Annual PRESERVAT 10 N Report 1 NYCHDC Annu al Repo rt 2010

PRESERVATION PROGRAMS

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TRENGTHENING THE

CITY’S FOCUS ON he preservation and creation of the City’s affordablehousingstockiscriticaltothehealth andeconomicgrowth The preservationandcreationoftheCity’s of theCityitself. Inthisreportwe’llbeprovidingsomeinsightintothetypesofpreservationprojects weunder- take andhopethatyoucomeawaywithasenseofthephilosophydrivesusinthiseffort.Everybuildingis someone’s homeandpartofthefabricourneighborhoods. Creatingaffordablehousingandpreservingthe City’s diverseneighborhoodsasgreatplacestoliveandthriveisourgoal. City’s in thiseffort.Every buildingissomeone’shome and away withasenseofthephilosophy thatdrivesus projects weundertakeand hopethatyoucome providing someinsightintothe typesofpreservation growth oftheCityitself. Inthisreportwewillbe housing stockiscriticaltothe health andeconomic tion andconstruction-relatedjobsalongtheway. newly constructed—creatingthousandsofconstruc- income New Yorkers—8,812 preservedand3,372 andmiddle- moderate-, funded 12,184unitsforlow-, In the2010calendaryearalone,HDCandHPD 111,000 unitsalreadycompletedorunderconstruction. cash subsidytofundnearly50,000ofthemorethan in bondsandhaddevotedmorethan$1billion fiscal year, HDChadissuedmorethan$8billion of 165,000affordableunitsbytheclose2014 (NHMP) tofinancethecreationand/orpreservation R. Bloomberg’sNewHousingMarketplacePlan housing. Bytheendof2010,underMayorMichael units remainhabitable,safeandsustainable in ensuringthatthehundredsofthousandsrental (HPD). Together, HDCandHPDplayanactiverole Department ofHousingPreservation andDevelopment Development Corporation(HDC)andsisteragencythe Housing a specialrelationship,asdotheCity’s Around seventypercentofuspayrentmonthly. of thefiveboroughsdon’t owntheirhomes,theyrent. For themostpart,morethaneightmillionresidents

New YorkCityisacitofrenters The preservation and creation of the City’s affordable affordable The preservationandcreationoftheCity’s landlordsandtenantsinNewYorkThe City’s share .

distressed properties from continued decline. distressed propertiesfromcontinued decline. ership tostepinandrescuefinancially andphysically financial productsthatwillallow new, responsibleown- ing financingforgreenretrofit; andofferinginnovative Mitchell-Lamas andHUD202sforexample;provid- financed bymunicipal,stateorfederalprograms: term byreinvestingindevelopmentsthatwereoriginally HDC andHPDlockedinaffordabilityoverthelong preservation opportunitieswaspayingofffortheCity. aggressively pursuingmoreandbigger, strategic tainable nowandoverthelongrun. well-maintained, affordableandeconomicallysus repairs andimprovementsthatkeepthesebuildings ers capitaltomakeessential gain accesstolow-cost get thestabilitytheyneedandownersordevelop focus onpreservationandsustainability;thetenants economic challenges,HDChasstrengthenedits apartment buildingownersarefacingincreased ongoing financialcrisis,whenmanyfamiliesand the realneedscreatedbymarketplace.Inthis and flexible,easilyredirectedtorespond market inNewYork City:craftedtoberesponsive of thestrengthsNHMPisthatitabout tumultuous ride,buttheNHMPforgedahead.One diverse neighborhoodsasgreatplacesinwhichtolive. creating affordablehousingandpreservingtheCity’s part ofthefabricourneighborhoods.Ourgoalis By thecloseof2010,ourheightenedfocuson In 2010,thefinancialmarketscontinuedtheir - -

Housing PreservationandDevelopment Commissioner, NYCDepartment of Chair, HDCBoardofDirectors Rafael E.Cestero strengthen itsmanywonderfulneighborhoods. serve andexpanditssupplyofaffordablehousing efforts topre any commentsyouhaveabouttheCity’s We hopeyou’ll findthisreportinformativeandwelcome an entireblockinCentralHarlem. disaster; andtherenovationgreenrebirthof of theOcelotportfoliofromfinancialandphysical affordable formanymoreyearstocome;therescue ments whileensuringthattheywouldremain essential system-wideimprovementsandreplace two verydifferentMitchell-Lama properties,funding annual budgetgap;howHDCworkedtorefinance and howthishelpedcloseNYCHA’s $70million York CityHousingAuthority(NYCHA) publichousing about thefederalizationof20,139unitsNew online atwww.nycpreservation.com, youcanread In thepagesthatfollow, andinexpandedform HDC President Marc Jahr www.nycpreservation.com

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PRESERVAT 10 N 10 3 PRESERVAT N NYCHDC Annu al Repo rt 2010

Photo by: Ruggero Vanni stock is a central focus of HDC’s programs programs stock isacentralfocusofHDC’s precious public and private housing City’s The ongoingpreservationofNewYork occupied, butmostofituninhabitable. units ofabandonedproperty, someof it of the1970sleftNewYork with100,000 economic structure.Thecrisis that threatenedtoundermineitssocialand mark ofanentirelydifferentnature 1980s theCitywasfacedwithabench- NHMP launchisevenmorestriking. Inthe that benchmarkwithinsevenyearsofthe hitting ment under anycircumstance—and affordable homesisaremarkableachieve work togethersowecanlivetogether. community andfor-profit developers. We tenants andadvocateswithnot-for-profit, requires strongpartnershipsamongagencies, affordable housingisacitywideeffortthat in Queens,BrooklynandStatenIsland. ribbons onnewandpreservedprojects andTheBronxcutting five boroughs,breakinggroundinboth achievement withaday-long tourofthe Marketplace Plan.We celebratedthat Michael R.Bloomberg’sNewHousing financed the100,000thunitunderMayor Housing Preservation andDevelopment Corporation andtheNYC Departmentof In April2010,theHousingDevelopment Creating and preserving 100,000 Creating andpreserving100,000 The developmentandpreservationof — one one

- the cost of land, labor and materials are the costofland,laborandmaterials are to buildnew—especiallyinNew York where torenovatethan more cost-effective much programs. Onthepracticalside,itis housing stockisacentralfocusofHDC’s York precious public andprivate City’s work continues. housingpolicyoftoday.for theCity’s The units, beginninginthe1980s,setstage ofNewYorkers. generation State Building, werereborn foranew more squarefootagethantheEmpire blocks oftheSouthBronxandcontaining abandoned buildingscoveringsquare boom thatcontinuestoday. Enormous of vacantland,sawahousingconstruction East NewYork ,withsquaremiles gutrenovated. infested housing—was of vacant,decaying, derelictanddrug- block by center sectionofHarlem—block their cityscapespringbacktolife. An entire New Yorkers inthemid-1980switnessed program anymunicipalityhadeverseen. affordable housingpreservation sive shrinkage” anddevisingthemostaggres Koch actedaggressively, rejecting“planned Mayor In thethroesofthiscrisisthen The ongoingpreservationofNew The rehabilitationofthosefirst100,000 - generation and the next. generation andthenext. neighborhoodsforthis lizing ourCity’s safe, secureandsolidisthekeytostabi- providing themeanstokeepthosehomes tant. Keeping familiesintheirhomes, and is whyhousingpreservationsoimpor City;keepingthatfabricwhole cious resources. homeandcommunityare pre million, In acrowdedCityofmorethaneight to schoolwithinblocksoftheirhomes. of theirworld.Theyshop,playandgo for whomtheneighborhoodissum that arehometoindividualsandfamilies the smallandlargemultifamilyproperties building blocksofthesecommunitiesare and adiscrete,identifiablecharacter. The with aMainStreetboastingindividualtraits nities withinitsgeographicborders,each formed bytheamalgamofstrongcommu- every boroughhasauniquepersonality makeup; intimate knowledgeoftheCity’s high. Morethanthat,itisguidedbyan This isthefabricandheartbeatof www.nycpreservation.com -

