July 21, 2021

HPD Media Contact: hpdmedia@hpd.nyc.gov

100 percent affordable development brings 158 homes for seniors, including 56 homes for formerly homeless seniors in Queens

Queens, NY – Today, City officials, elected officials, community leaders and more took part in a ribbon-cutting ceremony for the Northeastern Towers Annex, a 159-unit affordable housing development for seniors, including 56 set aside for formerly homeless seniors. This new building includes 58 studios, 100 one-bedroom apartments, and 1 two-bedroom superintendent’s apartment. The building is 100% affordable for very low-income residents at incomes at or below 50% of Area Median Income. 100% of the rental apartments will be supported by a project-based Section 8 contract, under which tenants pay only 30% of their income in rent. Northeastern Towers Annex provides new amenities and critical affordable housing for seniors in the Rochdale neighborhood of Queens.

Northeastern Towers Annex includes several on-site amenities specifically designed for its senior residents such as a community room, a media room, an exercise and wellness center, computer room, social service office suite, warming pantry and storage, laundry and television lounges on nearly every floor, a rooftop terrace and garden, and a personal care services room. This unique project was constructed adjacent to the existing Northeastern Towers senior affordable housing development, and many amenities at the Annex are accessible to residents of both buildings, thanks to an enclosed connection between the two.

“Through Your Home NYC, we are delivering on our promise to put seniors first and create deeply affordable housing with on-site services to help them age with dignity,” said HPD Commissioner Louise Carroll. “What was once an underutilized lot is now 158 new affordable apartments and 4,000 sq ft of community space, thanks to a strong coalition of our non-profit, faith-based, and private partners. To all the new tenants at Northeastern Towers Annex, welcome home!”

“Northeastern Towers Annex will provide affordable housing and essential supportive services to 159 very low- and low-income senior households, delivering on the City’s commitment to provide greater stability to our most vulnerable populations,” said HDC President Eric Enderlin. “As we welcome the residents to their new homes, I want to thank to all our partners for the collective creativity and dedication that brought this project to fruition.”

The ribbon cutting ceremony was hosted by the project’s partners - Northeastern Conference of Seventh-day Adventists (NEC), Fifth Avenue Committee (FAC), and Mega Development. Pastor Ted N.C. Wilson, President of the Seventh-day Adventist World Church, opened the ceremony by noting the importance of creating housing for seniors that creates a sense of stability and community for seniors at all income levels.

Dr. Daniel Honoré, President of the Northeastern Conference of Seventh-day Adventists, noted the success of this unique partnership; "We are delighted to know that 158 elderly residents of New York City are assured a safe, clean and affordable place to live. One third were previously homeless. The Seventh-day Adventist Church is committed to serving the needs of our community and the Northeastern Towers Annex reflects that commitment.”

“Fifth Avenue Committee is proud and excited to cut the ribbon for Northeastern Towers Annex and to formally welcome the 159 seniors to their new home! This is our first project in Queens and our first affordable housing exclusively for seniors. The project is a result of strong partnerships, between FAC, the Northeastern Conference of Seventh-day Adventists and Mega, and we are very grateful to those partners,” says Michelle de la Uz, Executive Director of Fifth Avenue Committee. “We are also grateful for the local elected officials, the City of New York and Wells Fargo for their financial support and investment. This project provides high quality, affordable housing which allows local seniors to remain in the community and the borough that they love.”

“Mega is thrilled to continue our relationship with Fifth Avenue Committee and to have forged a new relationship with Northeastern Conference as we co-developed and built this important project,” says Hercules Argyriou, Vice President at Mega Contracting. “This project has overcome numerous hurdles including a natural gas moratorium and a global pandemic. What made it possible to get to today was the perseverance and leadership of our partners at FAC and NEC as well as the support from our entire development team, who came together to make this critical project a reality. Our entire team was dedicated to providing high quality affordable housing for the older adult community of Jamaica and New York City at large. We join with everyone today to celebrate this milestone and welcome the residents of Northeastern Towers Annex to their new homes!”

The Northeastern Towers Annex was financed jointly by the NYC Department of Housing Preservation and Development (HPD) and the NYC Housing Development Corporation (HDC) with a total of $93.6 million in public and private investment. HDC provided more than $50 million in tax-exempt bonds and an additional $8.7 million in corporate reserves. HPD provided more than $13 million in subsidy. In addition, the project benefits from Low-Income Housing Tax Credits (LIHTC) that generated more than $37 million in tax credit equity from investors through Wells Fargo, who also provided the letter of credit. Queens Borough President Melinda Katz provided $3 million and NYC Council Speaker Johnson and Councilmember Adams provided $1 million in discretionary capital funding from the City of New York, which enabled the project to include a solar canopy, fifth floor roof deck, community spaces and other amenities to support the senior residents.

“Wells Fargo is pleased to be part of this transformative project which brings much needed affordable, high-quality, senior housing to the Rochdale neighborhood of Jamaica, Queens and addresses the housing and social service needs of its residents,” said Katelyn Meehan, Vice President in the Community Lending & Investment division at Wells Fargo. “We are proud to work closely with Fifth Avenue Committee, Mega Contracting, and the Northeastern Conference of Seventh-Day Adventists on financing Northeastern Towers and are excited by the final building which provides community facility and amenity space to the residents, as well as clean energy.”

