Posts Tagged ‘Federal Home Loan Bank of New York’

Case Study in Excellence: The Birches at Esopus

Wednesday, May 4th, 2011

New York, NY:  The New York State Association for Affordable Housing (NYSAFAH) honored Birchez Associates’ affordable senior community, The Birches at Esopus, as Case Study in Excellence at a reception and presentation held in New York City at the REBNY (Real Estate Board of New York) headquarters.

Already recognized by NYSAFAH as Project of the Year — Upstate for 2010, The Birches at Esopus served as a case study in successful public and private partnership, innovative financing, and green energy efficiencies. At its ribbon cutting, the community was also acknowledged as an Energy $mart Building by NYSERDA, in part because 70% of domestic hot water and 30% of the heat comes from solar thermal panels. Further, The Birches at Esopus was one of four national finalists for Senior Project of the Year in Affordable Housing Magazine.

The panel (shown to the right) was introduced by Jay Seiden, Seiden & Schein, PC, and comprised Birchez Associates Founder & Managing Member, Steven L. Aaron, The Honorable John Coutant, Supervisor of the Town of Esopus, John Kelly, Esq. of Nixon Peabody, Marian Zucker of New York State Homes & Community Renewal, Peter King representing the Federal Home Loan Bank – NY, and Rita Wyatt Esq., principal of Wyatt & Co. Judy Wells Aaron and K.J. McIntyre both of Birchez Associates also participated in the presentation. Available for the Q&A were the Town of Esopus clerk, Diane L. McCord, town council member Gloria VanVliet and chair of the planning board Roxanne Pecora (shown in the lower left photo from right to left).

Key topics introduced both by panel participants and the audience included:

  • Finding financing for affordable housing projects and how that has changed in today’s economic market
  • Creating market rate amenities to both attract residents and to fulfill aging in place goals
  • Structuring a public – private partnership and the political courage it takes to succeed in bringing quality affordable housing to a community
  • Changing environment in the now combined DHCR and nyhomes, now New York State Homes and Community Renewal

Attendees included developers, financiers, architects, attorneys and other members of NYSAFAH.

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Challenges in the Affordable Housing Market

Monday, December 20th, 2010

Hudson Valley Business Journal, December 20, 2010:

The New York Hilton hosted the New York Housing Conference (NYHC) and the National Housing Conference 37th annual awards luncheon and symposium “Solutions for a New Landscape.” The role of the NYHC is to advocate for affordable housing policy in Washington DC as well as in New York State. While much of the content and conversation was somber, given the current economic outlook and the result of the midterm elections for Congress, there were some bright spots brought into focus by some symposium speakers. Among these is the case for sustainability in both new building and rehab, and the breadth of the sustainability efforts.

Participants on the panel addressing “Sustainable Financing from Dollars to Development” spoke of the wide-ranging impact of sustainable practices in the affordable housing arena. A Seattle study, which Enterprise Community Partners, Inc., hopes to replicate in New York through a partnership with Mt. Sinai Hospital, demonstrated the impact of air quality improvements during rehab of workforce housing. Emergency room visits were cut to a third, with annual savings of nearly $1,500 in medical costs per family studied. While such savings do not line a developers pocket, they do make an impressive case for the impact of green practices in both rehab and new construction settings. Abby Jo Sigal, Vice President and Impact Market Leader (NYC) for Enterprise, suggests this is one way of getting Washington’s – and Albany’s – attention in funding projects.

Far less hopeful words, such as inertia and gridlock, were heard in the “Affordable Housing Post Midterm Elections” symposium. One area of concern is the lead time new leadership will require in bringing themselves up to speed on housing issues. A Senator’s staff was quoted as anticipating months that would be required to review existing programs before there’s any hope of consideration of new initiatives.

Meanwhile the aptly named “Government Funding Options in Tough Times” symposium addressed the new integrated funding process of New York State Homes and Community Renewal (HCR). This year under the leadership of Commissioner Brian Lawlor, the former Division of Housing and Community Renewal and NY Homes as well as other housing agencies have been combined into one agency to increase the efficiency and effectiveness of the programs while reducing costs. Under this new umbrella the alphabet soup of programs administered include: SONYMA, HTFC, HFA, AHC, MIF, MBBA, TSFC and DHCR.  The agency administers the Low-Income Housing Tax Credit program for the state, itself the subject of another symposium.

