Dear Partners,
I am pleased to present you with HDC’s 2023 Annual Report.
As we look back on the past year, I am extremely proud of the progress we have made together toward addressing our city’s housing crisis and remain filled with a deep sense of optimism for the future of our city and its residents.
The New York City Housing Development Corporation (HDC) continues to work tirelessly alongside our partners to respond to our city’s evolving housing crisis amidst a range of emerging economic and policy challenges at the local and national levels. Ultimately, through the collective efforts of our team and partners, we made significant strides this year toward fostering the creation and preservation of safe, high quality, affordable housing, often coupled with critical social services and community resources that our neighborhoods need to thrive.
By year-end, HDC and HPD were thrilled to join the Adams Administration in announcing the financing of more than 27,900 affordable homes in 2023. This total included a record number of newly constructed homes, including more supportive homes and homes serving formerly homeless New Yorkers than any prior year. Notably, more than half of the record 14,227 newly constructed homes financed were made possible thanks to the recently expired 421-A tax incentive program underscoring why we must continue to advocate for creative programs that can help us stretch our limited resources further.
In total, this year HDC contributed approximately $1.76 billion in bonds and over $219 million in corporate reserves to help to expand and preserve our city’s supply of affordable housing, while also continuing our efforts to improve the quality of our public housing stock. In total, HDC helped to finance 5,475 affordable homes and 5,271 units of public housing this calendar year alone. And, thanks to the continued hard work of the entire HDC team, we were once again ranked as the #1 issuer of multi-family housing bonds in the nation.
Much of this progress was made possible thanks in large part to the continued strength of HDC’s Open Resolution, which celebrated its 30th anniversary this year. I encourage you to explore the 2023 Annual Report to learn more about some of our recent achievements, as well as a feature story on the founding of the Open Resolution and how it came to be one of HDC’s most significant assets.
This year was also marked by a significant change of scenery for HDC. In June, after 24 years at 110 William Street, HDC relocated to the historic Equitable Building at 120 Broadway in lower Manhattan. The HDC team is thrilled to be in a new office space that provides us with the capacity to grow our team, along with improvements that are helping us adapt to the realities of work in the post-pandemic era — all while remaining downtown near our key government partners and City Hall.
The achievements outlined in this year’s annual report would not be possible without the countless contributions of our dedicated staff and partners. Despite the continued challenges we face, I am enormously proud of what we have achieved together and am grateful for your commitment to solving for some our city’s most pressing and complex challenges. Your partnership and dedication to our city will prove to benefit its residents and our neighborhoods for generations.
30 Years
of the
Open Resolution
In the early 1980s, HDC and other HFAs around the country experienced tremendous challenges in financing new deals due to historically high interest rates. During this period, HDC financed several FHA-insured Section 8 developments by issuing bonds with an option to refinance these deals at lower interest rates in the future.
This innovative financing tool presented HDC with an opportunity to capitalize on the lower rates of the time to refund the existing bonds and provide the flexibility to issue various parity debt structures, while also reinvesting the remaining surplus into future affordable developments.
HDC established this bond resolution as a parity resolution, meaning that all the bonds issued would be equal, with all the underlying loans given the same priority to the revenues generated. By creating a parity or “open” bond resolution, HDC had the ability to finance more deals under the same bond resolution while also supporting new mortgage loans with the equity that this resolution now generates.
HDC’s Open Resolution also inspired the launch of the Housing Impact Resolution in 2020.
In the early 2000’s, the Open Resolution grew significantly as it became an integral tool toward achieving the City’s affordable housing goals and today remains a critically important resource in helping to achieve the objectives of Mayor Adams’s Housing Blueprint.
Since its creation, the Open Resolution has helped finance the creation and preservation of over 132,000 affordable homes across 570 developments and remains the Corporation’s largest and most critical asset today.
Over the past three decades, the Open Resolution has provided HDC with the flexibility to respond to our city’s affordable housing crisis in creative ways so that HDC can finance more affordable housing for New Yorkers in need. Thanks to the creativity of HDC’s dedicated staff and partners, the Open Resolution remains an enduring success and is recognized as a best practice throughout the affordable housing industry.
Glenmore Manor is a newly constructed mixed-use residence that will provide 232 affordable homes for extremely low- and low-income households, with 70 units set aside for formerly homeless households, 50 units made permanently affordable through the MIH program, and 16 senior housing units.