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4 PRESERVING Preservation Partnership: Preserving and protecting 20,139 units of public housing Public Housing Between 1948 and 1971, New York State and more than $700 million in public and private funding, with a financed the creation of 21 new housing developments with significant amount going to capital improvements that began 20,139 homes for working-class New Yorkers. NYCHA shouldered as soon as the deal was closed. At the same time, NYCHA the responsibility of owning, managing and maintaining the build- reaped a hugely important benefit—the opportunity to reduce The Challenge ings. Of their 334 housing developments, these 21 received its operating deficit by up to $70 million per year. Make 20,139 units of occupied public housing spread across , no federal funds, although they This transaction is one of the largest tax credit bond deals Brooklyn, Manhattan and Staten Island eligible for federal assistance for were operated and maintained in the nation’s history and remark- the first time, funding major improvements while closing a $70 million gap as public housing. NYCHA had able in scale, this is the in the New York City Housing Authority’s operating budget. to stretch the federal funds it sort of deal that HDC was received for its other 313 public designed to do: create The Solution Upgrading NYCHA housing developments to cover and preserve affordable housing Early in the spring of 2010 HDC closed its biggest transaction ever, the 20,139 unsupported units. housing for the residents of

authorizing the issuance of hundreds of millions in bonds, the proceeds

YCHA N by: hoto

P The chance to qualify the City of New York, and of which are helping to finance more than $230 million in repairs and NYCHA’s unfunded units for strengthen the City’s

enable NYCHA to cut its structural operating deficit. 10 federal subsidy came in the communities. The HDC form of a one-time opportu- bonds—both tax-exempt and The Team This transaction is one nity through the federal tax taxable—are backed by credit HDC · NYCHA · New York State Assembly and Senate stimulus act of 2009 (The support from Citi Community of the largest tax credit The US Department of Housing and Urban Development (HUD) American Recovery and Capital. Citi will also invest New York City Council · Enterprise Community Partners Reinvestment Act). $210 million through its pur- bond deals in the Community Preservation Corporation (CPC) HDC and its partners, chase of Low-Income Housing

New York City Housing Partnership N PRESERVAT nation’s history and Citi Community Capital, Tax Credits. remarkable in scale; Financing: HDC · Citi Community Capital HUD, and federal and state NYCHA Chairman John elected officials, raced the Rhea said: “Residents’ long term The Numbers this is the sort of deal clock to beat the March A new roof for quality of life will be improved as Developments: 21 Rutgers Houses: NYC that HDC was designed 17, 2010 deadline, put- dedicated funding and subsidies ting together a complex will result in improvements in Units: 20,139 Photo by: NYCHA to do: create and pre- deal and clearing the building standards and conditions, Boroughs: 4 legislative hurdles to as well as service enhancements serve affordable housing Total Financing: $700M meet the criteria that required the into the future. NYCHA understands for the residents of the HDC: $480M in Multi-Family Housing Revenue Bonds to properties to be sold to a third party—in this case, two entities and values the strong partnerships provide mortgage loans for the acquisition and rehabilitation formed and controlled by NYCHA—thus creating “new” public with our colleagues at City Hall, HUD, state government, as City of New York, and of State and City developments currently owned by NYCHA. housing. While not part of the Mayor’s NHMP, the transaction well as the New York City Housing Development Corporation strengthen the City’s Jobs Created: 370 that resulted was HDC’s largest ever, authorizing in one fell and the Department of Housing Preservation and Development, its swoop the issuance of hundreds of millions in bonds, the labor unions and residents. Working together, we’re enabling communities. proceeds of which are helping to preserve 20,139 affordable New York City to qualify for substantial, permanent increase homes for the long term, and enabled NYCHA to receive in federal funding for public housing.”

5 NYCHDC Annual Report 2010 www.nycpreservation.com 6 PRESERVAT 10 N

By law, Mitchell-Lama PRESERVING developments are pro- tected by regulatory agreements that lock Mitchell-Lama Developments in affordability for at least 20 years after Repoint bricks initial occupancy. The Challenge But that does not mean that they are immune

Extend affordability in previously publicly from market or development pressures— subsidized large developments while providing the financial means owners can opt to pre-pay their mortgage to upgrade conditions unit by unit and replace major building systems. and remove the development from the The Solution program. Between 1990 and 2008, nearly

Tivoli Towers and Luna Park are Mitchell-Lama developments in Brooklyn. 16,200 of a total of 65,889 units of City- Despite being miles—and worlds—apart, they have a lot in common. Both sponsored Mitchell-Lama housing were lost. were in need of low-cost financing that would cover the cost of major façade In 2004 HDC and HPD, recognizing these and systems repairs without incurring financial stress. HDC was able to work Refinance to pressures, created the Mitchell-Lama Restruc- with the owners through the Mitchell-Lama Preservation Program to provide preserve capital for repairs in exchange for additional years of extended affordability. turing Program and Mitchell-Lama Repair Loan Abate d Program to address both physical and financial The Team angerous stresses on these projects, while extending conditions Tivoli Towers: HDC · HPD · Stellar Management · Elected Officials affordability. Since then HDC has refinanced Luna Park: HDC · HPD · Wachovia · Freddie Mac · Elected Officials 41 projects with 20,270 units. The Numbers Since the financial crash of the fall of 2008, HDC continues to offer such refinancing Between 1990 and Tivoli Towers - Built 1974 Luna Park - Built 1971 49-57 Crown Street, Brooklyn West 12th Street between Surf of financially vulnerable or distressed 2008, nearly 16,200 of & Neptune Avenues in Brooklyn Mitchell-Lama developments. In the two Rental Units: 320 Co-op Units: 1,575 cases that follow, HDC worked to lengthen a total of 65,889 units of Total Financing: $40M the useful lives of these aging buildings, City-sponsored Mitchell- HDC: $39.5M in recycled Total Financing: $67M tax-exempt bonds HDC: $5M adding years of affordability, and returning HPD: $10M 8A loan these assets to the program and ensuring Lama housing were lost Jobs Created: 313 Reso A grants: $6M long-term regulatory compliance. as affordable resources. Freddie Mac: $46M loan Jobs Created: 456

7 NYCHDC Annual Report 2010 www.nycpreservation.com 8 Affordable As-

Tivoli Towers Luna Park Tivoli Towers, a 33-story, 320-unit rental build- Luna Park’s location overlooks ing in Crown Heights, Brooklyn, constructed the Atlantic Coast, a vista afforded to few in 1974, is like a mini-village. It is extraordi- apartment complexes in New York City. Built narily stable: a notable number of residents in 1971, Luna Park’s five towers have a moved in right at the beginning, raised preserve afford- total of 1,575 units. As a Mitchell-Lama families and are now retired. Tivoli Towers is able Resources cooperative building, the development was a Naturally Occurring Retirement Community built to make home ownership a possibil- (NORC). “We all know each other, and we ity for working-class New Yorkers. And it all look out for each other,” says Delphine Working with HPD and the is a pleasant place to live—there is ample Fawundu-Buford, a lifelong resident. Luna Park co-op board, space for trees, playgrounds and parking; Built as a residence for working-class and the New York Aquarium and the Coney New Yorkers, it allowed a working middle HDC structured the financing Island boardwalk are only a block away. class to remain in Crown Heights. But time for $67 million in upgrades Eventually though, time took its toll: the took its toll: the original owners stepped back to Luna Park. fresh sea air, along with great delight, also from effective management of the building; Give Building provided corrosive salt. After four decades, none of the three elevators worked properly New Life Renovate the complex of buildings needed extensive and sometimes not at all. The crumbling common areas refurbishment, including millions in façade concrete and exposed rebar were signs of repair, new roofs and windows to address structural issues; the apartments themselves damage done by salty air and wind. Working needed upgrades in appliances and bath- with HPD and the Luna Park co-op Board, room fixtures. Along with the physical needs HDC structured the financing for $67 million of the building was an even more pressing in upgrades to Luna Park. issue: the Mitchell-Lama status of the build- Along with the physical Coney Island is a paradox in that it ing itself. A new owner bought the building has a three-hundred-year history of func- in 2005, and began to take steps to convert needs of the building was an tioning without pause as a recreation and Tivoli to a market-rate building. The residents even more pressing issue: resort area, but its architecture has been organized, public officials rallied, the market wiped clean over and over as the centuries turned and HDC stepped in with a solution. the Mitchell-Lama status Strip/Replace have gone by. And each successive genera- The new owner agreed to keep the building of the building itself. facade tion of building has a master plan for how in Mitchell-Lama until 2040 in exchange for Coney Island will entertain masses, down $40 million in financing that will pay for 10 to the current one, under construction. renovating the building. By early 2011, one Coney Island and Luna Park are both of the three elevators had been restored to headed for fresh starts. good working order, and Fawundu-Buford reports that repairs are under way. “It’s a Repair Ceilings good feeling,” she says. PRESERVAT N PRESERVAT

