HPD SHNNY Conference 2016

Housing New York Five-borough, Ten- Year Plan A comprehensive plan to build and preserve 200,000 affordable units over the coming decade by: Fostering diverse, livable neighborhoods Preserving the affordability and quality of the existing housing stock Building new affordable housing for all New Yorkers Promoting homeless, senior, supportive, and accessible housing

Permanent affordable housing with on-site social services Low-interest loans used in conjunction with 4% and 9% LIHTC and other subsidy sources At least 60% of units rented to homeless disabled households in need of supportive services Remaining units rented to low-income households earning up to 60% AMI Tenants have leases and pay up to 30% of their income toward rent Projects may involve new construction or renovation on City-owned or privately- owned land Supportive Housing Loan Program (SHLP)

59,000+ SF assemblage; divided into 2 parcels Park House – 248 units including 20 OMH units and 40 permanent affordable units – Closed in December 2014 – Social service funding provided by OMH – Capital financing provided by HPD, HDC, OMH, HHAP, FHLB, 4% LIHTC Webster Supportive Housing – 171 units including 85 supportive units – Closed in November 2015 – Social service funding provided by OMH & HASA – Project-based Section 8 vouchers provided by NYCHA – Capital financing provided by HPD, HFA, OMH, MRT, HHAP, FHLB, 4% LIHTC Webster House & Park House

Sponsor/Developer/Property Manager: Breaking Ground Service Provider: Center for Urban Community Services Architect: CookFox Architects General Contractor: Mega Contracting, Inc. Webster House Development Team

UsesAmount Acquisition Cost$2,800,000 Construction Cost$44,056,798 Soft Cost$11,813,575 Developer Fee$5,600,000 TOTAL USES$64,270,372 Webster House Use of Funds

Webster House Construction Sources Construction SourcesAmount NYS HFA Tax Exempt Bonds$30,520,000 NYS OMH Capital$10,640,000 NYS MRT$2,636,234 NYS HHAP$2,500,000 NYC HPD SHLP$11,970,000 Federal Home Loan Bank$190,000 Sponsor Loan (OMH PDG)$175,000 LIHTC Equity$2,651,186 Accrued Interest$255,451 Deferred Developer Fee$2,732,500 TOTAL SOURCES$64,270,372 * Project also utilized Brownfield tax credits Permanent SourcesAmount NYS HFA 1 st Perm Loan (borrower portion)$5,750,000 NYS HFA 1 st Perm Loan (OMH portion)$10,640,000 NYS MRT$6,138,000 NYS HHAP$2,500,000 NYC HPD SHLP$11,970,000 Federal Home Loan Bank$190,000 Sponsor Loan (OMH PDG)$175,000 LIHTC Equity$26,511,863 Accrued Interest$255,451 Deferred Developer Fee$140,000 TOTAL SOURCES$64,270,372

City/State collaboration Incorporated supportive units into larger affordable housing development Leveraged complex web of resources Brownfield tax credits Non-residential space underwriting challenges Successes & Challenges

Thank you! Emily Lehman