HVPG Acquires 100 Terrace, Fortifying Affordable Housing in Nassau County
In a significant move that will reinforce the affordable housing tapestry of Nassau County, Hudson Valley Property Group (HVPG) has completed the acquisition of 100 Terrace Apartments in Hempstead, New York. The strategic acquisition diversifies HVPG’s portfolio, introducing its first Nassau County property and bolstering its presence on Long Island. HVPG now preserves an impressive figure of approximately 2,300 affordable housing units throughout New York State and City.
The project’s scope is comprehensive, with HVPG ensuring the long-term affordability of 100 Terrace via a multifaceted approach. These efforts include sweeping renovations estimated at $23 million, signaling a commitment to enhancing the quality of life for residents while simultaneously updating the property’s amenities and infrastructure. Such modernization efforts showcase the critical alignment between strategic investment and community elevation in the affordable housing sector.
Strategic partnerships play a crucial role in the successful preservation of this housing asset. A renewed HUD Project-Based Section 8 Housing Assistance Payment (HAP) contract is set to benefit 99% of the units, guaranteeing income-qualified residents will not expend more than 30% of their household income on rent. Furthermore, the property is bound by restrictions to maintain affordability for residents earning no more than 50% of the Area Median Income (AMI).
The agreement with the Township of Hempstead Industrial Development Agency (IDA) also underscores the communal benefits of the project, with Frederick Parola, the Executive Director of the IDA, emphasizing the anticipated positive outcomes of HVPG’s investment for tenants and the wider community.
The renovation agenda prioritizes resident safety and satisfaction, embodying HVPG’s tenant-centered ethos. Notable upgrades include new energy-efficient appliances, water-saving fixtures, and modernized building systems—a hallmark of HVPG’s commitment to fostering sustainable living environments.
HVPG extends its focus beyond physical enhancements, underscored by Jason Bordainick, Co-Founder and Managing Partner of HVPG, who said, “We’re preserving not just housing, but stability and opportunity for this community.” The continuation of crucial educational programming like the PEACE afterschool program illustrates HVPG’s holistic approach to revitalizing communities.
As Dr. Fayth Vaughn-Shavuo, Executive Director of P.E.A.C.E., notes, the alignment between HVPG’s community improvement goals and the program’s mission forecasts a collaborative future, rich with educational support and resources for residents.
The collaborative financing structure involving HVPG’s Hudson Valley Preservation Fund and a Fannie Mae loan provided by KeyBank reflects the multifaceted nature of such preservation initiatives—echoing the importance of integrated efforts to bolster affordable housing schemes.
The revamped 100 Terrace Apartments is set to serve as a cornerstone for affordable living in Hempstead, reinforcing HVPG’s reputation as a forward-thinking catalyst in the preservation and enhancement of affordable housing communities.