9 NYCHDC Annual Report 2010 www.nycpreservation.com 10 The Ocelot Rescue: Address PRESERVING Financial and Physical Distress Prior to the economic downturn that began in the fall rated with HPD to put together a scope of work and of 2008, real estate speculators reacted to increased financial plan to bring the buildings back from the property values and the chance to turn a quick brink and into good repair, while keeping the existing Neighborhoods profit by buying up occupied properties in neighbor- tenants in place. 10 hoods where this sort of activity had not been seen “I think this speaks volumes about our commit- in decades. That is the beginning of the Ocelot story. ment to helping preserve affordable housing for Advocates looked on in alarm, long-time tenants families here in the Bronx and throughout New York The Challenge fretted over whether their leases would be renewed City,” said Mo Vaughn, co-Managing Director and Strengthening the neighborhood by saving a portfolio of financially and if they were, could they afford to stay. The falter- co-owner of Omni. His partner, Eugene Schneur, stressed and physically decrepit occupied multifamily buildings in the ing economy cooled the real estate market and many echoed the sentiment: “The tenants in the Ocelot

South Bronx from further decay and abandonment. N PRESERVAT investors and banks realized that the debt on these buildings have lived through some very difficult times Restore Heat/Hot new properties was unsupportable. Maintenance The Solution over the last few years, and we’re happy to secure Repair/replace water Systems doors Abate Mold and renovations slowed or stopped and entire port- the necessary financing to begin the rehabilitation of Proactively work with the mortgage holder to sell the buildings as a folios of buildings slipped or threatened to go into these properties. Once we’ve finished, I think this will unit to a responsible new owner with a solid track record of repairing, foreclosure, leaving tenants in more dire straits than have a tremendous impact on our ability to deal with preserving and managing occupied affordable housing. before and the surrounding community at risk. overleveraged properties throughout New York City.” The Team After the Ocelot Group defaulted on its mort- Through its LAMP preservation program, HDC gage, Fannie Mae, which held the paper, began stepped up to finance renovations of three of the HDC · HPD · Fannie Mae· Deutsche Bank · Bank of New York to make plans to sell the 14-building portfolio. buildings, issuing more than $8 million in bonds and Omni New York, LLC The Numbers “I think this speaks volumes about our commitment Buildings: 3 (out of 14 total) 1804 Weeks Avenue, 1663 Eastburn Avenue, to helping preserve affordable housing for families 1744 Clay Avenue Replace Units: 119 Gut Bathrooms Electrical system Replace Ceiling here in the Bronx and throughout New York City,” Total Financing: $26M Mo Vaughn, co-Managing Director and co-owner of Omni HDC: $8.1M in Tax-Exempt Fixed-Rate Bonds Credit enhancement: Bank of New York The City, fearing a repeat performance at the hands leveraging nearly $5 million in tax credit equity to fund HPD Capital: $10.4M of a new owner, weighed in and began working with the construction work. The funding sources require that HPD HOME: $2.1M Fannie Mae to facilitate new ownership that would the renovated units be reserved for households earning LIHTC Equity: $4.9M “HDC’s investment in the be responsible and responsive to the existing tenants less than 60 percent of the area median income. Dina Jobs Created: 147 Ocelot portfolio is bringing relief and their needs. The City Department of Housing Levy, a long-time tenant organizer and advocate with Preservation and Development, Fannie Mae and UHAB, who had been watching the buildings closely and long-term housing stability Deutsche Bank agreed on a pool of nonprofit and working with the tenants said, “HDC’s investment and for-profit housing companies as candidates in the Ocelot portfolio is bringing relief and long-term to the hundreds of working-class to participate in the bidding process. housing stability to the hundreds of working-class families in the Bronx. ” Included on that list was Omni New York LLC, a families in the Bronx. The Ocelot rescue also serves Resurface/repair housing management and development company as a replicable model for how local government can flooring known for taking on tough, troubled properties. As work with community partners to preserve distressed, Dina Levy, UHAB Tenant Organizer and Advocate the successful bidder in the auction, Omni collabo- overleveraged housing all across the city.”

11 NYCHDC Annual Report 2010 www.nycpreservation.com 12 Photo by: Ruggero Vanni PRESERVAT N 135th Street: The Nation’s PRESERVING First Green Retrofit Project According to the City’s Housing Vacancy Survey, cannot get in until you speak directly with the contract rents increased just 1.6 percent in real person that you are visiting.” The Environment 10 dollars between 2005 and 2008, while median Fellow tenant Roxanne Gayle moved to West gross rents increased by 4.2 percent over the 135th Street Apartments in 2001 with her three same period of time. The difference in these sons aged 20, 17 and 11. As is the case in every The Challenge figures can be attributed to rising utility costs, apartment, the rehabilitation has given her new Renovate and “green” 198 units of affordable housing in 10 Central which affect renters, homeowners and multifamily appliances, a ceiling fan, new energy efficient buildings, creating sustainable housing, maintaining afford- building owners alike. There is no doubt that windows and freshly painted walls—but the costs ability over the long term, without displacing the tenants. building—or retrofitting—”green” can save of these capital improvements were not passed owners and tenants money and that it contributes on to her. Despite being laid off from her job, she Before The Solution to a more affordable bottom line. can afford to keep her home while Using a variety of funding sources, the Rose Smart Growth Invest- It means much more she looks for work. If it were not for Install ment Fund acquired the buildings, and in keeping with their green to Vianela Breton who has the affordable rent, “I wouldn’t even Solar panels development philosophy partnered with HDC and HPD to preserve lived in a two-bedroom at want to think about what would

this historic block of affordable housing and to make West 135th West 135th Street Apart- happen. My eldest would not be Photo by: Jonathan Rose Street Apartments a model of positive, green preservation. This was ments for 16 years. For her able to attend college for one, The greening of There is no doubt the first project to receive a grant from the U.S. Department of Housing two daughters, a 17-year- because all that I earn would be West 135th Street will mean boilers and Urban Development Green Retrofit Program (GRP). old and a 12-year-old, this going toward the food and rent. will emit less carbon monoxide, and green that building—or is the only home they have I am extremely grateful to have tiles, sealants and adhesives will reduce the The Team known. Vianela recalls feel- the home that I have in this great amount of formaldehyde in the building. ing unsafe even behind her neighborhood.” In addition to using healthier materials, the HDC · HPD · HUD · Jonathan Rose Companies retrofitting—”green” locked door. The building’s The renovation of the West ongoing operations and maintenance plans Rose Smart Growth Investment Fund · Phipps Houses main intercom system could be After 135th Street buildings not only include use of green cleaning products, can save owners and Financing: HDC · HPD · HUD · Bank of New York · Enterprise Community accessed simply by banging on gave this affordable housing new which do not use chemicals that trigger Partners · NYC Acquisition Fund · Jonathan Rose Companies the panel that covers the console. Now all of life, it is healthy; designed to control asthma trig- asthma, and a plan to educate tenants on tenants money and that has changed; in addition to the physical gers while increasing energy efficiency and thus, green cleaning of their apartments to help The Numbers improvements in the form of new appliances, savings. Antiquated boilers were replaced with reduce reliance on toxic sprays. that it contributes to Buildings: 10 floors and finishes, Vianela and her children high-efficiency models; ceiling fans were installed 107-145 West 135th Street enjoy the comfort of knowing that a state-of- to reduce dependence on air conditioners; rooftop a more affordable the-art security system monitors the property photovoltaic panels help support base-building Units: 198 from cellar to roof. “I feel much safer now electrical loads; energy efficient corridor lighting bottom line. 8 studios, 55 one-bedrooms, 99 two-bedrooms and 36 three-bedrooms with the new system. Before this, I would worry with motion sensors lights the common areas; Serving Households at 50% – 60% AMI about our safety. The camera faces the entry while throughout the buildings, low toxicity paints (then $38,400 – $46,080 for a family of four) door and unless you have a key, you contribute to better indoor air quality.

