Enterprise New York: 2017 Capital Year in Review
Since our New York office opened in 1987, Enterprise has invested over $3.4 billion to build or preserve well-designed affordable homes throughout the city. As the needs of our most vulnerable residents evolve, so too does our capital investment.
Today, we are investing in supportive housing to enable those who require comprehensive services to remain in their homes and thrive; we are investing in senior housing to ensure that the city's growing population of older adults can safely age-in-place; we are supporting the creation of living wage manufacturing jobs in neighborhoods that need employment; and we are preserving critical public housing.
In 2017, Enterprise invested over $336 million throughout New York State. Below are a few examples of how these investments are making an impact.
Beverly's Place: Supportive and Formerly Homeless Housing
Beverly's Place will be a new 72-unit building serving families and formerly homeless individuals in Brooklyn, New York. More than half of the homes will be set aside for chronically homeless single adults with mental illnesses. The building will also meet the Enterprise Green Communities Criteria. Community Counseling & Mediation, which has supported vulnerable populations in Brownsville for the past 35 years, will develop and operate this building, which will provide deeply affordable housing for the community.
Community Counseling & Mediation (CCM) is a Brooklyn-based social service organization and an experienced developer and operator of supportive housing.
Enterprise syndicated $26.5 million in Low-Income Housing Tax Credit (LIHTC) equity.
1017 Home Street: Senior Housing
1017 Home Street will provide 63 affordable homes for seniors in the Foxhurst neighborhood of the Bronx. One third of the homes will be set aside for formerly homeless seniors, and all residents will receive support services. The building will be LEED Gold certified and hold commercial space for a community center. NYC has a severe shortage of affordable homes for low-income seniors, many of whom live on fixed incomes. This project will help meet this rapidly growing need.
Bronx Pro Group is a longtime partner of Enterprise and is committed to providing energy-efficient affordable housing in the Bronx.
Enterprise originated a $1.2 million acquisition loan through the NYC Acquisition Fund and syndicated $18.9 million in LIHTC equity.
GMDC Ozone Park Industrial Center: Job Creation
Enterprise has partnered with Greenpoint Manufacturing and Design Center, LISC, New York City Economic Development Corporation and Empire State Development to redevelop and modernize an underutilized warehouse into a multi-tenant, LEED certified manufacturing hub in Ozone Park, Queens. The Industrial Center will create 80 skilled jobs and house 24 businesses, offering long-term leases that provide stability for years to come.
Greenpoint Manufacturing Design Center (GMDC) is a Brooklyn-based nonprofit developer established 20 years ago. Enterprise previously partnered with GMDC for a project in Crown Heights, Brooklyn.
Enterprise provided an $8.7 million loan through Enterprise Community Loan Fund and allocated $10 million in New Markets Tax Credits.
Seven Townhomes: Public Housing RAD Conversion
The Rental Assistance Demonstration (RAD) conversion of Seven Townhomes rehabilitated 200 units of public housing in Yonkers, New York. The rehabilitation is the first major renovation since they were built in the early 1990s. The site was initially developed to satisfy a federal court decree in the landmark desegregation case United States v. the City of Yonkers. The renovations will create modern, energy-efficient homes that will provide healthy living environments for low-income residents.
Municipal Housing Authority of the City of Yonkers (MHACY) is the largest provider of affordable housing in the City of Yonkers and will oversee the conversion of 40 buildings through HUD's RAD program.
Enteprise syndicated $17.4 million in LIHTC equity.