"Habitat for Humanity" completed "affordable housing"
Habitat for Humanity Family Partner
Project Overview • 53,000-square-foot multifamily building complex • 41 units • mix of one-, two- and three-bedroom condominiums • A complex of three four-story buildings • Construction completed in September 2009
Total Development Costs • $11.6 million project • Construction loan provided by Citibank • $1.64 million from the New York State Affordable Housing Corporation • $1.145 million from the New York City Housing Trust Fund • $400,000 from the Brooklyn Borough President’s Office • $820,000 from the Independence Community Foundation • $308,000 from the New York State Affordable Housing Trust Fund • Home sponsorships by Bank of America, Citi, Credit Suisse, Delta Air Lines, Goldman Sachs, and Hilb Rogal and Hobbs, Southern Wine & Spirits, and others, and funding from NYSERDA, the Starr Foundation, St. John’s University Campus Chapter, Thrivent Financial for Lutherans, United Technologies Corporation and the US Department of Housing and Urban Development • New York City’s Department of Housing Development and Preservation sold the land to Habitat- NYC for $13
Habitat Homeowners • Earn between 45% - 80% of the city’s area median income ($31,905 to $56,720 for a family of four) • Work at least 300 hours per adult (to a maximum of 600 hours) to help build their homes • Pay no more than 33% of their income on monthly housing expenses • Are first-time homebuyers • Qualify for the State of New York Mortgage Authority (SONYMA) Habitat for Humanity Mortgage Program • Sales prices start at $77,000, with an average sales price of $145,000
Volunteers • About 10,000 volunteers helped to build the homes
Green Building • Received LEED Gold certification • Participating in pilot project with U.S. Green Building Council for LEED for Homes certification • Built to ENERGY STAR standards • ENERGY STAR appliances & lighting fixtures • High-efficiency boilers • Energy-efficient, low-emissivity windows • Construction materials are non-toxic and sustainable • Landscaped with drought-resistant plants and permeable paving • Homeowners will be able to save an estimated 30 percent or more on their utility bills
Economic Impact • Generate about $34.5 million in economic activity over the next 40 years • Produce approximately $3 for every dollar invested, more than a 300 percent return on project investment by Habitat-NYC and its supporters; • Supported 111 jobs and create $20.45 million in economic activity during the two-year construction phase alone; • Funneled $2 million of that $20.45 million directly to businesses in Ocean Hill-Brownsville, strengthening the economy of one of the city’s lowest-income neighborhoods.