Total Financing: $43M HDC: $24.1M in tax-exempt bonds HPD Home Funds: $5.9M HUD Green Retrofit Program: $3.6M Enterprise Community Partners: $4.8M of tax credit equity Developer Equity: $4.6M To read the full story, view more photos and see related topics on each section please visit Jobs Created: 351 NYCHDC 2010 Online Annual Report at: 13 NYCHDC Annual Report 2010 www.nycpreservation.com. www.nycpreservation.com 14

15 PRESERVAT 10 N NYCHDC Annu al Repo rt 2010 Governing Board Department of Housing New YorkCityDepartmentofHousing New YorkCityDepartmentofFinance Chairperson and Ex-Officio Member Preservation andDevelopment Charles O.Moerdler Gubernatorial Appointee David M.Frankel Rafael Cestero Mayoral Appointee Ex-Officio Member Mayoral Appointee Felix Ciampa Harry Gould Commissioner Commissioner Commissioner Commissioner Vice Chair Management andBudget Gubernatorial Appointee New York City Office of New YorkCityOfficeof Ex-Officio Member Denise Scott Mark Page Director

Capital Markets and General Counsel Executive Leadership Real Estate and External Relations Cathleen A.Baumann Richard M.Froehlich Debt Issuance and Finance Executive Vice President for Executive Vice President for Executive Vice President for Executive Vice President for Mathew Wambua Senior Vice President for Senior Vice President for Ellen Duffy Marc Jahr Treasurer Treasurer President

Senior Vice President for Administration/ Pellegrino Mariconda Chief Information Officer Portfolio Management Senior Vice President Senior Vice President Senior Vice President Terry Gigliello Chief Credit Officer Urmas Naeris for Development Joan Tally

www.nycpreservation.com 16 Dedicated Staff HDC Projects & Loans (by Development Project Type) Report as of 12/31/10 Antao, Michelle Frolov, Natilya Martinez, Jose Sanchez, Christina Marie Bacchus, Simon Fung, Serena Martinez, Sylvia Santiago, Karen Ann PROJECT NAME UNITS 889-903 Dawson Street 96 540 Audubon Avenue 46 Barkan, Melissa Garcia, Norman Mascuch, Gerald P. Santiago, Sylvia 988-992 Boston Road 30 252 Wadsworth Avenue 26 501 C(3) 1189 Sheridan Avenue 48 70 Post Avenue 40 Barrios, Cristina Garraway, Keon McConnell, Mary Saunders, Mary BROOKLYN 750 E 169 St, 1227 Boston Road 40 83 Post Avenue 20 Bascom, Polly Geary, Lisa A. McGhie, Rashida Scarlett, Betty 55 Pierrepont Street 189 Tremont-Anthony 32 HP Plaza LP 117 MANHATTAN Morris Heights Cluster 203 445 W 22 10 Baumann, Cathleen A. Gigliello, Terry Medina, Alex Schmidt, Robert Lotts Residence (de Sales) 127 Longfellow Hall 111 2653, 2697 Frederick Douglass Boulevard (Azoic I) 18 Baumann, Linda A. Glenn, Yvonne Medina, Sonia Schwartz, Frieda Village Care 85 1002 Garrison Avenue 20 308 W 147th Street (Azoic II) 25 Belic, Denis A. Greene, Horace Mendez, Sandra Noemi Shah, Bharat C. Carnegie East House 104 4673 8 Action Housing TPT MN05 45 Marseilles Apartments 134 982 Prospect Avenue 21 NEP West 111th Street Cluster - Phase I 66 Berenson, Elana Greene, Wendell Messina, Lucille M. Shyti, Adelina CUNY Graduate Center Housing 77 865 East 167th Street 52 QUEENS Bhuiyan, Zenaida Guglietta, Vincent A. Mok, Michelle Simons, John Michael 1203 Fulton Avenue & 575 E 168th Street 37 334 Beach 32 TPT Findlay Avenue 20 QUEENS TOTAL AHPLP 3,864 Bojceniuk, Helen Guillermo, Angela C. Mondelli, Stephen Sivaprakasam, Manimegalai Queens College Student Residences 144 BROOKLYN Brown, Claudine R. Hoang, Anyu Moore, Kevin Skeados, Moira TOTAL 501 C(3) 860 1615 St. Johns Place 34 HOSP 35 Avenue 5th Avenue Corridor 36

PRESERVAT N PRESERVAT Brown, Geraldine Hom, Mary Moreira, Ruth A. Small, Tiffany BRONX 80/20 1544 Park Avenue Assoc 34 Montefiore Medical Center 116 Brusch, Clytie Ignatiou, Steven Morrison, Joan Smartt, Lauren BROOKLYN 201 Pulaski & 335 Franklin Avenue 9 Burress, Stacey Infeld, Jesse Mosely, Lakisha Marie Smith, Kristen Atlantic Court Apartments 320 236 Greene Avenue 16 MANHATTAN 480 25 Royal Charter (NY Hospital) 519 Capobianco, Ana Maria Jahr, Marc Moynahan, Jaclyn Sprung, Bonnie MANHATTAN 5201 Snyder Avenue 33 TOTAL HOSPITAL 635 Carpio, Maria Louisa Jarvis, Shirley M. Naeris, Urmas Stepien, Luke Columbus Place Dev 730 709-715 Lafayette Avenue 24 Carnegie Park 460 753 Greene Avenue 41 LAMP Chan, Christine John, Mary C. Oakley, Elizabeth Stewart, Kenton Columbus Apartments 