At the awards banquet approximately 1,500 housing and financial leaders gathered to salute awardees in the affordable housing industry. Among the honorees was the Federal Home Loan Bank of New York, saluted for its 20th anniversary year of its Affordable Housing Program. The program has supported more than 1,200 projects with grants totaling more than $350 million, creating more than 50,000 units of affordable housing and generating nearly $6 billion in total development costs.

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Pictured left to right following the awards ceremony: Robert Lehrman, Trustee of the National Housing Conference and Advisory Board Chairman of Lodestone Banking Consultancy Inc., Luncheon Chairman Alfred A. Dellibovi, President and CEO of The Federal Home Loan Bank, Steven L. Aaron, Founder and Managing Member Birchez Associates LLC and Pathfinder Sponsor of the event, Daron Tubian, New York Housing Committee member representing Bank America Merrill Lynch, and Judith Calogero, CEO, New York Housing Conference.

Redefining Affordable

Monday, November 15th, 2010

Kingston, 11-10 by Kim Plummer

Over the past few years there has been a dramatic decrease in the number of affordable housing developments being built throughout New York State. For aging boomers seeking affordable housing, the key is to start looking early, do your homework, and reach out to local agencies, sources say.

Ken Harris, senior policy analyst for New York Association of Homes and Services for the Aging (NYAHSA) says the decline in this sort of housing can be attributed to increased costs and zoning issues. “A lot of housing that needs to go through zoning changes is finding opposition from neighbors in many cases,” Harris says. “It’s a recent trend that’s difficult.” . . .

When looking for affordable senior housing, one should keep in mind that affordable housing can still be very competitive with market-rate housing as far as amenities go. A lot of people believe the more you pay, the more services you get, but that’s not always the case, Harris says.

Housing is unique; amenities, transportation services, and communities vary quite a bit, even in the realm of affordable housing units. Harris suggests people do their homework when searching for affordable housing; one element he finds particularly important to seniors is an onsite service coordinator.

“The service coordinator is sort of like a linchpin between the resident and services in the community,” Harris says. “They can help the resident find resources in the community – everything from Medicare, Medicaid, help with information, and supportive health services.”

Currently, The Birches at Chambers in Ulster and the Birches at Esopus in Ulster Park are two ADA-compliant, affordable housing facilities resembling market-rate housing. Amenities in the average rental price of about $750 per month include fitness trainers in the onsite fitness studio, a movie theater, community rooms, a library, fully equipped computer labs with Internet access, and craft rooms. Additionally, The Birches at Chambers is anticipating LEED Platinum certification and has been certified as a NYUSERDA Energy $mart Building. “It’s not what people expect to see for affordable housing,” says K.J. McIntyre, director of marketing for Birchez Associates, LLC.

Most recently, Birchez Associates has received initial funding from the Federal Home Loan Bank of New York to build affordable senior housing onto the Elant campus, a nursing home in Fishkill. This will be another ADA-compliant facility. “With the service of Elant close at hand, we can offer additional home health and nursing care as needed, while our residents continue to live in their homes, as opposed to the nursing home environment,” McIntyre says.

Birchez Associates also owns and manages two additional affordable senior housing communities. Chambers Court, completed in 2004, provides cottage-style one- and two-bedroom apartments adjacent to The Birches at Chambers in Ulster. The Birches at Saugerties is another affordable senior community completed in 2006 with 60 garden-style apartments. . . .

Seniors who need assistance finding affordable housing can contact their local Office for the Aging, where they can be provided with additional consultation about affordable housing as well as Active Adult Communities that specially reserve units for affordable housing.

Photo: The Birches at Esopus

Excerpted from the full article, Affordable Housing Trends: Redefining Affordable, in the Boomer’s Guide to Living 2010 published by Schein Media (Kingston, NY)

The publication is currently available by clicking here.

Low-income senior housing planned

Monday, July 26th, 2010

HVBiz June 25, 2010 by  Terra Thompsen

Affordable independent living for low-income seniors is the aim of a proposed $15.4 million development slated to be built on the property of the Elant-owned nursing facility in Beacon.

The project, called The Birches of Fishkill, would provide housing for seniors age 62 and older who are at 50 percent or less of median income. The facility would offer residents the prospect of independent living outside full-time nursing homes.

“It’s a real opportunity for a chance of community and a chance of a home within the communities these seniors have lived in their whole lives,” said Steve Aaron, managing member of Kingston-based Birchez Associates LLC.

