PROJECT SUMMARY:
This 420-unit family property is located at 100 Terrace Avenue in Hempstead, on Long Island in Nassau County, New York. Alongside preserving the long-term affordability of 100 Terrace, HVPG has planned ~$23 million in renovations, averaging $55,000 per unit, to modernize the the six-story, mid-rise building originally constructed in 1972. HVPG is committed to continuing and supporting existing resident programming, including the PEACE afterschool program that serves the community (Partnerships in Education to Avoid Criminal Justice System Entry).
FINANCING AND SUBSIDY:
The project was financed through a combination of equity from HVPG’s Hudson Valley Preservation Fund and a Fannie Mae loan provided by KeyBank.
HVPG has secured a renewed HUD Project-Based Section 8 Housing Assistance Payment (HAP) contract covering 99% of the property’s units. Under this agreement, income-qualified residents will pay no more than 30% of their household income toward rent, with affordability protections locked in for an additional 22 years. The property is further restricted to income-qualified residents earning no more than 50% of Area Median Income (AMI). The property is further supported by a Payment in Lieu of Taxes (PILOT) agreement with the Township of Hempstead Industrial Development Agency (IDA), which was instrumental in enabling the preservation of this vital affordable housing asset.
RESULTS:
- A ~$245M investment (total project costs) into Nassau County’s affordable housing supply
- Long-term affordability preserved for decades to come with a new project-based Section 8 Contract & PILOT Agreement
- Comprehensive renovations designed to enhance quality of life for residents while modernizing the property’s infrastructure and amenities
- No displacement of residents
SCOPE OF WORK:
HVPG’s renovation plans prioritize resident safety, comfort, and quality of life through a wide-ranging transformation of the property. The comprehensive scope of work will touch every aspect of residents’ living experience, from their individual units to shared spaces and building-wide systems.
Units will receive new cabinetry and countertops, energy-efficient appliances, water-saving faucets and sinks, and upgraded flooring as needed. The property will feature an expanded central laundry facility on the ground floor and a newly created business center available for residents’ use.
HVPG will be launching its signature Community Enhancement Program which includes the implementation of security measures throughout the property, including upgraded cameras, access control systems, and intercom technology.
All residents will have access to complimentary high-speed Wi-Fi at no cost. Building infrastructure improvements will address critical systems with new roofing, parking garage improvements, boiler system repairs and complete modernization of all elevators.
