $3.6 million permanent loan through NYCRS with 100% SONYMA insurance. Additionally, the Community Capital Assistance program contributed a $1.4 million New York State Grant.

“Bethany Place has been in the planning stages for more than 10 years. During that time, this important redevelopment has gone through many changes and challenges including the loss of City funding. The fact that we are standing here today to dedicate new, affordable housing for the community is proof that longevity and stick-to-it-ive-ness are required to get things done. I commend the people and workers of Bethany Baptist Church for their continual battle to get this building finished and make these apartments available. It has been a pleasure to support them,” said Assemblyman Herman D. Farrell, Jr.

The building was gut renovated with all new mechanical systems, a new elevator, new windows and fully renovated apartments with new layouts. Moreover, a commercial space totaling 2,243 square feet was created on the ground floor and has been leased to Super Uptown 99 Plus Discount, Inc. The basement will be used as office space for the super and Bethany Baptist Church.

All units have Energy Star appliances as well as hardwood floors, high ceilings, and ample closet space. All 23 units are available for households at 80% and 100% of the area median income, with the 10 two-bedroom apartments renting for $1,322 and $1,668, and the 13 three-bedroom apartments for $1,527 and $1,926. These monthly rents include all utilities except electricity.

“CPC specializes in financing small affordable rental properties such as Bethany Place, which are critical sources of housing for the two thirds of the city’s population that rents their homes.

We are especially proud to have worked with HPD, HDC, NYCRS, and all of our other partners to finance these small, multi-family buildings, which will become a stable foundation for Sandy-impacted and low-income families rebuilding their lives,” said Richard Conley, Senior Vice President & Originations Director, CPC. “We hope to continue working on successful preservation projects, especially in underserved markets in New York City that are at risk of losing their affordable housing stock.”

Bethany II Housing Development Fund Corporation is a not-for-profit created by the Bethany Baptist Church that owns several senior housing projects in the neighborhood, including The Henry Brooks Senior-Citizen Housing project.

About CPC
The Community Preservation Corporation, Inc. (CPC) is a non-profit lender providing reliable capital to underserved neighborhoods throughout New York State since 1974. A nationally recognized leader in affordable housing finance, CPC is committed to delivering financing and technical expertise, and to working with community partners to create and preserve affordable housing. To date, CPC has invested more than $8.4 billion in over 157,000 units of housing. For more information, please visit www.communityp.com.

Contact: Eric Bederman, VP/Communications
212-895-5300, ext. 482 [email protected]