166 932 24 Jane Street 148 BRONX Chang, Iris Joseph, Peggy F. Ogoke, Patrick N. Stone, Jeffrey B. Clarkson Gardens 105 3rd Avenue Project 41 Manhattan West (West End Towers) 1,000 171 44 Cheung, Andy Kar, Shibaji Oldak, Yaffa Stoopler, David Parkgate 207 Gerard Court Project 126 Van Buren St Hope Equities 65 Vyse Avenue Project 11 Choi, Ping Kendrick, Darryl O’Neill, Susan M. Stroman, Kim N. Related Monterey E 96 ST 522 530 Herzl Street 46 Related Towers 440 Crotona Avenue Project 86 Cilla, Joseph Kim, Qu H. O’Reilly, Eileen M. Tafuro, James 455 Decatur Street 8 Intervale Avenue 68 Roosevelt Island 1,107 340 South Third Street 41 Cocker, Farina Kimball, Denise Ortiz, Omega Tally, Joan W 43 Street 375 1046-1050 Hoe Avenue 42 218 St. James Place 12 Intervale II 80 Coleman, Samantha Knapke, David W. Payamps, Ana I. Taylor, Shirell York Avenue Development 272 36 Crooke Avenue 71 Sagamore - W 89 Street 265 Brook Avenue Gardens 79 270 Rochester Avenue 16 678 (aka 638) Sagamore Street 84 Creeley, Hannah Kulkarni, Madhavi Pelham, Paris A. Todman, Paulette V. 520 West 48th Street 109 TPT BK06 PACC 37 Related - The Lyric 285 Nelson Senior Houses 82 Cucci, Thomas Lam, Michael Perez, Doris Tonnessen, Clare T. TPT BK05 27 2035 Marmion Avenue 90 Related - Westport 371 MANHATTAN Culbertson, Margaret Lance, Charlena Perry, Chantay A. Waller, Patricia Chelsea Centro 355 1314 Nelson Avenue 115 Terrace 51 James Tower 201 900 Ogden Avenue 120 Dabbs, Sara Laracuente, Carlos Philpott, Virginia L. Wambua, Mathew Muthini 128-136 Edgecombe Avenue 47 The Foundry 222 La Fontaine 74 1572 13 Daniels, Dwan LaSalle, Israel Piekarski, Thaddeus F. Wang, Mei Ping 400 W 150 1240 Washington Avenue 100 1, 5, 7 & 9 W 137 Street 68 Related Sierra 213 Palacio del Sol 124 Dealissia, Keith M. La Torre, Armando C. Pugacz, Diane J. Watts, Micah S. 205-213 W 145 Street 62 92nd & First Residential Tower 196 600 Concord Avenue 83 21-23 & 29-31 East 104 Street 70 DeAmorin, Anthony Lau, Delia L. Qiu, Ting Weisstuch, Joshua Related Upper East 261 1001 MLK Boulevard 89 2245 2259 2285 2289 A C Powell 27 Deane-Yhap, Rhoda Lau, Jackie C. Quinlivan, Jim 155 West 21st Street 109 East 165th Street Development 136 Williams, David 229-31 E 105 Street 307-9 Pleasant 54 Avalon Morningside 296 Aldus Street Apartments 164 DeLuca, Louis Laurel, Heather Anita Raguette, Karyn Wolf, Nancy E. 2492-94 & 2502 Frederick Douglass Boulevard 27 Hoe Avenue Apartments 136 Dennis, Lisa N. Lee, Jonah M. Ramirez, Roberto Yee, Henry QUEENS 2733 Frederick Douglass Boulevard 12 Peter Cintron Apartments 165 Barclay Avenue 66 328 & 340 10 Freeman Gardens 36 DeVito, Jeffrey R. Levi, Laura Randolph, Marcus T. Yeung, Winnie Queenswood Apartments 296 36 West 131 Street 14 ABEKEN Apartments 120 Duffy, Ellen Lin, Ting-Ju Ricketts, June Yip, Kerry TOTAL 80/20 9,142 466-470 W 150 Street 62 Silverleaf 118 530 Audubon Avenue 46 Claremont Park Apartments 98 Estrella, Loa Lipsyte, Susannah Rienzi, Leonard Yiu, Annie AHPLP 54 Vermilyea Avenue 20 2111 Hughes Avenue 72 557 Academy Street 50 Farnen, Clare M. Logozzo, Josephine Rivera, Jose Yu, Cheuk Kin BRONX Jennings Street 85 2006 Amsterdam Avenue 21 1296 Sheridan Avenue 59 River Court Project 126 Fils-Aime, Clarissa Anne Luu, Uyen V. Roberts, Joanne Zaman, Mohammad 630 West 135 Street 31 Freeman Simpson 67 Spring Creek III 100 Fleesler, Faith B. Malecki, Z. Peter Roberty, Violine Two Bridgeset 198 1038 Boston Road 149 Parkview Apartments 110 2038 5th Avenue 7 Foody, Catherine Mariconda, Pellegrino Russell, Ruth 1740 Grand Avenue 93 Louis Nine Boulevard Apartments 95 215 Audubon Avenue 47 1985-1995 Creston Avenue 84 Courtlandt Avenue Apartments 167 French, Chanin A. Marshall, Catie Salacheep, Sithichai 270 St. Nicholas Avenue 77 240 East 175 Street 120 1434 Ogden Avenue 130 CATCH OTP Cluster - 234 Bradhurst, etc. 61 Froehlich, Richard M. Martinez, Carlos A. Salomon, Marlene H. 302 Willis Avenue 36 University Macombs Apartments 210 160-66 Morningside Avenue 29 309 Alexander Avenue 11 Thessalonica Court Apartments 191 30-32 Bradhurst Avenue 25 651 Southern Boulevard 41 Brookhaven Apartments 95 1860-62 Lexington Avenue 15 675 Coster Street 33 Morris Avenue Apartments 209 201 West 146th Street 12 887 & 889 Hunts Point Avenue 46 Vyse Avenue Apartments 96 520 Audubon Avenue 46

