The Capitol Hall project consisted of the preservation of an historic supportive housing property built in 1913 on the Upper West Side of Manhattan. The work scope included substantial renovations for this ten-story SRO property, including the re-configuration of 202 SRO units with ‘gang’ bathrooms into 202 self-contained efficiency units with expanded service offices for the on-site case management and programs for the residents. Construction was completed in 3 phases with offsite relocation of 1/3 of the tenants and the remaining tenants in place in a checkboard renovation plan. Rental income for the tenants, many of whom have serious psychological and/or medical disabilities, and who were formerly homeless, are supported through NYC HPD’s project-based Section 8 vouchers. The property provides for daily meals, case management, recreational activities, while keeping the tenant’s privacy and independence. Rockabill was brought on as consultants by the Goddard Riverside Community Center, the sponsor of the project.
Preserved 202 single room apartments of affordable supportive housing
Complete reconfiguration and retrofit of the entire building – including all major building systems and new 202 units
Provided critical housing and services for at-risk, low-income special needs individuals
Improved the performance of the property
Worked with members of the development team to create a project that is well-designed and financially feasible for New York City’s most vulnerable population.
Provided expertise in the underwriting of the construction, permanent financing and operating budgets – which resulted in significant cost savings and the stronger operational performance of the building.
Successfully negotiated rental subsidy requests from both New York City’s housing agencies.
Filed applications to the appropriate agencies for LIH Tax Credits and additional subsidies required for the project.
Negotiated terms and conditions with funding sources to secure the construction and bridge loans and tax credit syndication, as well as gathering and providing information to secure a construction loan.
Advised and assisted the client for the receipt of the cost certification, LIH Tax Credit Allocation and Certification Form 8609, and the final capital contributions required.
Organized necessary documents to convert the project from its construction financing to permanent financing.
NYC Housing Preservation and Development: Tax Credits/Loan Interest Loan/420c Exemption/Section 8 Project Based Contract
NYC Housing Development Corporation: Tax Exempt Bonds
JPMorgan Chase: Private Financing Letter of Credit
Enterprise Community Partners: Tax Credit Syndicator
