New York—NYC Development Corporation (HDC) and University Neighborhood Housing Program Inc. (UNHP) recently celebrated the grand opening of Rose Hill Apartments, a 119-unit building originally constructed in 1984 to serve low-income elderly residents.
The $20.1 million renovation was undertaken as part of Mayor Michael R. Bloomberg’s New Housing Marketplace plan to create or preserve 165,000 homes by 2014. The renovations were funded by HDC through its LAMP and Section 202 Preservation program. HDC issued $10.1 million in fixed-rate tax-exempt bonds to finance the first phase of construction and $8.3 million in permanent financing.
The design and renovation of Rose Hill Apartments was led by Daughtry Carstarphen Edelman Sultan and Knox and Wood Architects, and the construction work was carried out by Notias Construction.