A 512-unit elderly housing community in Queens, New York, will undergo extensive renovations and be preserved as affordable housing for decades to come, announced officials.
Owned by JASA Corp., Israel Senior Citizen Housing I and II has been an important provider of affordable senior housing in the Far Rockaway neighborhood since the property was constructed in 1966 and developed under the Department of Housing and Urban Development’s (HUD’s) Section 202 direct loan program.
To help extend the affordability of the two 17-story buildings, Rockport Mortgage Corp. is providing a $74.5 million Federal Housing Administration (FHA) Section 223(f) refinancing loan.
Loan proceeds will be used to fund extensive capital improvements that will improve the quality of life for residents. The work includes upgrading a significant number of kitchens and baths; replacing a large number of doors, windows, through-wall AC units, and flooring; and painting the interiors of units. Additional property improvements include modernizing four elevators; installing smart building video intercom and security systems, a new fire alarm system, and a new boiler plant system; and renovating common-area solariums.
Managed by JASA Housing Management Services for the Aged, the development is in close proximity to beaches, shopping, parks, restaurants, and various forms of public transportation that connect the Far Rockaway neighborhood with the other New York City boroughs. JASA employs a full-time resident services coordinator to assist tenants with a wide range of activities and the coordination of community services as well as provides full-time security staff to oversee the buildings and grounds. Residents will have the opportunity to engage with JASA’s breadth of integrative services, including social and virtual programming, health and mental health services, and home-delivered meals.
Over the years, the development has benefited from a total of four project-based Section 8 contracts covering 481 units. An additional 30 units are rent restricted by the original HUD Section 202 use agreement. In connection with this refinancing, JASA and HUD have agreed to enter into a new single 20-year project-based Section 8 contract covering all 481 Section 8 units, thereby extending the affordability of this important housing resource through 2040.
“As an industry leader in affordable senior housing, we see firsthand the overwhelming demand for this type of high-quality housing in New York City,” said Donald Manning, JASA’s executive director of real estate and management. “We are thrilled to be able to provide our tenants with added services and upgraded facilities thanks to our partners at Rockport Mortgage Corp. Now, more than ever, the older adults we serve need a safe and secure place to call home.”
Attorneys at the Nixon Peabody law firm advised JASA on the deal.
