Successfully reported this slideshow.

Baruch Infill Presentation English 3-15-13


Published on

Bernard M. Baruch Houses is located in Lower Manhattan.

Published in: Business, Real Estate
  • Be the first to comment

  • Be the first to like this

Baruch Infill Presentation English 3-15-13

  1. 1. 79 Years Strong
  2. 2. 3Baruch HousesMarch 2013Preserving Public Housing
  3. 3. A Roadmap for PreservationEnsures that public housing remains available forcurrent and future generations of New Yorkers4
  4. 4. Plan NYCHA Development NYCHA worked hand in handby hosting dozens of meetingswith residents, electeds,community partners andemployees Thousands of residentsprovided input into proposalsincluding:o Looking at ways to use NYCHA’smost valuable asset –our land- togenerate revenueo Development of new mixed-use,mixed-income housing to supportmore families in need5
  5. 5. A Roadmap for the FutureA Call to: Preserve publichousing – buildings,communities andopportunities Restore financialstability Transform the way wedo things Improve services6
  6. 6. Why Now?NYCHA Is Struggling To Get Ahead Severe governmentfunding shortages Unmet capital needs Structural operatingdeficit Regulatory burdenshinder us fromcontrolling costs Aging and decayingbuildings7
  7. 7. Two Different FederalFunding StreamsCapital:► Covers roofs, bricks,elevators andelectrical, plumbingand heating systems► Requires long termplanning► Calls for complex andlengthy executionOperating:► Covers buildingmaintenance andrepairs, day to dayoperations andadministration► Based on HUD fundingformula that shortchanges NYCHA8
  8. 8. -$900-$800-$700-$600-$500-$400-$300-$200-$100$02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012InMillionsofDollars Insufficient Capital Funds ForRehabilitation Needs9Underfunded by$876 Million
  9. 9. -$800-$700-$600-$500-$400-$300-$200-$100$02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Loss Of Operating Dollars ForMaintenance, Repairs And Services10$ 750 MillionDeficitDollarsinMillions
  10. 10. $13.4 Billion Unmet Capital NeedNYCHA Wide for the Next 5 Years11 Baruch Houses has a$251Million in capitalneeds Baruch Addition –$13 MillionTotal: $264 Millionneeded for capitalimprovements
  11. 11. Plan NYCHAIs Our Plan Of ActionTo restorefinancial stabilityby looking forother sources oflong-termfundingopportunities12
  12. 12. Proposed Plan will help Preserve PublicHousing for Current and Future Families NYCHA would lease (notsell) 14 parcels of landlocated within 8developments Income generated will bededicated to buildingimprovements for publichousing The developers will finance,construct, and operate newresidential buildings.13
  13. 13. Proposed Plan will help Preserve PublicHousing for Current and Future Families Private developers willpay NYCHA for the rightto build on leased landthat NYCHA owns (andwill continue to own) Approximately 80% ofthe apartments will bemarket rate and 20% willbe permanently lowincome 14
  14. 14. Setting the Record StraightThe Development Plan Will: Not increase rent for NYCHAresidents due to the newdevelopments. Not demolish public housingapartments Not displace NYCHA families Not privatize – NYCHA will still bethe landlord Not sell the land; NYCHA will ownthe land under the new buildings. Not result in job losses or increasedwork requirements for NYCHApersonnel.15
  15. 15. NYCHA’s Core Principles for Development Location of new buildings alongstreet fronts to encouragepedestrian traffic and campusintegration with theneighborhood Replacement of all parkingspaces for all current residentlegal permit holders at impacteddevelopments Compactor yards relocated oncampus16
  16. 16. NYCHA’s Core Principles for Development Where space is available,other impacted areas willbe relocated, replacedand/or reconfigured (i.e.,seating areas and gardens) NYCHA will remain yourlandlord and retainownership of the landunder the new buildings via99-year ground leases17
  17. 17. Benefits NYCHA Wide This initiative will generate between $30 Millionand $50 Million of funding on a yearly basis for99 years (term of ground lease) New funding streams will be used to improve thequality of life of NYCHA residents by funding aportion of critical capital improvements This initiative will generate approximately 800permanently low income housing units for lowincome New Yorkers NYCHA residents will be given a preference forthe low-income units18
  18. 18. Baruch: Where We Are195,292 residents live at Baruch Houses
  19. 19. Baruch: Development Site20
  20. 20. Development Opportunity at Baruch HousesDevelopment Site: Site Area: 26,200 SF (approx.) New Construction: 350,000 SF(approx.) Low income units will beavailable to households withincomes at or BELOW 60% ofArea Median Income (AMI)21Maximum Allowable Income1 person $ 36,1202 person $ 41,2803 person $ 46,4404 person $ 51,540Based on Dept of Housing andUrban Development (HUD) 2013Standards
  21. 21. Benefits for Baruch Houses Residents Preference for low incomeapartments in the newbuildings Affordability restrictions arepermanent Alternative power for systemsduring blackouts such ashallway and stair lighting, heatand hot water, elevators andsecurity Construction and permanentjobs opportunities for NYCHAresidents Enhanced security features forthe entire development22
  22. 22. Closing Statement23
  23. 23. 24Land Lease Website
  24. 24. 25Q & A