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TCB Receives $78M in Federal Funding to Help Communities Hit Hardest by the Foreclosure Crisis |
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BOSTON, MA—The Community Builders, the largest non-profit, urban housing developer in the nation, was informed on January 14, 2010 that it will receive $78,617,631 in funding from the U.S. Office of Housing and Urban Development (HUD) as part of The Neighborhood Stabilization Program (NSP2). The program was created to redevelop hard-hit communities, create jobs, and grow local economies by providing communities with the resources to purchase and rehabilitate vacant homes and convert them to affordable housing and it is funded through the American Recovery and Reinvestment Act of 2009. The award was based on The Community Builders’ application submitted in response to the NSP2 notice of funding availability issued by HUD on May 4, 2009. In its application The Community Builders identified a set of "prototype" projects, all related to the redevelopment or construction of multifamily housing that was consistent with the NSP2 Program objectives. Their proposal called for quickly identifying multifamily projects that meet the NSP2 funding criteria and working with local and state officials to secure preliminary financing commitments and aggressively redeveloping the targeted multifamily properties. For NSP2 information, please contact Willie Jones at 617-695-9595. |
TCB Celebrates First Washington, DC Development |
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WASHINGTON, DC—TCB joined with DC Mayor Adrian Fenty, residents, other community leaders, and senior City officials on October 23, 2009 for a ribbon-cutting celebration at one of the eight completed buildings comprising the Fairlawn Marshall Apartments in Southeast Washington, DC. Fairlawn Marshall is the first project completed and fully leased by TCB in the District of Columbia. It was completed in a record time of seven months. "This project has been a true partnership," Mayor Fenty said. "It's a great example of how we can work together with our nonprofit partners to create and preserve high quality affordable housing in our neighborhoods." . TCB Mid-Atlantic VP Rob Fossi added, "The combination of vision and practical know-how that our development team and partners brought to this venture is a remarkable reflection of what is possible, even during the most trying times. Thanks to Mayor Fenty and to all of our public partners for helping to make this vision possible. And thanks to the staff of TCB, contractors, vendors, and most especially, the residents, who worked with us through a stepped-up construction period and enabled the finished product to be delivered on time and in budget." Fairlawn Marshall is a mixed-income redevelopment of eight scattered, three-story walk-up apartment buildings located in the Fairlawn and Marshall Heights neighborhoods in Southeast Washington, DC. After extensive negotiation with the prior owner, residents, and city officials, TCB acquired the buildings in August 2008. "Before we acquired the buildings from the previous owner, the residents were living in deplorable conditions," explains Rosa Diaz, Senior Project Manager. "We had to vacate one of the buildings two months before construction commenced because the boiler system failed and the electrical blew out beyond repair." The renovations were completed in less than seven months and included new windows, new roofs, installation of energy efficient heating and cooling systems, upgraded electric, new plumbing, kitchen and bath upgrades, waterproofing, landscaping, laundry rooms in each building and introduction of security entries and gating. Renovation was done on a building by building basis, with residents relocated off-site during construction and returned to their units within 60 days. Tax credits were taken in advance of the rehab on occupied units. Because the schedule was strictly kept, none of those credits were lost. The project is also expected to have enough savings to fund a community room and to repay deferred developer fees.All 98 units are financed by Low Income Housing Tax Credits and are income-and rent-restricted, accordingly. In addition, 30 units receive public housing assistance from the DC Housing Authority (DCHA) and 10 units have rent subsidies and provide supportive housing for disabled clients through a contract with DCHA and the DC Department of Mental Health. Five of the development's units are fully Uniform Federal Accessibility Standards (UFAS) accessible. Financing for the $20 million project was provided by the District of Columbia Department of Housing and Community Development (DHCD), the DC Housing Authority (DCHA), the Department of Mental Health (DMH), Aegon, and Enterprise Community Partners, Inc. The design is the work of EDG Architects, LLC, informed by advice from original residents and other stakeholders. Hamel Builders, Inc. served as the contractor and managed to complete the rehabilitation and renovation of entire buildings in fewer than two month increments. "At one point during construction, there were over 200 men working daily from every trade on the construction site," said Ms. Diaz. "It was an amazing display of heroic effort on the part of the entire team."Click here for further information on Fairlawn Marshall. |
TCB Now Accepting Online Donations |
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BOSTON—TCB is now accepting donations via a new secure page on our website. We have partnered with Network for Good, the industry leader in online giving, to offer a secure and straightforward way for groups and individuals to make tax-deductible donations to TCB. Click on the link below to visit our secure donation page:https://npo.networkforgood.org/Donate/Donate.aspx?npoSubscriptionId=1001700  |
TCB Helps Residents Build Assets |
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BOSTON—Each year, as part of TCB's Ways and Means Initiative, TCB sites implement an Asset Building Campaign designed to encourage eligible residents to claim their federal Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) when filing their taxes. The campaign's goal is to give residents access to essential funds that they otherwise may not receive. The campaign also provides residents with free tax filing assistance, in order to discourage them from using predatory financial services that charge high fees. Once residents have claimed and received their EITC, site staff use this as a springboard to help residents open checking and savings accounts. In 2009, 748 residents at 13 sites claimed their Earned Income Tax Credit. This means that at least $1,421,200 in refunded tax dollars were reinvested into TCB communities in 2009. Communities with the greatest numbers of residents claiming their EITC include Cascade Village in Akron, OH; Broad Creek in Norfolk, VA; Franklin Park in Dorchester, MA; Heritage Common in Lawrence, MA; and Plumley Village in Worcester, MA. Plumley Village is also a Volunteer Income Tax Assistance (VITA) site, and helped 105 non-residents claim EITC.
