New York, NY – July 23, 2015
– In an effort to preserve and restore a 454-unit Mitchell-Lama Affordable Housing development located in St. George, Staten Island, Stellar Management and CAMBA Housing Ventures today announced that they have acquired Castleton Park. Working in coordination with the NYC Housing Development Corporation (HDC), NYC Department of Housing Preservation and Development (HPD), the U.S. Department of Housing and Urban Development (HUD), the development team will be able to maintain long-term affordability for tenants at the property.
Through HDC tax exempt bonds, the new owner will embark on a $30 million-plus renovation and rehabilitation project at the 40-year-old development. Upon conversion to permanent financing, HUD will provide mortgage insurance through the HUD 542c risk sharing program. The use of Section 8 Project Based Assistance and Section 8 enhanced vouchers will allow the development to maintain long-term affordability for existing and future tenants and to remain in the Mitchell-Lama housing program.
“We’re proud to be able to restore one of Staten Island’s largest affordable housing developments and to maintain rent affordability programs for the tenants,” said Francine Schiff, Vice President of Residential Leasing at Stellar Management. “Together with CAMBA and the City of New York, we look forward to providing tenants with the safe, well-maintained, and well-managed housing they deserve.”
Construction work is anticipated to begin in August 2015. The building façade, the parking area, elevators, and mechanicals will all be rehabilitated through the development team’s two-year construction plan. Additionally, significant repairs and improvements will be made to each unit’s bathroom(s) and kitchen, as well as common hallways and other common areas. Enhancements will also be made to the security system at the complex, including exterior fencing, lighting, security cameras, and the continuation of 24/7 security.
While Stellar will continue to provide property management services, CAMBA will perform a needs assessment to develop and provide on-site social services best suited to the needs of the tenants. CAMBA and CAMBA Housing Ventures are also assisting tenants to complete enhanced voucher Section 8 applications during the conversion process.
“The loss of affordable housing is one of the most critical issues facing New York City today, and CAMBA and CAMBA Housing Ventures are proud to be partners in keeping 454 homes in the Castleton Park Mitchell-Lama complex affordable to low- and middle-income Staten Island residents,” said Joanne M. Oplustil, President and CEO of CAMBA/CAMBA Housing Ventures. “Working with Stellar Management, HDC, HPD, and HUD, we will be able to preserve Castleton’s affordability, make much-needed repairs and provide onsite social services to help connect residents with opportunities that enhance their quality of life.”
Full article can be found here: http://www.businesswire.com/news/home/20150724005367/en/Stellar-Management-CAMBA-Housing-Ventures-Acquire-Castleton