Affordable Housing / Preservation

The Fox Hill Apartment Complex is a HUD Section 236 preservation development located in the Fox Hill section of Staten Island. Rockabill was brought in by Park Management and Spencer Equity Group as consultants for the project. The development consists of three six-story buildings totaling 363 units, with 362 of the apartments receiving Section 8 rental assistance from US Department of HUD. This important preservation project included tax exempt bond financing in which Freddie Mac provided immediate credit enhancing. Other funding sources included tax credit equity and subsidy loans from both New York State Housing Finance Agency and New York City Housing Preservation Department. The financial restructuring of this project will extend the unit’s affordability for an additional 40 years.  The project closed on financing in June of 2016 and construction was completed in February of 2018.

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    • Preserved 363 units of affordable housing for low-income individuals and their families
    • Extends the affordability of the units for 40 years
    • Addressed the need for affordable rental units for the community
    • Repaired three blighted properties which resulted in more stable neighborhoods
    • Improved the performance of the property’s operating and cash flow
    • Developed the value added financing execution to an owner unfamiliar with the use of tax exempt bonds and tax credits as a financing mechanism
    • Assisted in the rent increase application to the US Department of Housing and Urban Development (HUD)
    • Worked with members of the project’s development team to create a project that is well-designed and financially feasible
    • Provided expertise in the underwriting of the development of the properties operating budgets
    • Negotiated subsidy requests from both New York City’s and New York State’s housing agencies
    • Filed applications to appropriate agencies for Low Income Housing Tax Credits and other subsidies
    • Negotiated terms and conditions with the financing entity to secure the construction and bridge loan, as well as gathered and provided information to secure the construction loan
    • Advised and assisted in the receipt of the project’s cost certification, LIH Tax Credit Allocation and Certification Form 8609, and final capital contributions
    • Organized the necessary documents required to convert from the construction to permanent financing
    • US Dept. of HUD: Rental subsidies through Section 8 HAP Contract
    • NYS Homes and Community Renewal: Tax Exempt Bonds and subsidy loans
    • NYC Housing Preservation and Development: Low-Interest Loans through Capital Funds
    • Wells Fargo Bank: Private Letter of Credit Financing and Tax Credit Equity
    • Architect: Danois Architects P.C.
    • General Contractor: Garfield Construction
    • Sustainability Consultant: Bright power
    • Attorney: Hirschen Singer & Epstein, LLP