The facility is to be built on the present Elant property at 22 Robert R. Kasin Way off Route 9D in Beacon. Elant at Fishkill partnered with Birchez Associates for the development of this facility and to provide health care in the communities they already serve.

The facility would provide 62 one-bedroom and 10 two-bedroom apartments for low-income seniors. The cost of buying into the community had not yet been determined.

The main building will consist of apartments, amenities and nursing offices. Two separate cottage-style buildings will provide for more apartments. All 72 apartments will be handicapped-accessible and meet the standards set forth by the American With Disabilities Act.

Amenities will include a theater, media room, community room, game room and a library.

Registered nurses and athletic trainers on the premises will provide care weekly with no additional charge to residents.
“We continue to push the envelope to provide amenities that make this home,” Aaron said.

The facility’s design is also intended to provide energy efficiency to reduce costs. A similar design at The Birches of Esopus in Ulster County was awarded a 2010 New York State Energy Research and Development Agency’s Award for Excellence.

“There are certainly not many models of affordable independent living in the country,” Aaron said.

Currently there is demand in the Fishkill community for 1,169 units of independent senior living apartments based on the waiting lists for similar facilities. The Birches at Fishkill would ease this demand, Aaron said.

The project recently was awarded $1.4 million from the Federal Home Loan Bank of America and its member Rhinebeck Savings Bank.

The grant will help fund the construction, which is expected to begin in the fall pending final approvals.

Alfred A. DelliBovi Honored on the Floor of the U.S. House of Representatives

Thursday, July 15th, 2010

Hinchey honors FHLBNY for its Affordable Housing Program

NEW YORK, July 15 Forbes.com  – Since 1990, the Federal Home Loan Bank of New York has provided more than $220 million in grants to more than 750 affordable housing initiatives across New York State through its Affordable Housing Program (“AHP”).  These projects have helped create, rehabilitate or preserve more than 30,000 affordable homes for low-income families, seniors and the workforce across the Empire State, and have generated more than $3.5 billion in total development costs for local economies.  On July 8, at the dedication ceremony of The Birches at Chambers, a state-of-the art, affordable senior living community in Ulster, New York, which was partially funded by the AHP, Federal Home Loan Bank of New York President and CEO Alfred A. DelliBovi was honored by Congressman Maurice Hinchey (NY-22) for the Bank’s contributions to affordable housing.

“Under the guidance of president and CEO Alfred A. DelliBovi since 1992, the Federal Home Loan Bank ofNew York has helped community lenders across New York, New Jersey, Puerto Rico and the U.S. Virgin Islands advance housing and community growth,” Congressman Hinchey said in a statement for theCongressional Record.

In his comments at the event, Mr. DelliBovi thanked Congressman Hinchey for his continued support of affordable housing initiatives across New York’s 22nd District.  The AHP has been especially active in the 22nd District, supporting 51 projects with grants of more than $18 million, helping to create nearly 2,300 affordable homes.

Federal Home Loan Bank of New York

The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank.  It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks.  The FHLB of New York currently serves over 330 financial institutions in New Jersey, New York,Puerto Rico, and the U.S. Virgin Islands.  The mission of the Federal Home Loan Banks is to support the efforts of local members to help provide financing for America’s homebuyers.

CONTACT:  Eric Amig
(212) 441-6807
Brian Finnegan
(212) 441-6877

SOURCE Federal Home Loan Bank of New York

Seniors Finalists – The Birches at Esopus

Thursday, July 15th, 2010

SPECIAL FOCUS

Readers’ Choice Finalists

AFFORDABLE HOUSING FINANCE • July/August 2010

The Birches at Esopus is one of four national finalists for Senior housing in the magazine’s annual Readers’ Choice competition. The excerpt for The Birches at Esopus follows.

ULSTER PARK, N.Y.— The Birches at Esopus is the first affordable housing community in the town of Esopus, an area encompassing 40 square miles with about 9,500 residents.

Overlooking the Hudson River, the new development provides 80 one- and two-bedroom apartments for seniors earning no more than 50 percent and 60 percent of the area median income.

Birchez Associates, LLC, an experienced Hudson Valley affordable housing developer, built an amenity-rich development where residents can age in place, says Steven Aaron, managing member.

Eight units are handicapped accessible, and all units are handicapped ready with roll-in showers installed. All units have emergency pull cords so seniors can call for help.

The development encourages an active lifestyle, with ample outdoor and community space. An exercise studio is staffed with a fitness coach. Understanding that isolation is a common issue for seniors, Birchez Associates also funds a senior advocate to lend a sympathetic ear and guide residents on services.