Both the residents and surrounding community members will benefit from an onsite “Entrepreneurial Hub” within Glenmore Manor’s commercial and community space on the ground floor, which will also house the Central Brooklyn Economic Development Corporation, Fusion East Caribbean & Soul Food, the Brooklyn Co-Op Federal Credit Union, and We Run Brownsville nonprofit.
The construction of Peninsula Phase II is the latest milestone in the City’s multi-phase transformation of the former Spofford Detention Center Site.
Comprised of two separate buildings, this development will offer 357 affordable homes for extremely low- and low-income New Yorkers, with 92 units made permanently affordable under the MIH program and 54 apartments set aside for formerly homeless households.
A new onsite preschool and daycare center will be operated under the Head Start program. This development will also provide over 6,000 square feet of community facility space, a portion of which will be leased exclusively as artist studios.
Once complete, Willets Point will deliver 880 affordable homes for a wide range of New Yorkers, serving extremely low- to middle-income households. Of these, 133 apartments will be set aside for formerly homeless households, 396 homes will be permanently affordable under the MIH program, and 67 units will be reserved for supportive housing, financed through the NYC 15/15 Initiative.
As part of the broader plan to redevelop Willets Point, the Queens Development Group is partnering with the NYC Economic Development Corporation (NYCEDC) to improve the physical landscape of the area, which entails significant environmental remediation and other critical infrastructure improvements. Additionally, NYCEDC and QDG are rehabilitating the neighboring plot of land to prepare for the construction of a new public school.
Baisley Pond Park will be the first project to use New York’s Housing Our Neighbors with Dignity Act (HONDA) program to convert an underutilized hotel into permanently affordable housing. The development team will be transforming the former JFK Hilton Hotel into 317 permanently affordable homes for low-income New Yorkers, including 192 apartments set aside for formerly homeless households.
The construction of this development is anticipated to be completed at a record pace. Once finished, the building will remain in the ownership and management of the nonprofit RiseBoro Community Partnerships.
Rosalie Manning is a Mitchell-Lama cooperative located on the Upper East Side of Manhattan serving moderate- and middle-income New Yorkers. This preservation effort will ensure the long-term affordability of 108 homes in an especially high-cost area of New York City.
In addition to guaranteeing another 35 years of affordability, the residents of Rosalie Manning will benefit from significant rehabilitation to the property; including structural repairs, building systems updates, roof and façade work, and environmental testing.
Financed under the NYCHA Permanent Affordability Commitment Together (PACT) program, this transaction involves the preservation, guaranteed affordability, and tenant protections for nearly 4,800 public housing residents throughout NYCHA’s Edenwald campus.
This preservation effort will deliver comprehensive renovations to the kitchens, bathrooms, flooring, and windows of every apartment, along with extensive upgrades to laundry rooms, security systems, common areas, and outdoor amenities. The residents of Edenwald will also have the opportunity to access free broadband internet and new social services provided by BronxWorks. Additionally, Edenwald’s aging population will benefit from access to a new senior center and accompanying services managed by R.A.I.N., a nonprofit multi-social service agency that serves seniors and persons with disabilities.
Brownsville, Brooklyn
Brownsville, Brooklyn
232
Extremely Low & Low-Income Affordability (ELLA), Mandatory Inclusionary Housing (MIH), Affordable Independent Residence for Seniors (AIRS)
Glenmore Manor is a newly constructed mixed-use residence that will provide 232 affordable homes for extremely low- and low-income households, with 70 units set aside for formerly homeless households, 50 units made permanently affordable through the MIH program, and 16 senior housing units.
Both the residents and surrounding community members will benefit from an onsite “Entrepreneurial Hub” within Glenmore Manor’s commercial and community space on the ground floor, which will also house the Central Brooklyn Economic Development Corporation, Fusion East Caribbean & Soul Food, the Brooklyn Co-Op Federal Credit Union, and We Run Brownsville nonprofit.
Hunts Point, The Bronx
Hunts Point, The Bronx
357
Extremely Low & Low-Income Affordability (ELLA), Mandatory Inclusionary Housing (MIH)
The construction of Peninsula Phase II is the latest milestone in the City’s multi-phase transformation of the former Spofford Detention Center Site.
