January 29, 2018

Enterprise New York: 2017 Capital Year in Review

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Beverly's Placing architectural rendering

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. 

Sponsor

Community Counseling & Mediation (CCM) is a Brooklyn-based social service organization and an experienced developer and operator of supportive housing.

Enterprise's Role

Enterprise syndicated $26.5 million in Low-Income Housing Tax Credit (LIHTC) equity.

1017 Home Street: Senior Housing

1017-Home-Street-Rendering.jpg1017 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.

Sponsor

Bronx Pro Group is a longtime partner of Enterprise and is committed to providing energy-efficient affordable housing in the Bronx. 

Enterprise's Role

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

GMDC-ozone-park.jpgEnterprise 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.

Sponsor

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's Role

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

seven-town-homes-site.jpgThe 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. 

Sponsor

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.  

Enterprise's Role

Enteprise syndicated $17.4 million in LIHTC equity.