In order to promote the Asset Building Campaign, Resident Service Coordinators and/or Property Management staff distributes flyers that inform residents about EITC and encourage them to apply if eligible. Site staff is also responsible for researching local VITA sites and for providing residents with the contact information. In sites with Resident Service Coordinators, representatives from VITA sites are actually invited onto the property to help residents file their taxes. At Ways and Means pilot sites, local banks and credit unions are also called upon to support residents in creating savings accounts. These sites each set a target number for resident claiming EITC and CTC, and then track the results to see if they have reached their goals. TCB is already gearing up for the 2010 tax season and Asset Building Campaign. This year we will start our outreach efforts earlier in order to reach even more residents than last year. Additionally, we will be working with two different organizations, Doorways to Dreams in Boston and the Center for Economic Progress in Chicago, to learn more about providing residents with options for using their refund money. By creating more options for our residents, such as assisting them in opening savings accounts, saving bonds, or individual development accounts (IDAs), we hope to build strong financial practices within our communities. |
Ground Breaking Ceremony for 5801 Penn Avenue |
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PITTSBURGH—The Community Builders, Inc. (TCB) and the Urban Redevelopment Authority of Pittsburgh (URA) celebrated the construction and financial closing of 5801 Penn Avenue on April 30, 2009. City of Pittsburgh Mayor Luke Ravenstahl, URA Executive Director Rob Stephany, and local community leaders marked the occasion with remarks followed by a Hard Hat Dig. "5801 Penn Avenue will transform the gateway into East Liberty, fill a long vacant parcel, and provide quality housing and retail options for residents. We are ecstatic that construction has finally been able to start," Mayor Luke Ravenstahl said. 5801 Penn Avenue is a mixed-use redevelopment project on the north portion of the site of the former East Mall high-rise at the intersection of Penn Avenue and Penn Circle West. The project consists of 54 one and two bedroom apartments above 11,000 square feet of street-front retail space. The apartments include a mix of income and rent-restricted units to serve low- and moderate-income persons, including former residents of the high-rise, as well as market-rate units. “We’re excited to finally start construction on this signature project that continues East Liberty’s residential and commercial revival,” said Tamara Dudukovich, The Community Builders’ Mid-Atlantic Director of Development. “We [TCB] have been working with city and URA leadership, East Liberty Development Inc. and community residents for more than a decade to realize this project. During these challenging economic times, we are especially proud to have succeeded in arranging significant public and private financing to permit us to move forward.” Construction of 5801 Penn Avenue commenced in March after TCB closed on the $12.3 million financing package. Funding sources include private equity provided by Aegon USA Realty Advisors through the sale of Low Income Housing Tax Credits and an equity bridge loan and construction and permanent financing from Dollar Bank; deferred debt from the Urban Redevelopment Authority of Pittsburgh, Pennsylvania Housing Finance Agency, and US Department of Housing and Urban Development; and grants from Citizens Bank/Federal Home Loan Bank of Pittsburgh, The Pittsburgh Foundation, and The Home Depot Foundation. The design is the work of Strada Architecture LLC, and Stuart Associates Architects, Inc. and emerged from a charrette process, informed by advice from former residents, community organizers, city leaders, and other stakeholders. 5801 Penn Avenue will be the first Leadership in Energy and Environmental Design (LEED) certified project for TCB. It is being built by Sota Construction and will be managed by TCB. The broker for the commercial space is Gordon Real Estate. The Community Builders, Inc. continues to plan and work toward the second phase of the project, the redevelopment of 5800 Penn Avenue (the East Mall site to the South of Penn Avenue). Current plans contemplate an additional 75 apartments or condominiums and approximately 24,000 square feet of retail space. For further information on 5801 Penn Avenue visit: |
TCB Participates in New Haven's Livable City Initiative |
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NEW HAVEN—Working closely with the City of New Haven, Connecticut, TCB participates in the City's Livable City Initiative (LCI) to improve the city one neighborhood at a time. As part of the initiative, LCI conducts regular on-site inspections of properties throughout New Haven to protect the health, safety, and welfare of City residents. Sherrie Garner, Senior Property Manager at TCB, said: "We are proud of our partnership with the City of New Haven, and the Livable City Initiative (LCI). TCB's New Haven properties have participated in the LCI inspections and have found the residential license program to be an important tool in creating a high-quality affordable housing community." .
