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 will have major capital repairs done and provide a rental subsidy for eligible tenants at the building.  We expect to close in September, 2014.
Additionally, Hope is working with the NYC Department of Housing Preservation and Development (HPD), Housing Development Corporation (HDC) and the National Equity Fund (NEF) to refinance and reposition two of its housing companies, Harlem Meer (4 buildings, 78 apartments) and New Harlem Village II (7 buildings, 67 units).  The traditional method is to use the HPD Year 15 program to finance and reposition the properties.  Hope is also exploring the option of merging multiple housing companies as part of the Year 15 repositioning to gain some economy of scale, both during the construction and afterwards during normal operation. We expect to close on the Year 15 project(s) in the fall of 2015.