“This project is a shining example of what can be accomplished when local government and community organizations work together. I am proud to be part of today’s ribbon-cutting and to have worked as Borough President to help the developers of the Northeastern Towers Annex see this project through, so that there are now quality, affordable apartments and amenities that will help very low-income seniors age gracefully and with dignity,” said Queens District Attorney Melinda Katz.

"No senior should ever be priced out of the neighborhood they love and proudly call home. With the opening of the Northeastern Towers Annex and its more than 150 apartments for our elders living on low or fixed incomes, we are ensuring that those who need quality affordable housing the most will have it right here in the heart of Southeast Queens," said Queens Borough President Donovan Richards Jr. "With more than 300,000 seniors living here in The World's Borough, we look forward to many more such ribbon cuttings as we work tirelessly to make Queens an affordable place to live for all, but especially our seniors seeking the ability to age gracefully and with dignity."

“The Northeastern Towers Annex is certainly an asset and welcome addition to our community, especially for seniors who are living on fixed incomes. This affordable housing site comes with many great amenities for its residents, some of which I proudly funded with my City Council Speaker Corey Johnson,” said Council Member Adrienne Adams. “I thank HPD, HDC, Fifth Avenue Committee, Northeastern Conference of Seventh-day Adventists, and all of the partners who made this project possible. This building will address the dire need for senior affordable housing in our City - a crisis that truly must end. I am pleased that our aging residents will directly benefit from this long-awaited development that represents dignity and comfort for them.”

Northeastern Towers is currently completing lease-ups, providing some of New York City’s most vulnerable residents with housing they can afford, creating a stable, supportive living situation.

“We have an affordable housing crisis in our city and more times than not, our seniors are forgotten. I thank the Northeastern Conference of Seventh-day Adventists (NEC), Fifth Avenue Committee (FAC), Mega Development, and the NYC Department of Housing Prevention & Development for their partnership on the Northeastern Towers Annex. This new development is one necessary step to addressing the issue of affordable housing,” said Congressman Gregory W. Meeks (NY-05).

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The New York City Department of Housing Preservation and Development (HPD) is the nation's largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked advancing the goals of the City's housing plan – a critical pillar of Your Home NYC, Mayor de Blasio's comprehensive approach to helping New Yorkers get, afford, and keep housing in these challenging times. For full details visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us on Facebook, Twitter, and Instagram @NYCHousing.

The New York City Housing Development Corporation (HDC) is the nation’s largest municipal Housing Finance Agency and is charged with helping to finance the creation or preservation of affordable housing under Mayor Bill de Blasio’s Housing New York plan. HDC also serves as a key financing partner in the rehabilitation of our city’s public housing stock under the NYCHA Permanent Affordability Commitment Together (PACT) initiative. Since 2003, HDC has financed more than 200,000 housing units using over $27 billion in bonds and other debt obligations and provided in excess of $3 billion in subsidy from corporate reserves and other available funds held by the corporation. HDC ranks among the nation’s top issuers of mortgage revenue bonds for affordable multi-family housing on Thomson Reuter’s annual list of multi-family bond issuers. In each of the last five consecutive years, HDC’s annual bond issuance has surpassed $1.7 billion. For additional information, visit: http://www.nychdc.com 

About the Northeastern Conference of Seventh-day Adventists: The Northeastern Conference of Seventh-day Adventists is a religious non-profit organization of the General Conference of Seventh-day Adventists that administers 182 churches and 17 parochial schools within the states of Connecticut, Maine, New Hampshire, New York, Rhode Island and the Commonwealth of Massachusetts. The 182 churches, located primarily within the urban centers of the cities within the Conference territory, comprise a membership totaling 59,029 with a congregational demographic make-up of Afro-American/Caribbean, Hispanic, Haitian, Portuguese, Ghanaian and Nigerian members. The mission of the Northeastern Conference is “to proclaim the gospel of Jesus Christ, to transform all people within its territory and prepare them for His imminent return”. The ministries of the Conference consist of evangelism, leadership training and varied community outreach programs; and are carried out through its churches and schools. Learn more at www.northeastern.org 

About Fifth Avenue Committee: Fifth Avenue Committee (FAC) is a 43-year-old comprehensive community development corporation and chartered NeighborWorks member based in South Brooklyn that advances economic and social justice by building vibrant, diverse communities where residents have genuine opportunities to achieve their goals, as well as the power to shape the community’s future. FAC works to transform the lives of over 5,500 low- and moderate-income New Yorkers annually so that all can all live and work with dignity and respect while making our community more equitable, sustainable, inclusive, and just. Learn more at www.fifthave.org.

About Mega Development: With almost 30 years of experience, Mega Contracting Group is a full-service Development, General Contracting, and Construction Management firm. Offering a broad range of services, including design phase consulting and construction coordination from inception through project completion. Mega’s work can be seen throughout the New York metro area; in apartment buildings, commercial buildings, landmark rehabilitation projects, schools, public infrastructure and recreational facilities. Learn more at www.megagroup.nyc.