Comprised of two separate buildings, this development will offer 357 affordable homes for extremely low- and low-income New Yorkers, with 92 units made permanently affordable under the MIH program and 54 apartments set aside for formerly homeless households.
A new onsite preschool and daycare center will be operated under the Head Start program. This development will also provide over 6,000 square feet of community facility space, a portion of which will be leased exclusively as artist studios.
Willets Point, Queens
Willets Point, Queens
880
Mix & Match, Mandatory Inclusionary Housing (MIH), 15/15 Initiative
Once complete, Willets Point will deliver 880 affordable homes for a wide range of New Yorkers, serving extremely low- to middle-income households. Of these, 133 apartments will be set aside for formerly homeless households, 396 homes will be permanently affordable under the MIH program, and 67 units will be reserved for supportive housing, financed through the NYC 15/15 Initiative.
As part of the broader plan to redevelop Willets Point, the Queens Development Group is partnering with the NYC Economic Development Corporation (NYCEDC) to improve the physical landscape of the area, which entails significant environmental remediation and other critical infrastructure improvements. Additionally, NYCEDC and QDG are rehabilitating the neighboring plot of land to prepare for the construction of a new public school.
South Jamaica, Queens
South Jamaica, Queens
317
New Construction, HONDA, ELLA, 501(c)(3) bonds, SHLP
Baisley Pond Park will be the first project to use New York’s Housing Our Neighbors with Dignity Act (HONDA) program to convert an underutilized hotel into permanently affordable housing. The development team will be transforming the former JFK Hilton Hotel into 317 permanently affordable homes for low-income New Yorkers, including 192 apartments set aside for formerly homeless households.
The construction of this development is anticipated to be completed at a record pace. Once finished, the building will remain in the ownership and management of the nonprofit RiseBoro Community Partnerships.
Upper East Side, Manhattan
Upper East Side, Manhattan
108
Mitchell-Lama Preservation
Rosalie Manning is a Mitchell-Lama cooperative located on the Upper East Side of Manhattan serving moderate- and middle-income New Yorkers. This preservation effort will ensure the long-term affordability of 108 homes in an especially high-cost area of New York City.
In addition to guaranteeing another 35 years of affordability, the residents of Rosalie Manning will benefit from significant rehabilitation to the property; including structural repairs, building systems updates, roof and façade work, and environmental testing.
Eastchester, The Bronx
Eastchester, The Bronx
2,030
PACT Preservation
Financed under the NYCHA Permanent Affordability Commitment Together (PACT) program, this transaction involves the preservation, guaranteed affordability, and tenant protections for nearly 4,800 public housing residents throughout NYCHA’s Edenwald campus.
This preservation effort will deliver comprehensive renovations to the kitchens, bathrooms, flooring, and windows of every apartment, along with extensive upgrades to laundry rooms, security systems, common areas, and outdoor amenities. The residents of Edenwald will also have the opportunity to access free broadband internet and new social services provided by BronxWorks. Additionally, Edenwald’s aging population will benefit from access to a new senior center and accompanying services managed by R.A.I.N., a nonprofit multi-social service agency that serves seniors and persons with disabilities.
Lower Concourse, The Bronx
Lower Concourse, The Bronx
541
Extremely Low & Low-Income Affordability (ELLA), NYC 15/15 Supportive Housing Initiative
Bronx Point is a newly constructed mixed-use residence providing 541 new affordable homes for extremely low- to moderate-income households, of which 81 units will be set aside for formerly homeless households.
Bronx Point will soon be home to the highly anticipated Universal Hip Hop Museum. The site will also include an early childhood center operated by BronxWorks and community facility space occupied by City Science, a nonprofit focused on youth STEM education. Residents will also benefit from a new public park and waterfront promenade.
Greenpoint, Brooklyn
Greenpoint, Brooklyn
373
Extremely Low & Low-Income Affordability (ELLA), Voluntary Inclusionary Housing (VIH)
35 Commercial Street at Greenpoint Landing is the fourth development constructed as part of the 10-Year Greenpoint Master Plan and provides 373 units of affordable housing for extremely low- to moderate-income New Yorkers, including 57 apartments set aside for formerly homeless households.