To assist in the residents’ heath-care needs, the firm has teamed with nonprofit Elant, Inc., on the “Nurse Is In” program, which brings a nurse to the property for regular office hours.

The development is also notable for its green design. It has been recognized by the New York State Energy Research and Development Authority for achieving more than 30 percent savings over the state energy codes. Solar panels provide about 70 percent of the domestic hot water for the building and 40 percent of the heat.

The $18 million development was funded largely by bonds from the New York State Housing Finance Agency, enhanced by the State of New York Mortgage Agency and low-income housing tax credits syndicated by First Sterling.

Additional financing partners include the New York State Housing Trust Fund through the Division of Housing and Community Renewal and the Federal Home Loan Bank of New York. The town of Esopus and Birchez also contributed to the deal. —Donna Kimura for Affordable Housing Finance;  Photo: John Halpern

Developer: Birchez Associates, LLC 
Architect: Kurzon Architects
Major Funders: New York State Housing Finance Agency; First Sterling; New York State Division of Housing and Community Renewal; State of New York Mortgage Agency; Federal Home Loan Bank of New York; the Town of Esopus


More than just a Ribbon Cutting

Friday, July 9th, 2010

A Commitment to Partnership: Birchez Associates Gets it Done

Ulster, New York: Success is often a quality that is measured subjectively.  What one person considers success may be quite the opposite for someone else.  But when it comes to the track record for Birchez Associates, one needs to look no further than the fact that there have been five ribbon cuttings on five communities within the past five years.  By anyone’s definition, that’s getting it done!

Pictured at left: Lynn Kopka, Division of Housing & Community Renewal; Joel Brink, Town of Ulster Councilman; Alfred A. DelliBovi, CEO Federal Home Loan Bank of New York; Congressman Maurice Hinchey; State Senator John J. Bonacic; Steven L. Aaron, Founder & Managing Member of Birchez Associates; Michael Colgrove (in background), New York State Energy Research & Development; Josh Aaron; Judy Aaron; Joseph Malcarne, LEED AP & President Malcarne Contracting; Bryan Smith, Rhinebeck Savings

“This is a tremendous example of what strong public/private partnership can get done in difficult economic times,” said Chris Herrmann, an underwriter for Enterprise Community Investment.  Enterprise helps facilitate the closing of affordable housing developments, like the recently opened Birches at Chambers, with investment of development capital and funding.  He, and others, spoke to the feat achieved by Birchez Associates at the official dedication of The Birches at Chambers on July 8, 2010.  “This project managed to build in the highest-end amenities, build in all the current green amenities, and get the project done even with the economic conditions of the past two years.”

“Keep in mind that this was done during one of the worst recessions we’ve seen in our lifetime,” said Judy Calogero, CEO of the New York Housing Conference and past commissioner of the New York State Department of Housing and Community Renewal, who was master of ceremonies at the community dedication.  Despite sour economic conditions during the latter part of the past decade, Birchez Associates was able to forge affiliations with not-for-profit and government agencies to bring its plans to fruition.

The path to success hasn’t been without obstacles, however: thanks to census issues, the $15 million project almost didn’t happen.  Just as The Birches at Chambers was about to begin, Ulster County lost its entitlement based on a snafu with census tract numbers and overnight tax credits lost a 30 percent boost. Then came the economic downturn and there was another 30 percent shortfall.  To make sure that the project could get back on track, Steve Aaron, the founder and managing member of Birchez Associates, stepped up by providing a multi-million dollar loan to bridge the funding gap, while deferring the maximum amount he could in developer’s fees.

In addition, the New York State Housing Finance (nyhomes) and Division of Housing and Community Renewal (DHCR) was able to provide approximately $6 million is low interest loans, while Enterprise Community Investment supplied $3.20 million.  The Federal Home Loan Bank of New York, through their local partnership with Rhinebeck Savings Bank, kicked in $1.32 million to help get the project finished.

When all was said and done, the building now offers 66-affordable apartments tosenior residents who pay, on average, $700 a month.  That low rent is yet another success achieved by Birchez Associates because of private/public partnerships.

“When the state at its level looks to invest in someone, they look at someone with a wonderful track record,” said State Senator John J. Bonacic.   “We could do a hundred more of these projects and fill them, and we will continually strive to get the tax credits to help our good partners like Steve — a premier affordable housing builder — do more and more of these projects.”

