Posts Tagged ‘New York State Housing Finance Agency’

Upstate Conference Highlights Hudson Valley Green Builder of Affordable Housing

Tuesday, September 27th, 2011

Syracuse, NY  September 27, 2011. Often including green technology costs developers more although the cost savings can help keep affordable housing affordable over time. This was a central point made by Steve Aaron, Founder and Managing Member of Birchez Associates during a New York State Association for Affordable Housing session during the group’s Upstate conference. Birchez completed The Birches at Chambers earlier this year, an affordable housing complex for seniors, that is the first multifamily in the Hudson Valley to be awarded the presitigious LEED Platinum designation by the Green Building Council. The complex features both solar thermal and photovoltaic panels to offset domestic hot water, radiant heat and electric costs. The Birches at Chambers also received recognition from NYSERDA (New York State Energy Research and Development Agency) as an Energy $mart Building. Panelists are shown below.

Integrating Green Funding Sources
Moderator: F.L. Andrew Padian, The Community Preservation Corp.
Speakers:
Steven Aaron, Birchez Associates
Daniel Buyer, NYS HCR
Fred Fellendorf, Buffalo Energy
Nick Petragnani, The Community Preservation Corp.
Scott Townsend, 3tarchitects

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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Esopus senior housing project up for award

Wednesday, August 25th, 2010

Published: Wednesday, August 25, 2010 ESOPUS — The Birches at Esopus is one of three developments financed by state of New York housing agencies* to be named finalists in Affordable Housing Finances’ sixth annual Reader’s Choice Awards.

The Birches at Esopus is the first affordable housing community for senior citizens in the town of Esopus and provides 80 energy-efficient apartments for low-income seniors. Units are accessible to people with disabilities, and the development includes outdoor and community space, craft and media rooms, an exercise studio and an on-site nursing program, which provides services like physical and speech therapy, health and wellness programs and health aides.

Nationwide, 33 projects were chosen from 140 nominations on the criteria of community impact, cost-effective or innovative design or construction, and energy-efficient and sustainable development.

The other New York finalists are the Atlantic Avenue Residence, a 107-unit development in Brooklyn; and the 24-unit Nelson Hopkins Apartments, the Elizabeth Pierce Olmsted Center for the Visually Impaired, in Lockport, near Buffalo.

The winners will be announced at the 2010 Affordable Housing Developer’s Summit in November in Chicago.           Photo and asterick information added for website.

* nyhomes and DHCR (Division of Housing & Community Renewal)

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


American dreaming

Thursday, February 28th, 2008

HVBiz, 2.28.08 by Lynn Woods:

Getting more affordable housing isn’t easy. With high rents and the median price of a home in the counties of Ulster and Dutchess well beyond the means of lower-income people, the demand is great. Competition for grants and low-cost financing has increased dramatically, making it more difficult for both nonprofit and private developers to qualify for the subsidies.
“The financing is more difficult to get as more communities are recognizing they have a significant need for senior affordable housing,” said Steve Aaron, president of Birchez Associates, which built, owns and manages three affordable rental developments in Ulster County, two of which are for seniors. Aaron just broke ground on a fourth senior affordable rental development, located in Esopus.
In the town of Ulster, Aaron completed a 72-unit rental complex four years ago, which is rented out to seniors with 30 percent to 60 percent of median income. He has just gotten approval from the town to build an additional 67 units at the site. He also has a similar 60-unit senior rental development in Saugerties. A third project, located in Kingston, consists of 80 units targeted to families with 40 to 60 percent of median income.
Aaron was invited by the town of Esopus to build an affordable senior housing development. After two years of looking, Aaron and the town located an appropriate site, which has easy access to Route 9W. Its proximity to Ulster BOCES is another plus: Aaron said the facility’s programs for seniors will be a valuable amenity to future residents. A new sidewalk will enable pedestrians to walk to the Town Hall. Aaron has made arrangements to have both the county and the city of Kingston extend their bus services to the area.
Aaron said the rents for the two-bedroom and one-bedroom units will likely range from $500 to $700. His target market is people age 62 or over who have 50 to 60 percent of the median income. He expected the project to be completed by the end of the year.
The program was approved by the town Planning Board despite opposition from some residents on nearby River Road. “They thought we were building low-income housing, like in the Bronx,” Aaron said. But after many meetings with the public, “we reduced the amount of dissenters to a handful of people.”
Aaron said he received federal tax credits through the New York State Division of Housing & Community Renewal (DHCR) for his three previous affordable rental developments. But he was unsuccessful in qualifying for the $20 million Esopus project. Instead, he is receiving $11.8 million in tax-free bonds through the New York State Housing Finance Agency. The tax credit will amount to 4 percent (compared to 9 percent through the DHCR). He is also putting in several million dollars of his own money, he said.
The federal tax credit, which was created under the Tax Reform Act of 1986, is the primary incentive offered to developers for building low-income rental housing. This year, the federal government has budgeted $35.2 billion for the credit. The credit is divvied out to the states, which administer the money through various agencies, such as the DHCR. The credits are claimed in equal amounts over ten years.