362 Apartments on Staten Island to Remain Affordable for 40 Years
Governor Andrew M. Cuomo today announced the completion and official ribbon cutting of the Fox Hill Apartments complex on Staten Island. The $92.7 million project modernized and improved the entire development, including 362 apartments for low-income New Yorkers where rents will remain affordable for the next 40 years.
"As we work to expand affordable housing opportunities across the entire state, it is essential that we also continue to invest in the homes we already have," Governor Cuomo said. "By investing in quality apartments and extending affordability for another four decades, New York is ensuring residents on Staten Island have access to safe, decent homes for years to come."
"The opening of the new Fox Hill Apartments is a significant step forward for Staten Island, building upon our continued efforts to improve the quality of life for low-income New Yorkers," said Lieutenant Governor Kathy Hochul. "We are leading the nation with an unprecedented plan to invest in affordable housing to ensure all New Yorkers have a safe place to call home. With a steadfast commitment and an innovative public-private partnership, we are expanding housing options for Staten Island families and helping them to make ends meet for generations to come."
Originally built in 1965 and located on Vanderbilt and Park Hill avenues, the Fox Hill Development consists of three, six-story elevator buildings that include studio, one- and two-bedroom apartments. The renovations included upgrades to lobbies, hallways, kitchens, bathrooms, elevators and electric systems. Additionally, new roofs, Energy Star appliances, flooring, boilers, and water heaters were added, and handicapped accessible ramps have been installed in each building lobby.
New York State Homes and Community Renewal provided $48.5 million in financing in the form of tax-exempt bonds and a subsidy loan through its Multi-Family Preservation Program. HCR's federal Low-Income Housing Tax Credit allocation will generate about $33.4 million in equity for the project. Fox Hill Apartments is supported by the New York City Department of Housing Preservation and Development and the U.S. Housing and Urban Development Section 8 program. As a condition of receiving both State and City funding for the project, the owners of Fox Hill Housing, LLC, entered into regulatory agreements which will maintain tenant affordability for the next 40 years.
The Fox Hill Development project reflects Governor Cuomo's commitment to providing all New Yorkers with access to safe, affordable housing through his unprecedented $20 billion, five-year plan to create or preserve more than 100,000 affordable homes and 6,000 with supportive services. The plan is a comprehensive approach to statewide housing issues and includes multifamily and single-family housing, community development, and rent stabilization.
Since 2011, HCR has built or preserved more than 950 units of affordable housing on Staten Island with about $131 million in HCR resources which have leveraged more than $357 million in private investment.
HCR Commissioner RuthAnne Visnauskas said, "The modernization of the Fox Hill Apartments complex is a concrete example of Governor Cuomo's commitment to affordable housing on Staten Island. Built a year after the Verrazano Narrows Bridge opened, this revitalization of Fox Hill enhances the quality of life for current residents and assures affordable rents for 40 years to come."
Senator Diane Savino said, "Congratulations to Park Management for quickly facilitating the restructuring and modernization of Fox Hill Apartments. I am pleased that my constituents will live in improved living conditions with rent that will remain affordable for the next 40 years."
Assemblyman Michael Cusick said, "These renovations to the Fox Hill Apartment buildings were much needed. Providing residents with upgraded amenities to their living space will contribute to a better quality of life. Individuals living in affordable housing in our borough should not be subjected to hazardous living environment and I am glad NYS Homes and Community Renewal has invested funding to ensure safe living spaces."
City Councilwoman Debi Rose said, "The need for affordable housing is the top concern among my constituents based on the calls that come into my office and the conversations I have with local residents. Ensuring quality housing for people of all income levels is therefore among my top priorities as councilmember. By upgrading, strengthening and preserving 362 residential units in Fox Hills, this public-private partnership between Park Management and New York State Homes and Community Renewal helps meet an important need here on the North Shore."
Fox Hill Housing, LLC, Manager Joel Gluck said, "The financial restructuring of Fox Hill Apartments is a true public-private partnership which preserves the affordability of 362 apartments for the next 40 years while enabling much needed renovations to be completed at the property. Park Management is committed to maintaining the highest level of affordable housing for its tenants and would like to take this opportunity to thank its public and private partners including HCR, HPD, HUD, Wells Fargo and local elected officials in making this renovation project a reality."
Rockabill Consulting-Development President Niall Murray said, "I congratulate Park Management for completing the challenging project within the 18-month construction schedule without the need to relocate tenants. During the course of construction, the developer recognized that additional work should be done in order to provide the best possible project to the tenants and provided an additional $1.2 million from outside the development budget to fund this work. I commend HCR, HPD, HUD, and Wells Fargo for their commitment to the project and providing the necessary capital to fund the renovations and improving the quality of life for Fox Hill Apartment tenants."
NYS Homes and Community Renewalworks to create, preserve and improve affordable homes, and to develop vibrant communities. HCR is executing Governor Andrew M. Cuomo's unprecedented $20 billion, five-year Housing Plan, a far-reaching approach to statewide housing issues, and includes investing in multifamily and single-family housing, furthering community development strategies, and preserving rent stabilization. For more information on HCR, its programs and its initiatives, please visit: www.nyshcr.org.
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