For a video on putting the financial pieces together, click here.

Brian Rubin for Birchez Associates, birchezassociates@gmail.com

$1.4 Million Grant towards The Birches at Fishkill Announced

Saturday, June 19th, 2010

June 19, 2010 – The Federal Home Loan Bank of New York (“FHLBNY”), along with Congressman Maurice Hinchey (NY-22) and Congressman John Hall (NY-19), have announced that Elant, Inc. has been awarded a $1,440,000 Affordable Housing Program (“AHP”) grant from the FHLBNY and its member, Rhinebeck Savings Bank. The grant will help fund construction of The Birches at Fishkill, a planned 72-unit housing community for low-income seniors, to be developed by Birchez Associates, LLC.

“This Affordable Housing Program grant will help bring much-needed senior housing to our region,” said Congressman Hinchey. “The Federal Home Loan Bank of New York, Elant and Birchez Associates have long been supporters of affordable housing across the Hudson Valley; this grant continues their commitment to the community.”

“Improving services for our seniors continues to be one of my top priorities,” said Congressman Hall. “With assistance from this Federal Home Loan Bank of New York grant, the Birches at Fishkill will not only create more than 70 affordable homes for Fishkill’s seniors, but will also provide residents with the support and care they deserve.”

“The Federal Home Loan Bank of New York is proud to partner with our member, Rhinebeck Savings Bank, to help make this affordable housing a reality for the seniors in Fishkill,” said Alfred A. DelliBovi, president and CEO of the FHLBNY. “We are grateful to Congressmen Hinchey and Hall for their leadership and support in Congress, which allows us to offer this program to the housing groups that are strengthening communities across the region.”

The Birches of Fishkill complex will consist of 62 one-bedroom and 10 two-bedroom apartments. The units will be targeted to low-income senior citizens and will provide a continuum of care.  Elant, Inc., a leading Hudson Valley not-for-profit organization providing healthcare and housing programs, will collaborate to provide rehabilitation services, adult foster family care, and long-term home health care to the residents. Birchez Associates, an award-winning developer and manager of affordable senior housing in the Hudson Valley, is again partnering with Elant, Inc., to develop The Birches at Fishkill.

“This is a significant piece of the financing for this much needed development,” said Steve Aaron, Managing Member of Birchez Associates LLC, the developer of the planned project. “We are particularly encouraged in this economic climate that both Congressman Hinchey and Congressman Hall continue to champion the need for affordable housing. And we appreciate the continued financial support of Alfred DelliBovi and his team at the Federal Home Loan Bank of New York,” said Aaron. This will be the sixth time the Federal Home Loan Bank of New York has participated in the financing of a Birchez Associates’ community in the Hudson Valley (www.Birchez.com).

The grant is part of a total of $29.7 million in AHP subsidies that the Federal Home Loan Bank of New York will award in conjunction with the approval of the first competitive application round of 2010.  In total, these grants will help to finance the creation of 54 housing projects that will generate 2,917 units of affordable housing in New Jersey, New York, Connecticut, Pennsylvania, Delaware and Maryland. Last year, the Federal Home Loan Bank System celebrated the 20th Anniversary of its Affordable Housing Program. Earlier this month, the program was recognized by the National Housing Conference as its “Housing Person of the Year”. The Federal Home Loan Banks have distributed nearly $4 billion in AHP funds since 1990.

About Birchez Associates LLC

Birchez Associates LLC, a Hudson Valley real estate development and management company, is widely recognized for providing senior citizens with homes they can afford in supportive communities where they can age in place. Birchez fosters strategic partnerships with leaders in the service provider industry such as Elant, Inc. The firm recently completed The Birches at Chambers in the town of Ulster with 66 units, of which 8 are handicapped accessible and the balance are all handicapped ready. The Birches at Esopus, completed last year with 80 units, has been voted Project of the Year – Upstate by the New York Association for Affordable Housing. At the ribbon cutting, the project was recognized by New York State Energy Research & Development Agency as an Energy $mart Building, the first new construction low-rise multifamily to receive the designation. The community is currently one of four national finalists in the Affordable Housing Finance magazine’s Readers Choice Awards. Other Birchez Associates communities include The Birches at Saugerties and Chambers Court, both affordable senior housing communities, and Birchwood Village designed for work-force housing. www.Birchez.com

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Birchez Associates LLC

K.J. McIntyre, Director of Marketing, 845-532-7528

KJMcIntyre@Birchez.com