Residents will benefit from a comprehensive array of amenities, including free broadband internet, a fitness center, multiple play areas for children, and outdoor courtyards. 35 Commercial Street is also an all-electric building with several notable sustainability features built into its infrastructure. The development uses Variable Refrigerant Flow (VRF) technology to heat and cool the building without fossil fuels. Additionally, every apartment has been outfitted with all-electric appliances.
Lower Concourse, The Bronx
541
Extremely Low & Low-Income Affordability (ELLA), NYC 15/15 Supportive Housing Initiative
Bronx Point is a newly constructed mixed-use residence providing 541 new affordable homes for extremely low- to moderate-income households, of which 81 units will be set aside for formerly homeless households.
Bronx Point will soon be home to the highly anticipated Universal Hip Hop Museum. The site will also include an early childhood center operated by BronxWorks and community facility space occupied by City Science, a nonprofit focused on youth STEM education. Residents will also benefit from a new public park and waterfront promenade.
Greenpoint, Brooklyn
373
Extremely Low & Low-Income Affordability (ELLA), Voluntary Inclusionary Housing (VIH)
35 Commercial Street at Greenpoint Landing is the fourth development constructed as part of the 10-Year Greenpoint Master Plan and provides 373 units of affordable housing for extremely low- to moderate-income New Yorkers, including 57 apartments set aside for formerly homeless households.
Residents will benefit from a comprehensive array of amenities, including free broadband internet, a fitness center, multiple play areas for children, and outdoor courtyards. 35 Commercial Street is also an all-electric building with several notable sustainability features built into its infrastructure. The development uses Variable Refrigerant Flow (VRF) technology to heat and cool the building without fossil fuels. Additionally, every apartment has been outfitted with all-electric appliances.
Bedford-Stuyvesant, Brooklyn
Bedford-Stuyvesant, Brooklyn
189
ELLA, SARA
The Atrium at Sumner is a newly constructed senior housing development that provides 189 homes for extremely low- to very low-income older adults. This project is 100% affordable and includes 57 apartments set aside for formerly homeless senior households. All of the building’s households will have project-based Section 8 vouchers under HPD’s Senior Affordable Rental Apartment (SARA) program.
The building’s extensive amenities include a fitness room and garden atrium. The development has also leased the ground floor to a PACE healthcare provider, providing residents with access to critical Medicare- and Medicaid-covered health care services.
Harlem, Manhattan
Harlem, Manhattan
624
Mitchell-Lama Preservation
Riverbend Houses is a Mitchell-Lama Cooperative in Harlem comprised of 624 affordable homes across four buildings serving moderate- to middle-income households.
Thanks to this preservation effort, the residents of the Riverbend Houses will benefit from much-needed capital repairs and the installation of solar panels that will reduce total energy costs. This transaction also extends the cooperative’s affordability requirements for an additional 35 years.
Bedford-Stuyvesant, Brooklyn
189
ELLA, SARA
The Atrium at Sumner is a newly constructed senior housing development that provides 189 homes for extremely low- to very low-income older adults. This project is 100% affordable and includes 57 apartments set aside for formerly homeless senior households. All of the building’s households will have project-based Section 8 vouchers under HPD’s Senior Affordable Rental Apartment (SARA) program.
The building’s extensive amenities include a fitness room and garden atrium. The development has also leased the ground floor to a PACE healthcare provider, providing residents with access to critical Medicare- and Medicaid-covered health care services.
Harlem, Manhattan
624
Mitchell-Lama Preservation
Riverbend Houses is a Mitchell-Lama Cooperative in Harlem comprised of 624 affordable homes across four buildings serving moderate- to middle-income households.
Thanks to this preservation effort, the residents of the Riverbend Houses will benefit from much-needed capital repairs and the installation of solar panels that will reduce total energy costs. This transaction also extends the cooperative’s affordability requirements for an additional 35 years.
