$51M green retrofit of Harlem affordable housing completed

New York /
Sep.September 12, 2011 01:14 PM

A $50.9 million green retrofit project at the West 135th Street
Apartments has been completed, according to a statement released today
by Jonathan Rose Companies, local and federal housing agencies and
Enterprise, a Maryland-based provider of developer capital and expertise for affordable housing.

Jonathan Rose Companies had acquired the 202,500-square-foot property with 198 units
at 107-145 West 135th Street through its Rose Smart Growth
Investment Fund
, an investment fund focusing on the strategic green
repositioning of existing buildings in December 2008 in order to
preserve affordable Section 8 housing, while creating an
energy-efficient apartment community.

The purchase was funded using
$22.5 million in acquisition financing secured through the New York
City Acquisition Fund, which offers acquisition and predevelopment
loans to developers committed to the creation and preservation of
affordable housing in New York’s five boroughs and is a program
originated by Enterprise. The West 135th Street project was the first in the nation to
benefit from the Department of Housing and Urban Development’s Green
Retrofit Program using stimulus funds.

The tenant-in-place green rehabilitation is estimated to have produced
approximately 25 percent utility savings. The buildings were
rehabilitated according to Enterprise Green Communities criteria, the
first national green building criteria designed for affordable
housing, and are now Enterprise Green Communities and LEED-certified.

The West 135th Street project is also part of Mayor Michael’s
Bloomberg’s New Housing Marketplace Plan that has the goal of 165,000
affordable units by the close of the 2014 fiscal year. The upgrades included the replacement of 32 boilers with 10
high-efficiency boilers and the installation for solar panels.
Miranda Neubauer 


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