March 15, 2016 | Category: Press
Genesis Companies, an MWBE firm committed to the development of affordable housing citywide, was joined by New York State Assembly Housing Chairman Keith L.T. Wright, HPD Assistant Commissioner Susan Kensky, community leaders and elected officials to recognize the public-private collaboration between the City of New York and Genesis Companies.
"Today's recognition of our city and community partnership is rewarding," said Karim Hutson, founding partner of Genesis Companies. "A holistic approach to development that incorporates the needs and desires of longtime Harlem residents to ensure their ability to remain in the community is paramount to the stability of not just Harlem but New York City."
“The partnership between Genesis Companies and the City of New York is exactly the type of collaboration necessary to guide us out of the affordable housing crisis. These four previously vacant lots in Harlem have been repurposed into safe, reliable and affordable homes for those who need it most. New Yorkers whose families have been here for decades- even centuries- are being forced out of their homes due to unprecedented rental costs. To maintain a City of diversity and inclusion, long-term solutions must be achieved. Dogged preservation of the affordable housing we have and innovative projects like these that fuel new options for affordability in our neighborhoods are effective solutions” said Assembly Housing Chairman Keith L.T. Wright.
The partnership has helped spur the building and preservation of affordable housing throughout Harlem. Specifically, the city and Genesis have developed a project comprised of 31 units in four former vacant New York City-owned lots. The new construction will provide housing exclusively to low income residents of Central Harlem with rents affordable to households with incomes of 60% or less of the area median income. The collaboration is a model for effective, innovative and inclusive development that brings jobs directly to the community and provides affordable housing to previously homeless individuals, low-income families and seniors.
Genesis has also entered into an agreement with Urban Pathways to provide formerly homeless tenants for the studio and one-bedroom apartments, which are inter-mixed throughout the development. Though the project will not be a supportive housing project, the agreement with Urban Pathways was designed to address a major priority of the administration.
Five units have been made available to households earning an annual income of no more than $29,040 for an individual, or $37,296 for a family of three. Eight units have been made available to households earning an annual income of no more than $30,250 for an individual, or $38,850 for a household of three. Project-based Section 8 vouchers were provided by HPD for eight of the units. The vouchers subsidize rent payments and allow residents to pay only 30% of their monthly income, whatever it may be, towards rent. Rents for the remaining units are affordable to households earning an annual income no more than $35,090 for an individual, or $45,066 for a household of three. The above income levels are set according to the U.S Department of Housing and Urban Development’s (HUD) 2015 income limits.
The total development cost for the project was $12.2M. Funding included $1.04 M in federal HOME funds from the U.S. Department of Housing and Urban Development (HUD) and administered by HPD. The project also received Low-Income Housing Tax Credits from HPD. The Bank of New York acted as lender and tax credit equity investor. Redstone Equity Partners was the tax credit syndicator. HPD also provided Project-based Section 8 vouchers to subsidize rental payments for formerly homeless residents.
Genesis Companies is an MWBE firm founded in 2004. The executive leadership includes Karim Hutson, Nicole Lockett and Brian Benjamin. The principals collectively have been focused on affordable housing for many years and have been involved in over $300M of affordable housing development including about $260M of tax credit deals, mostly in New York and New Jersey.
Developer: Genesis Companies, LLC
Supportive Housing Partner: Urban Pathways
Contractor: GKC Industries, Inc.-GP Construction, LLC – A Joint Venture
Architect: OCV Architects
Property Manager: Lemle & Wolff
Community Partner: HCCI
Consultant: Forsyth Street Advisors
These lots are scattered mid-block sites in Upper Manhattan located at:
312 W 112th Street
215 W 115th Street
228 W 116th Street
274 W 117th Street