Rowan Abass
Janatu Abdulrahman
Tolulope Aboyade-Cole
Lissette Acevedo
Asha Alshabazz
Marion Amore
Michelle Antao
Samuel Arkin
Matthew-Allen Baltazar
Massandje Bamba
Melissa Barkan
Cathleen Baumann
Linda Baumann
Emanuel Bazov
Jennifer Beamish
Denis Belic
Jeremy Boyer
Lisa Brice
Lois Bricken-Mccloskey
Claudine Brown
Geraldine Brown
Mary Bruch
Stacey Burress
William Byrd
Paul Cackler
Ana Capobianco
Sean Capperis
Kathleen Carolan
Maria Carpio
Catherine Catacora
Iris Chang
Brian Cheigh
Melinda Chen
Samantha Chen-Wong
Austin Chin
Ping Choi
Farhana Choudhury
Samantha Chui
Christina Clarke
Erika Colon
Lauren Connors
D'Shandi Coombs
Erica Copeland
Jacqueline Cruz
Cassandra Cuascut
Brian Daaleman
Antara Das
Rajesh Deb
Cory Degroot
Katrina Deloso
Jonathan DeSantos
Tina Diao-Mann
Tania Dorado Molina
Nicholas Draeger
Ellen Duffy
Clarissa Dugue
Jonathan Duncan
Anna Duneghy
Denita Edwards
Eric Enderlin
Jessica Facciponti
Kealy Fallon
Nicole Forero
William Fowler
Chanin French
Nataliya Frolov
Serena Fung
Buoy Gallagher
Norman Garcia
Samantha Garcia
John Gearrity
Lisa Geary
Yaribel Genao
Alison Glaser
Yvonne Glenn
Jamaine Gooding
Jamey Gorman
Horace Greene
Wendell Greene
Erika Griffith
Timothy Grogan
Vincent Guglietta
Angela Guillermo
Jermal Gustave
Celina Haigood
Sylvia Henry
Anyu Hoang
Debra Holiday
Mary Hom
Yan Ling Hu
Kimberly Huang
Qiong Huang
Nancy Huynh
Clarinda Marie Igot
Sheila Iiams
Mohammad Islam
Mohammed Islam
Cheyenne James
Mary John
Laurel Kean
Ronald Kestelboym
Semy Khan
Denise Kimball
Adam King
Seshagiri Kintali
Sophia Klein
Alexander Kleppin-McNeal
Madhavi Kulkarni
Kaushikkumar Lad
Amanda Lafferty
Chiang Lam
Khiet Lam
Christopher Landi
Joseph Lara
Israel Lasalle
Nashaun Latham
Jackie Lau
Morgana Laurent
Brittany Lawrence
Max Levine
Min Liang
Zi Lin Liang
Rajavardhan Likky
Tinru Lin
Susannah Lipsyte
Justin Liu
Josephine Logozzo
Uyen Luu
Richard Lynch
Cullen MacDowell
Marlene Mahadeo
Mohammad Mahmud
Ilana Maier
Justine Martin
Sylvia Martinez
Austin Masal
Justin Mathew
Stephanie Mavronicolas
Irma Mbyeti
Silvia McCarty
Fabiana Meacham
Sonia Medina
Selina Mei
Sandra Mendez
Alexander Merchant
Carol Micalizzi
David Mischiu
Fatima Mohammed
Xiao Min Mok
Ruth Moreira
Ilana Moyer
Bonnie Nesbitt
Yaffa Oldak
Susan O'Neill
Trisha Ostergaard
Angus Page
Jose Pardo Urrea
Paris Pelham
Chantay Perry
Thaddeus Piekarski
Jacqueline Pimental
Aaron Pincus
Whitley Plummer
Johanes Poarangan
Daniel Quiroz
Maria Ramos Currah
Ali Raza
Jose Rivera
Naomi Robalino
Sharon Roberts
Violine Roberty
Brendaly Robles
Elizabeth Rohlfing
Edlyn Rosas
Michael Rose
Danny Rumph Jr.
Sithichai Salacheep Jr.
Marlene Salomon
Sakshee Sani
Mussa Sanoe
Sylvia Santiago
Neil Saranga
Robert Schmidt
Luke Schray
Adelina Shyti
Manimegalai Sivaprakasam
Moira Skeados
Tiffany Small
John Smith
Bonnie Sprung
Kenton Stewart
Kyle Stockburger
Anclin Suarez
Arjun Subakeesan
Dominick Tanoh
Paulette Todman
Susan Tso
Merin Urban
Ankita Vaid
Biju Varghese
Lydia Villa
Patricia Waller
Mei Ping Wang
Lisa Wertheimer
Sasha Williams
Brian Wong
Soon Chi Wong
Larry Wu
James Yankopoulos
Eugene Yee
Henry Yee
Wai Yin Yeung
Annie Yiu
Hans Yoo
Cheuk Yu
Yat Man Yu
Mohammad Zaman
