Housing & Development
Hope Community’s Real Estate Development Department creates permanent residential housing through moderate or gut rehabilitation of East Harlem rental tenant buildings, cooperative homeownership opportunities, appropriate retail space and new construction projects of both large and small scale. Starting with an initial eight units many years ago, Hope has subsequently developed over 2,100 units and currently owns in 78 buildings in 8 separate partnerships. Hope Community is highly committed to green development and sustainable buildings and has utilized NYSERDA and Enterprise Green Communities Initiatives programs successfully and currently has six LEED Silver buildings. Hope Community is also a New York State DHCR recognized Community Housing Development Organization (CHDO) and a former participant in New York State’s Main Street Program.
To create and preserve affordable income housing in East Harlem, Hope Community Inc has worked with virtually every development and subsidy program available through the City of New York, the State of New York and the Federal government and has also utilized creative non-standard methodologies to promote affordable housing initiatives. Hope Community has a highly successful history of project planning, financial analysis and underwriting, development finance and refinance, due diligence satisfaction, capital needs determination, architectural and construction management, and development of housing that harmonizes with the community and the needs of the people we serve.
Market Rate Housing
To promote our mandate of affordable income housing creation and preservation, when funding and subsidy sources are not sufficient, Hope Community cross-subsidizes affordable income housing developments by including market rate housing into the development mix. In this manner, Hope Community takes maximum advantage of funding while developing mixed-income projects that assist in stabilizing neighborhoods.
There is great need for affordable income home ownership opportunities in East Harlem. Hope Community is actively looking for ways to create new affordable homeownership sites. The last project was a twin new construction cooperative housing development completed in 2012 with our JV partner where many of the dwelling units will be reserved for households earning substantially less than the area median income. Eight of the households received a HOME grant from NYS HCR through Hope Community because we were a CHDO organization.
Hope aggressively seeks additional development opportunities to further its affordable income housing mission. Hope is extremely experienced in housing and mixed-used development and continuously explores wide ranges of innovative acquisition and development strategies including responding to all applicable NYC Request For Proposals, tracking all land status and development issues in our area, working through the City’s various real estate acquisition and transfer programs, and partnering with both social service agencies and for-profit real estate developers.