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TCB Celebrates Grand Reopening of Casa Maria |
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BOSTON—Casa Maria Apartments, located at 130 Endicott Street in Boston’s North End neighborhood, celebrated its grand re-opening on December 15th with an official ribbon cutting ceremony. Mayor Thomas M. Menino spoke at the program on the importance of preserving affordable housing in the community. Casa Maria Apartments, an 85-unit affordable housing complex, was built by The Community Builders (TCB) in 1979 to meet the needs of low-income seniors in the North End. Earlier this year, as part of its commitment to preserve and improve the quality of affordable housing in the North End, TCB, which operates the property, began a substantial renovation with the help of MassHousing and Low Income Housing Tax Credits provided by the state’s Department of Housing and Community Development (DHCD), as well as limited partner investors Red Capital Group and Nationwide Insurance Company. The financing closed in February 2008 and the rehabilitation of the building was completed this month. . "Access to affordable housing is a cornerstone of every vibrant neighborhood in our city," said Mayor Menino. "The Community Builders, MassHousing, and Speaker DiMasi should be commended for their efforts to revitalize the Casa Maria Apartments, which serve an important need for senior and disabled residents in the North End. The renovated housing complex will help ensure that low-income seniors in the neighborhood have a place to call home for years to come." The rehabilitation work on the six-story, steel-frame brick building included the renovation of an existing community kitchen, the addition of a second community kitchen, stand-up walk-in showers in the bathrooms, new energy-efficient appliances, lobby expansion, new windows and heating systems, elevators, a new community room, and a handicap-accessible sixth floor roof deck. A concrete backyard was also transformed with the addition of grass and trees. All of the units are subsidized by a Section 8 Housing Assistance Payments contract regulated by the U.S. Department of Housing and Urban Development (HUD). "The Casa Maria Apartments is a shining example of how important it is to preserve quality affordable housing, particularly for our senior citizens and residents with special needs,” said Tom Gleason, Executive Director at MassHousing. “MassHousing was very pleased to work with The Community Builders, Speaker DiMasi, Mayor Menino and our other state and city partners to renovate and revitalize this very important community of affordable housing in the North End." Click here for further information on the Casa Maria Apartments affordable senior housing development. |
TCB Wins Urban Land Institute's J. Ronald Terwilliger Award |
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MIAMI—The Morgan Woods affordable housing development in Edgartown on Martha’s Vineyard has won the 2008 Urban Land Institute’s J. Ronald Terwilliger Workforce Housing Models of Excellence Award. Felicia Jacques, Director of Development for the Northeast Region, accepted the award in Miami on behalf of TCB. . The ULI J. Ronald Terwilliger Center Workforce Housing Models of Excellence Award recognizes exemplary developments that meet workforce housing needs in high cost communities. Entries are judged on specific criteria including: extent of affordability, involvement of public/private partnership, energy cost savings, green construction and innovative building technologies that reduce cost and improve efficiency. "We are proud to be honored by the Urban Land Institute for our commitment to exceptional workforce housing," said Patrick E. Clancy, President and CEO of TCB. "This project fulfills the community vision to create affordable housing for the residents of Martha's Vineyard and represents the success of pioneering public/private partnerships." Click here for further information on the Morgan Woods affordable housing development. |
| TCB President & CEO Patrick E. Clancy Speaks at Boston University's Morin Center for Banking and Financial Law |
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BOSTON—On September 23, 2008, Patrick E. Clancy joined a panel of experts to discuss the recent turmoil in the financial markets and where the US and global economy is headed. Click here to download an mp3 file of Mr. Clancy's analysis of this recent financial turmoil, its effects on the housing market, and possible solutions. To access the entire panel discussion, visit Boston University's Morin Center for Banking and Financial Law Web page: |
| TCB Responds to Atlantic Magazine Article |
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Click here to download TCB's response to Atlantic Magazine's July/August 2008 article "American Murder Mystery". |
| TCB President & CEO Patrick E. Clancy Reappointed to Federal Home Loan Bank of Boston Board of Directors |
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Patrick E. Clancy's term as a board member of the Federal Home Loan Bank of Boston has been extended until December 31, 2010. For further information, view the press release at: |
| Pat Costigan Comments on Benefits of Mixed-Income Housing |
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Pat Costigan (Sr. Vice President, Community Initiatives/Public Policy) was published in the latest issue of the Fannie Mae Foundation’s Housing Policy Debate journal. He comments on Mark L. Joseph’s article “Is Mixed-Income Development an Antidote to Urban Poverty?” and discusses TCB’s holistic approach to mixed-income housing. In his comment, Costigan praises Joseph for realistically assessing what mixed-income housing can and cannot provide to its lower-income residents. However, Costigan argues that Joseph’s article overlooks several benefits of mixed-income housing, including “a reduced housing cost burden; more structured supportive services; dramatically improved surroundings; high-quality housing and community design; faster-paced complementary investments in public systems and amenities; and strategically restored market functioning that offers more choices, lower prices, new jobs, and additional tax revenues to support service delivery.” Costigan also describes several of TCB’s most successful mixed-income developments, such as Tent City in Boston, The Villages at Park DuValle in Louisville, and Oakwood Shores in Chicago. Pat Costigan’s comment can be downloaded here. |
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What We Do: Housing Development |
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A sophisticated neighborhood revitalization effort that will transform a 96 block area in Durham, NC. |
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