17 NYCHDC Annual Report 2010 www.nycpreservation.com 18 HDC Projects & Loans HDC Projects & Loans (by Development Project Type) Report as of 12/31/10 (by Development Project Type) Report as of 12/31/10

PROJECT NAME UNITS Sedgcliff 128 MANHATTAN PROJECT NAME UNITS Bronx 8C 82 Brooklyn 12G 39 920 Westchester Avenue 110 West Tremont Avenue Apartments 84 Esplanade Mews 18 Gateways Apartments 365 Bronx 7C 58 SPARC Project 72 Morris Heights Mews 111 2007 LaFontaine Avenue Apartments 88 26 Council Towers VI 78 Bronx 7D 100 Howard Avenue 23 Ocelot ECW 119 Casa del Sol Apartments 114 Macombs Place Project 58 Selfhelp KVII 92 Bronx 11F 42 103 6 Jacob’s Place 63 Forest Houses 124 Related 2nd Avenue 19 1021-27 Avenue St. John 77 110-116 Cambridge Place 40 450-2 E 148 Street (Brook East) 34 10 Westchester Avenue 70 Related W 105 Street 11 STATEN ISLAND 1121-1125 Bryant Avenue 38 1212 48 15 East Clarke Place 102 St. Ann’s Apartments 58 Tony Mendez Apartments 130 Markham Gardens Apartments 240 1125-27 Sheridan Avenue 49 1263 Decatur Street 24 Ogden Avenue Apartments II 59 725 & 737 Fox Street 106 203-15 W 148 Street - Site 15 87 Tompkins Court 108 115 E 169 Street 37 1314 Dean Street 6 Senior Housing 105 White Plains Courtyard 100 BROOKLYN Lafayette Gardens 47 1175-77-85 Anderson Avenue 111 1372 Putnam Avenue 6 Harmony House 55 1307-15 Merriam Avenue 70 2 Doscher Street 18 Highbridge Apartments 296 Quincy Greene 44 TOTAL LAMP 24,717 8th Avenue (Madame CJ Walker) 41 1420-1424 Grand Concourse 138 2-12 Webster Avenue 30 Urban Horizons II 128 Fountains at Spring Creek 102 Clinton Parkview 96 1473-75 Montgomery Avenue 56 2016 Union Street 23 1090 Franklin Avenue 60 Linden Mews 36 Liberty Bond Olga Mendez Apartments 74 1560 Silver Street 69 241 South 3rd Street 22 Parkview II 88 Spring Creek IV 83 MANHATTAN 262 West 115th Street 10 1574 Beach Avenue 89 2675 West 36th Street 148 1068 Gerard Avenue 82 Vermont Mews 40 90 Washington Street 398 228-238 Nagle Avenue 99 1652 Popham Avenue 49 2740 Cropsey Avenue 321 Morrisania Terrace 42 Dr. Betty Shabazz Houses 160 2 Gold Street 650 Phelps House 169 1770 Walton Avenue 38 2880 West 12th Street (Luna Park) 1,576 PRESERVAT N PRESERVAT 270 East Burnside Avenue Apartments 114 Medger Evers Houses 308 63 476 Wien House 100 1820 Harrison Avenue 75 299 Adelphi Street 72 Prospect Avenue 124 523 Vermont Avenue 74 410 Two Bridges Senior Apartments 109 1890-92 Andrews Avenue 55 309 Lafayette Avenue 329 Rev Ruben Diaz Gardens (950 Westch Avenue) 111 Kings County Senior Residence 173 20 Exchange Place 366 Logan Gardens 104 1898 Longfellow Avenue 18 323-325 24 Villa Avenue Apartments 111 45 Malta Street 48 201 189 Fania Gersham Apartments 29 1950 Hutchinson River Pkwy 159 333 Lafayette Avenue 326 Brook Willis Apartments 123 Grace Towers 168 Beekman Tower 904 West 153rd Street 85 1955 Grand Concourse 59 394 Montgomery Street 43 830 Fox Street 58 Granville Payne 103 TOTAL Liberty Bond 3,393 Lenox Powell Apartments 59 2025 Valentine Avenue 36 418 61st Street 17 1211 Southern Boulevard 123 David Chavis Senior Apartments 153 Phipps Plaza South 404 2120 Mapes Avenue 29 639 President Street 10 St. Peter’s Avenue Apartments 58 609 65 Limited Equity Coops Casabe House 125 225 West 232nd Street 96 749 Driggs Avenue 8 East Tremont Avenue Apartments 73 Monsignor Vetro Apartments 45 Target V 83 All Saints Project 99 BRONX 2406 Walton Avenue 38 88-90 Adelphi Street 25 Spring Creek Apartments I & II 583 Daly Avenue 32 Cedars Project 95 Fabria Houses 65 2410 Barker Avenue 171 952 St. Marks Avenue 40 YWCA 84 Tremont Vyse I 24 MONTMAC (Unimac II) 111 Friendly Hands Apartments 76 2410 Walton Avenue 38 2149 Pacific Street 24 The Plaza (Noble Drew) 385 Tremont Vyse II 18 Bathgate Avenue Apartments 89 Mannie Wilson 102 2609 Briggs Avenue 55 Restore Housing 138 Tremont Vyse III 30 MANHATTAN Granite Terrace 77 Churchill House 98 2670 Valentine Avenue 10 Magnolia Plaza 102 Capitol Hall-Modification 201 Intervale Gardens 66 The Douglass 70 2698 Valentine Avenue 10 1825 Atlantic Avenue 150 BROOKLYN Lenox Avenue 159 500 East 165th Street 128 The Ciena Hobbs Court 340 282 Gunhill Road 52 Cook Street Apartments (Rev D.J. Kenna Apartments) 152 South Williamsburg 101 Manhattan 6A 138 New Hope Project (Walton) 63 The Bridge 81 2922 Barnes Avenue 132 Albany Crossings 92 Manhattan-8A 20 Monterey Apartments 97 2059 54 MANHATTAN 3315 Cruger Avenue 40 Kingston Heights 132 Manhattan-8D 32 Crotona Parkway Apartments 96 The Dempsey 80 Maple Court 135 3379-81 Hull Avenue 50 Crown Heights Senior Residence 144 1 West 126th Street 48 550 East 170th Street 98 West 135th Street 198 Maple Plaza Co-op 155 3511 Barnes Avenue 127 Bristol Hopkinson (The Beacon) 168 111 West 71st Street 11 Dorado Apartments (Melrose Site D) 58 1428 120 TOTAL Limited Equity Coops 495 3555 Olinville Avenue 142 River Rock 54 113-115 East 101st Street 7 1085 Washington Avenue 90 Lexington Courts (Met Paca) 229 365 East 209 Street 20 POP Bishop Boardman 200 116 35 3035 White Plains Road 74 110 28 LOAN ACQUISITION 571 Southern Boulevard 39 POP Sr. Lucian 149 135-137 West 115th Street 21 Melrose Commons Site 5 Apartments 63 Echo Apartments 99 664-72 Beck Street 86 POP Mary Star of the Sea 100 BRONX 1486 Fifth Avenue 10 Boricua Village Site A-2 85 Clinton Terrific Tenements 88 670 Barreto Street 35 POP St. Brendan 120 1520 102 150-160 West 208 Boricua Village Site C 131 New Horizons Preservation LP 48 700 Oakland Place 31 POP Bishop Mugavero 85 West Farms I 321 157 West 123rd Street 51 2065 Morris Avenue 63 Good Neighbor Apartments 118 741 Jennings Street 15 POP Holy Spirit 50 West Farms II 205 17-33 Montgomery Street 389 Tiffany Street Apartments 42 144 W 144 Street Malcolm X-Z 16 756 South Oak Drive 6 POP Msgr. Burke 50 176 West 94th Street 121 Walton Henwood Apartments 105 216 & 224 W 141 Street 31 BROOKLYN 801-25 Tilden Street 266 OP Pope John Paul II 60 200 41 Boricua Site E 80 542-48 & 552-58 W 149 Street 36 738 St. Marks Rehab 21 810 E. 178th Street 20 POP Msgr. O’Brien 112 205-7 East 124th Street 20 El Jardin de Seline 84 55 W 129 Street 40 83 West 188th Street 39 Sons of Italy 102 MANHATTAN 208-209 West 119th Street 157 1334 Louis Nine Boulevard 123 349-359 Lenox LLC 18 84 West 188th Street 38 550 Watkins Street 104 Metro North Gardens 48 24-32 Arden Street 68 Westside Bronx Apartments 146 2570 & 2572 Adam Clayton Powell, Jr. 18 950-955 Evergreen Avenue 357 New Lots Plaza 87 Artists Housing 384 263 West 113 Street 10 Rose Hill 119 211 West 105th Street 11 98 Van Cortlandt South 1,487 Jennings Hall 150 Morningside One Apartments 109 2707 8th Avenue 21 Las Casas Development 227 2500 Frederick Douglass Boulevard 9 1793 Sedgwick Avenue 35 The Garvey 78 302 Convent Avenue 42 Roscoe C. Brown 279 55 E 130 Street 25 TOTAL LOAN ACQUISITION 1,190 2444 Marion Avenue 654 Livonia Terrace 173 327 East 3rd Street 25 Courtlandt Corners I 71 259 West 152/67 Macombs Place 58 3162 Bainbridge Avenue 65 1490 Dumont Avenue 176 351 West 114th Street 36 2727 Decatur Avenue 50 70-74 East 23 Loan Sale Atlantic Commons Cornerstone LP 48 BROOKLYN 368 East 8th Street 30 Hewitt House Apartments 83 Pitt Street Development 263 BRONX Navy Green R3 101 359 E 21 Street 8 400 Convent Avenue 39 Bruckner by the Bridge 419 Mount Hope 62 Gateway Elton Street 197 QUEENS BR 8 Street 43 404 East 10th Street 11 Serviam Towers 160 Crotona Park East 19 Navy Green R-1 112 Wavecrest II 123 Avenue T 124 408 West 25th Street 20 Maria Lopez Plaza 216 Crotona Park 20 1120-1122 Madison Street 16 Selfhelp Houses 150 Contello Towers II 321 503-05 West 141st Street 28 Arista UAC 290 Marcy/Wythe 136 500 Nostrand Avenue 46 Apartments 300 North 5th Street 41 512 East 11th Street 20 La Terraza/Melrose Site B-1 107 Evergreen Avenue 355 1469-71 Bedford Avenue 27 Astoria Senior Residence 184 2255 Bedford Avenue 45 525 E. 6th Street 8 St. Ann’s Terrace CDE 314 1422 Nelson Avenue 72 56 20 Selfhelp (KIV) Apartments 159 90 Fifth Avenue 4 544 West 157 Street 39 Rev. Dr. Fletcher C. Crawford Housing 84 643/47 Cauldwell Avenue 84 219 Sackman Street 38 POP Msgr. Campbell 72 613 Warren Street 3 59-61 Morningside Avenue 31 St. Ann’s Terrace FG 161 21 W Mosholu Pkwy North 37 Schermerhorn, L.P. 217 650 Warren Street 3 60 Edgecombe Avenue 8 1765/67 Davidson Avenue 49 Bronx 6D 126 465-483 17th Street 52 62-64 East 3rd Street 9

