|Retrofits and Renovations|
The initiative to rehabilitate our existing housing stock meets not only the immediate needs of our tenants, but it proactively addresses the rising environmental concerns for the future of the surrounding community. We anticipate rehabilitation will serve as a catalyst for other similar improvements in the area.
When we retrofit and renovate our buildings, we install new Low-E windows and energy efficient systems and use eco-friendly paint. We also test for lead and other potential health hazards in our buildings.
In December of 2005, the Sachs family approached Fordham Bedford Housing Corporation (FBHC) to discuss selling a number of multifamily Bronx properties that they had owned for between 15 and 50 years. The first six buildings to be worked on were split into two projects, dubbed Uptown Bronx and West Side Bronx.
Uptown Bronx consists of three buildings, 200 East Mosholu Parkway North, 2825 Webb Avenue, and 457 East 187th Street, altogether containing 137 residential units. At these properties we are performing a moderate rehab (about $33,000 per unit), while retaining the current manager (Dougert Management) during and after renovation. Fordham Bedford feels this will add stability to the operation of the buildings, particularly during the development and construction period.
West Side Bronx consists of 146 units in three properties: 111 W. 183rd Street, 1874 Loring Place, and 2065 –76 Davidson Avenue. We are doing extensive rehabilitations at each of these locations. As in the Uptown Bronx rehab, Dougert Management will continue to manage the buildings. We expect to complete construction by the end of 2009.
FBHC utilized the Community Preservation Corporation (CPC) on the private financing of these properties, and the City participated with both Participation Loan Program (PLP) financing and the Housing Trust Fund.
In addition, funding through a rehabilitation loan from the Department of Housing Preservation and Development and the Community Preservation Corporation has allowed us to carry out similar improvements in four of our other properties most in need of renovation. These properties grouped together have been dubbed Tremont Echo and are located at 64 East Tremont Avenue, 314 East 178th Street, 1921 Morris Avenue, and 315 Echo Place. Construction is scheduled to be finished by end of year.
Our property at 2241 Webster Avenue, pictured above, underwent a gut rehabilitation that was completed in 2006. In line with aforementioned renovation procedures, this project included a new green roof, bamboo flooring, energy efficient windows, energy star appliances, and low-VOC paint. Its 9 residential units are for residents who earn between 50 and 60 percent of the area median income and pay no more than 30 percent of their income toward rent.
Funding partners include New York City Department of Housing Preservation and Development, The Community Preservation Corporation, and University Neighborhood Housing Program. Funding for the green roof was provided by Bronx Initiative for Energy and the Environment.