Hope continues to focus on preservation activity that both upgrade the physical condition of its buildings and financing so that the building remains affordable to residents. Examples of our work include the rehabilitation of Harlem Canaan House, a 146 unit, 21 story Mitchell-Lama development located on West 118th Street and Fifth Avenue. Hope is working with the US Department of Housing and Urban Development (HUD), the NYS Department of Homes and Community Renewal (HCR) and the NYS Housing Finance Agency (HFA). Through the Rental Assistance Demonstration (RAD) program administered by HUD and 4% bonds, the building has had major capital repairs done and provided a rental subsidy for eligible tenants at the building. We closed in September, 2014.
Additionally, Hope is working with the NYC Department of Housing Preservation and Development (HPD), Housing Development Corporation (HDC), Monadnock Development LLC, Notias Constuction to refinance and reposition the rehabliation of 506 affordable housing apartments - including 102 units for formerly homeless residents across 39 buildings. The project is called Hope East of Fifth.
This Year 15 re-syndication will provide for major capital improvements that include the renovation of apartment kitchens and bathrooms, new roofs, new windows, intercom and camera systems, new entrances, energy efficient heating systems, exterior masonry repairs, and ADA compliance upgrades in selected apartments. At teh time of its construction closing in December 2016, Hope East of Fifth was one of the largest re-syndication projects of its kind. Construction work is currently underway.