19 NYCHDC Annual Report 2010 www.nycpreservation.com 20 HDC Projects & Loans HDC Projects & Loans (by Development Project Type) Report as of 12/31/10 (by Development Project Type) Report as of 12/31/10

PROJECT NAME UNITS Goddard Riverside 194 Prospect Macy 63 PROJECT NAME UNITS Brooklyn MANHATTAN Gouverneur Gardens 782 850 Jennings 103 625 East 6th Street 10 Manhattan Court 123 Bayview 1,609 Logan Plaza 130 Hamilton Housing 176 3254 White Plains Road 125 870 Riverside Drive 37 Bethany Place 28 Bushwick 1,220 Ruppert Yorkville 1,258 Jefferson Tower 190 St. Ann’s Terrace ABH 166 9 East 118th Street 30 130-136 West 112th Street 41 Marlboro 1,763 Lincoln Amsterdam 186 The Tiffany 54 STATEN ISLAND 90-92 Wadsworth Avenue 41 201 West 148th Street 25 Manhattan Harbour View 122

10 Riverbend Coop 626 University Avenue Consolidated III 172 East 119th Street Cooperative 111 QUEENS RNA House 208 Via Verde Apartments 151 Amsterdam 175 15-21 West 116th Street 38 TOTAL HAC 1,783 162-11 89 Avenue 45 Rosalie Manning 109 Via Verde Cooperative Apartments 71 Chelsea 425 Cassiopeia Apartments (250 West 116th Street) 32 12-11 Frisco Avenue 6 Ruppert House Coop 652 1778-1800 Southern Boulevard 64 Drew Hamilton 1,211 West 61st Street Apartments 211 YEAR 15 32-16 32nd Street 51 St. Martins Tower 179 Manhattanville 1,272 The Sutton Cooperative Apartments 135 BRONX Stryckers Bay 234 BROOKLYN Rutgers 721 Loan Sale 12,946 89 Murray Street 163 Jericho Residence 8 Tanya Towers 138 167 Clermont Avenue Armory 111 Samuels 664 Loan Sale Serviced by Others 17,025 Little Larkspur 22 800 Fox Street 19 Tower West 217 287 Prospect Avenue 52 116 West 116th Street 21 Williams Court 80 Total Loan Sale 29,971 Tri Faith House 148 421 Degraw Street 90 Staten Island Beacon Towers (Coop) 73 Trinity House 200 471 26 Stapleton 693 BROOKLYN Beacon Mews 125 MIRP Washington Square SE 175 Knox Place 369 St. Marks AKA 597 Grand Avenue 52 TOTAL 14,465 Cypress Hills Street 27 PRESERVAT N PRESERVAT Ellington on the Park 134 BRONX 156-20 Riverside Drive 431 139 Emerson Place 50 Irving Stockholm 22 1405 Fifth Avenue Apartments 81 1212 MLK, L.P. 54 50 Greene Avenue 39 NYCHA Public Housing Preservation II LLC Crown Prospect 120 1138 Washington, L.P. 51 QUEENS 800 Bergen Street 32 Casablanca Houses 32 BRONX Bay Towers 375 64 West 9th Street 26 Susan’s Court (454 Manhattan Avenue) 125 Baychester 441 MANHATTAN MANHATTAN Bridgeview III 171 893-895 Pacific Street 16 Artimus Site 8 54 Murphy 281 John Hill Associates LP 15 Bradhurst Apartments LLC 23 Dayton Tower Coop 1,752 277 Gates Avenue 35 East 118th Street 59 159th Street Better Living 33 Salem House (MIRP) 48 Goodwill Terrace 208 Ralph Avenue 72 Calvert Lancaster Parcel D 27 Brooklyn Lenox Avenue 36 Calvert Lancaster Parcel F 29 Boulevard 1,423 QUEENS Seaview Towers 460 221 Parkville Avenue 41 Edith Pennamon 27 East Harlem South 117 Independence Towers 743 First WHGA 59 Greater Allen Affordable Housing LP 54 47th Avenue - Big Six 983 Ft. Hamilton Military Housing 228 Ralph Avenue Ph. II 72 245 East 124th Street (Tapestry) 185 Linden 1,586 Park Side 160 TOTAL MIRP 230 STATEN ISLAND State Renaissance Court 158 Genesis Cornerstone 86 Williams Plaza 577 TOTAL YEAR 15 606 North Shore Plaza 536 The Balton 156 Mitchell-Lama Bushwick Gardens Cooperative Apartments 88 Manhattan TOTAL Mitchell-Lama 24,242 Williamsburg Edge 347 Elliott Chelsea 168 SEED BRONX 344 E. 28th Street 225 560A Gates Avenue Coop 34 101 Apartments 78 BRONX Albert Einstein 635 414 Equities LLC 41 Wise Tower 398 ModRehab Atlantic Terrace Coop Apartments 80 Beck 75 Carol Gardens Apartments 315 TOTAL 5,674 BRONX Bergen Street Coop 48 QUEENS Corlear Gardens Coop 118 Columbia Hicks 95 TOTAL NYCHA SECURITIZATION 20,139 BROOKLYN B&L Grand Concourse 102 58-12 Queens Boulevard 122 Keith Plaza 310 St. Phillips Co-op 89 Watkins Street Cluster 105 Bayside Gardens 26 Kelly Towers 302 MANHATTAN Bradford 105 Section 8 Sheffield Avenue - Sheffield Developments 113 32-08 Union Street 25 Kingsbridge Apartments 91 Revive 103 North 30 11 Broadway 160 Bushwick Cluster 150 137-02 Northern Boulevard 71 BRONX Kingsbridge Arms 105 32 University Avenue 219 QUEENS 140-26 Franklin Avenue 54 Clinton Arms 86 Montefiore Hospital II 399 MANHATTAN Woodycrest II 58 Astoria Apartments 62 Central Harlem Plaza 241 136-14 Northern Boulevard 60 MANHATTAN Scott Tower 352 Daly Avenue 84 351 E 4 Street 33 46-19 88th Street 17 Lexington 125 Stevenson Commons 947 TOTAL ModRehab 194 Mott Haven VI 110 394 E 8 Street 38 14-56 31st Drive 60 West 149th Street Cluster 140 Woodstock Terrace 319 Plaza Borinquen 88 Cannon Heights 171 NEW HOP Frederick Douglass Boulevard (Triangle Court) 51 Beach 94 Street (Shoreview) 92 East 115th Street Cluster 140 BRONX Harlem Gateway I 50 99-22 67th Road 29 BROOKLYN West 111th Street 145 BROOKLYN 3815 Putnam Avenue W 238 Street 91 Triangle Court II 40 84th Drive 49 1650 President Street 48 TOTAL SEED LOANS 1,212 Ocean Gate Apartments 542 Madison Park Apartments 89 90-05 161st Street (Yorkside I) 90 Palmer Avenue 135 Borough Park Court 131 TOTAL PARTICIPATION LOANS 13,757 Linden Plaza Preservation 1,527 Beechwood at Needham 47 Harriet Tubman Gardens 74 9501 Rockaway Boulevard 72 Crown Heights I 36 Atlantic Plaza 716 Putnam Deegan II 44 2232 , et al 21 Yorkside Towers II 90 Crown Heights II 32 Brighton Houses Coop 193 202-18 W 148 Street - Site 13 (C-2) 100 Queens Family Courthouse Apartments 277 Orloff Avenue 101 Fulton Park 7&8 209 GRAND TOTAL: 148,455 N Coop 251 1514 Sedgwick Avenue 96 W Guerrero and Associates 17 QFC Co-op 69 La Cabana 167

Cadman Tower Coop 422 Twin Pines Apartments 32 1400 Fifth Avenue Condominium 129 65-60 Austin Street 50 Crown Gardens Coop 238 MANHATTAN Cliffside Properties 84 Azure Holdings II, LP 110 STATEN ISLAND Essex Terrace Apart 104 235-47 East 105th Street 48 West Harlem Apartments 60 Grant Avenue Coop 162 Celebration Townhouses - Permanent 74 First Atlantic Terminal 201 Larkspur West 117th Street 94 TOTAL Section 8 1,109 Boricua Village Site A-1 136 Stapleton Court 92 Second Atlantic Terminal 305 Boricua Village Site B 100 The Hamilton (Site 7) 77 TOTAL NEW HOP 11,255 Tivoli Towers 320 Creston Towers 43 Madison Plaza 92 HAC The Washington (Site 14) 104 MANHATTAN Washington Bridge View 48 NYCHA SECURITIZATION BRONX Village East 434 Fox Leggett 50 Fred-Doug 117, L.L.C. 138 St. Edmonds Court 110 Bradhurst Court 128 NYCHA Public Housing Preservation I LLC 1199 Plaza 1,594 Boricua Site D 80 BROOKLYN Beekman Staff Residence 90 Boricua Site F 77 The Aspen 231 BRONX 1010 Development 16 Bethune Tower 135 870 Jennings Street Apartments 84 Triangle III 97 Castle Hill 2,023 Gates Avenue 83 Clinton Tower 396 Longwood Gardens 25 Lenox (Shabazz) Gardens 51 Marble Hill 1,682 255 Ocean Avenue 40 Confucius Plaza Coop 762 Decatur Terrace 122 Strivers Gardens 170 St. Mary’s Park 1,007 405 East 94th Street 24 East Midtown 746 Courtlandt Corners II 224 210-214 East 118th Street 27

Esplanade Gardens 1,872 Shakespeare Place 127 138 East 112th Street 43

21 NYCHDC Annual Report 2010 www.nycpreservation.com 22 Balance Sheets Balance Sheets (continued) At October 31, 2010 (with comparative summarized At October 31, 2010 (with comparative summarized financial information as of October 31, 2009) (in thousands) financial information as of October 31, 2009) (in thousands)

Discretely Presented Component Units Discretely Presented Component Units

new York City new York City new York City new York City Residential new York City new York City Residential

