HANAC and Community Partners Celebrate Opening of Mixed-Use, Affordable Senior Housing in NY

The George T. Douris Tower, a new green, mixed-use building providing affordable housing for seniors and community space recenlty celebrated its opening. Local politicians and business partners joined HANAC, Inc., a nonprofit, multi-funded, citywide organization that serves local community residents in the grand opening ceremonies. The 183 unit apartment complex was developed on a 43,000 square foot municipal parking lot and includes a senior center, integrating services and amenities such as exercise, meditation, arts and crafts, computer and conference rooms and a library that provide a supportive environment for seniors as they age in community. It was built according to the Enterprise Green Communities Criteria and is an Enterprise Green Communities-certified project.

“One of the things that makes this City great is the depth of the compassion New Yorkers display for their neighbors and the care they put into their community. HANAC exemplifies that spirit, and the new HANAC George T. Douris Tower complex, which more than 225 senior citizens will call home, is a great example of it,” said Michael R. Bloomberg. “To make it happen, HANAC harnessed the power of our New Housing Marketplace Plan, which is financing the creation or preservation of 165,000 homes by 2014, by raising financing from the New York City Housing Development Corporation and the Department of Housing Preservation and Development and other partners, including the State, Enterprise and Citi. The new housing complex is the kind of development our plan to is meant to facilitate, and I’m confident that George Douris—the epitome of a caring and compassionate New Yorker— would be extremely proud to know that it bears his name.”

HANAC Astoria Senior Residence was developed under Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), an $8.4 billion initiative to finance 165,000 units of affordable housing for half a million New Yorkers by 2014. The NYC Housing Development Corporation (HDC) provided $21.7M in tax-exempt bonds for the construction of the George T. Douris Tower and $3.5M in permanent financing, as well as $10.12M in subsidies under its Low-Income Affordable Marketplace Program (LAMP). Citi Community Capital provided the Letter of Credit guarantee on those bonds for the construction. Enterprise Community Partners provided HANAC with $18.3 M in Low-Income Housing Tax Credit (LIHTC) equity, a pre-development loan of over $433,000, and an Enterprise Green Communities grant of $40,000 to support the environmentally sustainable development. $2.2M was issued by the New York State Division of Housing & Community Renewal’s (DHCR) Homes for Working Families Program (HWF) and allocated tax credits to the project. HPD provided the project with $8M in Reso A Funds, which were allocated to the project by then City Councilmember Peter Vallone, Sr. A New York State Assembly capital grant, provided by then State Assemblyman Michael Gianaris, also funded this project. The project also received support from New York City Department of Housing Preservation and Development (HPD), and the Federal Home Loan Bank of New York Affordable Housing Program.

“HANAC’s George T. Douris Tower is a wonderful example of community development at its finest,” said Abby Jo Sigal, Vice President and New York Director, Enterprise Community Partners, Inc. “Not only do over 200 senior citizens now have access to healthy, affordable homes, but they are also able to be part of a supportive community and continue to live independent, active lives. Enterprise is proud to have contributed $18.3 million in LIHTC equity, over $433,000 in pre-development loan support, and a $40,000 Enterprise Green Communities grant to enable residents to age gracefully.”