housing housing mortgage housing housing mortgage

Development Assistance Insurance Total Development Assistance Insurance Total Corporation Corporation Corporation 2010 2009 Corporation Corporation Corporation 2010 2009 Assets Liabilities and Net Assets Current Assets: Current Liabilities: Cash and cash equivalents (note 3)* $ 466,774 $ - $ - $ 466,774 $ 433,420 Bonds payable (net) (note 9)* $ 481,566 $ - $ - $ 481,566 $ 472,275 Investments (note 3)* 66,075 - - 66,075 105,434 Accrued interest payable 62,072 - - 62,072 54,142 Receivables: Payable to mortgagors 191,452 - - 191,452 172,881 Mortgage loans (note 4)* 77,154 158 - 77,312 59,604 Restricted earnings on investments 13,788 38 - 13,826 13,888 Accrued interest 20,062 18 - 20,080 18,705 Accounts and other payables 33,506 - - 33,506 1,632 Other (note 7)* 19,312 - 15 19,327 3,807 Deferred fee and mortgage income and other liabilities 217 - - 217 - Total receivables 116,528 176 15 116,719 82,116 Due to the Government (note 14)* - - - - 2 Other assets 61 - - 61 83 total Current Liabilities 782,601 38 - 782,639 714,820 total Current Assets 649,438 176 15 649,629 621,053 noncurrent Liabilities: noncurrent Assets: Bonds payable (net) (note 9)* 7,992,648 - - 7,992,648 6,983,210 Restricted cash and cash equivalents (note 3)* 983,756 5,612 1,093 990,461 665,472 Payable to The City of New York: Restricted investments (note 3)* 1,186,986 13,614 64,861 1,265,461 1,075,985 Loan participation agreement (note 11)* 609,581 - - 609,581 614,063 Purpose investment (note 2C)* 190,631 - - 190,631 194,196 Other 194,466 50,470 - 244,936 248,452 Mortgage loans (note 4)* 557,150 - - 557,150 401,808 Payable to mortgagors 202,779 504 - 203,283 136,457 Restricted receivables: OPEB liability (note 13)* 8,035 - - 8,035 6,429 Mortgage loans (note 4)* 6,645,340 30,165 - 6,675,505 6,132,952 Deferred fee and mortgage income and other liabilities 162,112 - - 162,112 152,080 Loan participation receivables - The City of NY (note 6)* 609,581 - - 609,581 614,063 Due to the United States Government (note 14)* 2,843 - - 2,843 1,826 Accrued interest - 2,525 - 2,525 2,767 total Noncurrent Liabilities 9,172,464 50,974 - 9,223,438 8,142,517 Notes (note 5)* 301,559 - - 301,559 312,168 Total Liabilities 9,955,065 51,012 - 10,006,077 8,857,337 Other (note 7)* - - - - 7,907 Total restricted receivables 7,556,480 32,690 - 7,589,170 7,069,857 net Assets: Unamortized issuance costs 49,020 - - 49,020 45,680 Restricted for bond obligations (note 17)* 525,372 1,032 - 526,404 523,167 Primary government/component unit receivable (payable) 67 (48) (19) - - Restricted for insurance requirement and others (note 17)* - - 43,733 43,733 40,924 Capital assets 1,363 - - 1,363 1,682 Unrestricted (note 17)* 700,511 - 22,217 722,728 663,337 Other assets (note 8)* 6,057 - - 6,057 9,032 total Net Assets 1,225,883 1,032 65,950 1,292,865 1,227,428 total Noncurrent Assets 10,531,510 51,868 65,935 10,649,313 9,463,712 total Liabilities and Net Assets $ 11,180,948 $ 52,044 $ 65,950 $ 11,298,942 $ 10,084,765 Total Assets $ 11,180,948 $ 52,044 $ 65,950 $ 11,298,942 $ 10,084,765 *Please see the enclosed disk for a full set of the basic financial statements and the accompanying notes. *Please see the enclosed disk for a full set of the basic financial statements and the accompanying notes.

23 NYCHDC Annual Report 2010 www.nycpreservation.com 24

Statements of Revenues, Expenses Statements of Cash Flows New York City Year ended October 31, 2010 and 2009 (in thousands) and Changes in Fund Net Assets Housing Development

Year ended October 31, 2010 (with comparative summarized Corporation financial information for the year ended October 31, 2009) (in thousands) 2010 2009 Discretely Presented Component Units Cash Flows From Operating Activities new York City Mortgage loan repayments $ 531,298 $ 478,564 new York City new York City Residential

housing housing mortgage Receipts from fees and charges 21,182 16,903 Development Assistance Insurance Total Mortgage escrow receipts 75,641 70,437 Corporation Corporation Corporation 2010 2009 Reserve for replacement receipts 39,892 19,427 Operating Revenues Mortgage loan advances (1,077,740) (1,088,259) Interest on loans (note 4)* $ 166,788 $ - $ - $ 166,788 $ 157,203 Escrow disbursements (65,571) (71,966) Fees and charges (note 7)* 35,635 - 1,378 37,013 28,557 Reserve for replacement disbursements (31,275) (30,349) Income on loan participation interests (note 6)* 4,905 - - 4,905 15,676 Payments to employees (17,886) (16,692) Other 153 - - 153 93 Payments to suppliers for corporate operating expenses (5,372) (4,726) total Operating Revenues 207,481 - 1,378 208,859 201,529 Project contributions and funds received from NYC 134,603 161,345 Operating Expenses Advances and other payments for NYC (136,609) (112,184) Interest and amortization of bond premium and discount (note 9)* 144,325 - - 144,325 145,168 Bond cost of issuance (4,417) (1,591) Salaries and related expenses (note 12)* 20,319 - - 20,319 17,834 Other receipts 236,318 156,822 Trustees’ and other fees 4,770 - - 4,770 4,012 Other payments (112,632) (167,529) Amortization of debt issuance costs 7,024 - - 7,024 4,981 net Cash Used in Operating Activities (412,568) (589,798) Corporate operating expenses (note 10)* 5,567 - - 5,567 4,973 Cash Flows From Non Capital Financing Activities total Operating Expenses 182,005 - - 182,005 176,968 Proceeds from sale of bonds 1,591,371 1,436,404 Operating Income 25,476 - 1,378 26,854 24,561 Retirement of bonds (572,600) (604,543) Non-operating Revenues (Expenses) Interest paid (134,773) (154,927) Earnings on investments (note 3)* 27,470 334 4,609 32,413 39,090 Payments from component units 210 39,971 Other non-operating revenues, net (note 11)* 6,170 - - 6,170 2,154 Payments to component units (3,000) (1,000) Payments to HDC Corporate Services Fund - - (210) (210) (818) net Cash Provided by Non Capital Financing Activities 881,208 715,905 Payments from REMIC Subsidiary 210 - - 210 818 Cash Flows From Capital and Related Financing Activities total Non-operating Revenues, net 33,850 334 4,399 38,583 41,244 Purchase of capital assets (73) (97) Change in Net Assets 59,326 334 5,777 65,437 65,805 net Cash Used in Capital and Related Financing Activities (73) (97) Total net assets - beginning of year 1,166,557 698 60,173 1,227,428 1,161,623

Total Net Assets - End of Year $ 1,225,883 $ 1,032 $ 65,950 $ 1,292,865 $ 1,227,428 Cash Flows From Investing Activities *Please see the enclosed disk for a full set of the basic financial statements and the accompanying notes. Sale of investments 21,197,364 17,346,042 Purchase of investments (21,342,945) (17,133,919) Interest and dividends collected 35,136 43,100 net Cash (Used in) Provided by Investing Activities (110,445) 255,223 Increase in cash and cash equivalents 358,122 381,233 Cash and cash equivalents at beginning of year 1,092,408 711,175 Cash and Cash Equivalents at End of Year $ 1,450,530 $ 1,092,408

Please see the enclosed disk for a full set of the basic financial statements and the accompanying notes.

25 NYCHDC Annual Report 2010 www.nycpreservation.com 26

Statements of Cash Flows (continued) Year ended October 31, 2010 and 2009 (in thousands) New York City

Housing Development Corporation 2010 2009

Reconciliation of Operating Income to Net Cash Used in Operating Activities: 10 Operating Income $ 25,476 $ 22,808 Adjustments to reconcile operating income to net cash used in operating activities: Depreciation expenses 391 365 Amortization of bond discount and premium (1,375) (1,375) Amortization of deferred bond refunding costs 998 809 Amortization of bond issuance costs 6,026 4,172 PRESERVAT N PRESERVAT Net cash provided by nonoperating activities 134,773 154,928 Changes in Assets and Liabilities: Mortgage loans (802,373) (396,918) Accrued interest receivable (1,940) 8,692 Other receivables 18,910 (55,151) Bond issuance costs (11,696) (1,887) Primary government/component unit receivable (payable) 79,344 (250,533) Other assets 2,852 (1,659) Payable to The City of New York 5,174 24,090 Payable to mortgagors 85,799 (92,654) Accounts and other payables 34,893 2,137 Due to the United States Government (17) 12 Restricted earnings on investments (4,053) (3,560) Deferred fee, mortgage income and other liabilities 6,320 2,849 Accrued interest payable 7,930 (6,923) net Cash Used in Operating Activities $ (412,568) $ (589,798) Non Cash Investing Activities: Decrease in fair value of investments $ 1,736 $ (437)

Please see the enclosed disk for a full set of the basic financial statements and the accompanying notes.

Credits Writing: Kirsten Major Design: Bartley & Dick Photography: Larry Racioppo Editor: Catie Marshall Printing: Velocity Print

Printed on recycled paper. 26 NYCHDC Annual Report 2010 View our more extensive online annual report at: www.nycpreservation.com

New York City Housing Development Corporation 110 William Street, New York, NY 10038 • www.nychdc.com