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Years ago, Steven Finkelstein, a notorious Bronx landlord, was the target of a massive organizing campaign led in part

by the Northwest Bronx Community and Clergy Coalition. Two weeks ago, celebration replaced old conflicts as the two sides met at 3018 Heath Avenue to jointly announce an agreement that both sides hope will end a cycle of speculation fueled by predatory equity that had plagued the multi-family building for years.

reversing Predatory equity

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READER

May 10, 2011 | Volume XXXVI Number 10

Finklestein Timberger LLC and its Principal Steven Finkelstein agreed to pay $27.75 million for 10 buildings, which had been part of the infamous Milbank portfolio.
More on page 5

deutsche on the defensive


Deutsche Bank is on the defensive against two separate lawsuits filed last week against the multinational bank. More on page 12

inside:
Trainings: Events: Jobs Housing Grants: p8 p 10 p 15 p 17 p 18

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is a source of strength for our people and our businesses.


At Citi, we have worked hard to create a workplace with an emphasis on inclusion, innovation and merit, rooted in our shared values and respect for our colleagues and the millions of people we serve. We aspire to be a company where the best people want to work; a company dedicated to empowering individuals and families around the world; and a company that provides opportunity for all. An Equal Opportunity Employer M/F/D/V | careers.citigroup.com
2009 Citigroup Inc. Citi and Arc Design is a registered service mark of Citigroup Inc. 571810 11/09

Diversity

briefs

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MAYor bLooMberG Presents fY 2012 eXecutive budGet


In last weeks presentation of the 2012 executive budget, The Bloomberg administration says that New York Citys fiscal position remains better than most cities; despite continual State and Federal disinvestments in the city for the past decade. The administration credits responsible budgeting and more than ten rounds of spending reductions taken by City agencies since 2008 to account for $5.4 billion in savings for the citys current position. During the address Mayor Bloomberg also boasted of having outlined a plan to balance the budget with no tax increases. We are in better shape than most cities for two prime reasons: weve made smart investments in our economy and we budgeted in a responsible way that prepared us for the inevitable downturn in the national economy, said Mayor Bloomberg. But we are not an island. We are not immune to the realities in Albany and Washington. And the reality is, both places are keeping more of our tax dollars to close their own budget deficits. I am sympathetic to their need for budget cuts, but actions taken to close their deficits came without changing the burdens they impose on City taxpayers. We have to balance the budget and were not going to kick the can down the road. These are still very tough times for many New Yorkers, which makes the decisions in this budget

even more difficult. Our goal is to make sure we continue to have a strong city, and that we protect vital services and the social safety net that keep our communities healthy. The Housing Preservation and Development Agency, which currently spends $52 million per year, contributed to the 2012 budget plan with cuts in its expenses and revenues by $5 million.

In terms of future deficits, the Mayor also announced that New York City will still face approximately a $16.2 billion budget gap in the next three years. http://www.nyc.gov:80/portal/site/ nycgov/menuitem.

briefs
sec seeks PubLic coMMent on short sALe discLosure The Securities and Exchange Commission last week published on its website a request for public comment on the feasibility, benefits, and costs of two short selling disclosure regimes as a part of a study mandated by the Dodd-Frank Wall Street reform and Consumer Protection Act. Section 417 of the Dodd-Frank Act directs the SECs Division of risk, Strategy and Financial Innovation to study two short sale disclosure regimes. A transactions reporting GoA to Guide GrAnts.Gov on iMProveMents Congress investigative arm wants the online federal clearinghouse for grants to improve. Last week, the Government Accounting Office agency found that Grants.gov, the 12-year-old federal web service run jointly by the Office of Management Budget (oMB) and Health and Human Services (HHS), has, in terms of agency size and funding allocations, produced successes for some government agencies and mediocrity for others.

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regime would add short salerelated marks to the consolidated tape in a voluntary pilot program. A position reporting regime would entail real time reporting of investors short positions either to the public or to regulators only. The Commission is required to submit a report on the study to Congress by July 21, 2011. To better inform the study, the request seeks public comment on both the existing uses of short selling in securities markets and the adequacy or inadequacy of the For example, agency records state, usage data for the fiscal year 2011 contributions indicates that the Department of Housing and urban Development (HuD, a large agency) posted 40 grant opportunities and received 4,817 applications through the Grants. gov web site while the National Endowment for the Humanities (NEH, a small agency) posted 42 opportunities and received 4,577 applications. However, HuDs contribution is $414,422 while NEHs is $155,159. Last year, Grants.gov made the move toward a fee-for-service model.

information regarding short sales available today. The request also seeks public comment on the likely effect of these possible future reporting regimes on the securities markets, including their feasibility, benefits, and costs. The public comment period will remain open for 45 days following publication of the request in the Federal register. http://www.sec.gov/news/ press/2011/2011-103.htm

GAos investigation of Grants.gov efficiency comes on the heels of those changes as oMB and HHS seek to improve the online portal. To promote efficiency, GAO is making recommendations federal agencies, including four to HHS aimed at improving Grants.govs funding calculation, cost tracking, and annual and strategic plan; and knowledge sharing with other E-Gov initiatives. HHS generally agreed with our findings and recommendations. http://www.gao.gov/products/ GAo-11-478#recommendations

rents in city set to increase


rGB rent increase update rGB rent increase update rGB rent increase update rGB rent increase update rGB rent increase update rGB rent increase update rGB rent increase update rGB rent increase update

furman release new housing report rates to


The Furman Center last week released its 2010 State of New York report. http://furmancenter.org/files/sotc/ SoC%202010.pdf

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reversing Predatory equity


Tenants of building 3018 Heath Avenue, members of Northwest Bronx Community Clergy Council who helped organize the tenants, city offcials and new owner of building 3108, Steve Finklestein renew their relationship with a smile.
Photos: D. Kene

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Above: Building 3018 on Heath Avenue. Just before the conference, maintenance workers were replacing windows to symbolize the Finklestein Timberger LLCs commitment to speedy improvements to the building.
FEATURE contd from cover

For Finklestein Timberger LLC, the purchase marks the 40th building in the Bronx under the companys ownership. For tenants and housing advocates who brokered the agreement, significance is twofold. The purchase beacons not only the end of serial neglect that had plagued the building, it also signifies a reemergence of private capital invested into New York Citys rent-regulated buildings with the intent of preserving them as affordable housing. As ANHD has detailed in various reports (including Predatory Equity: Evolution of a Crisis, which was published in 2009), short-term, speculative investment in over 100,000 rent-regulated buildings in the city has been

responsible for jeopardizing thousands of units of affordable housing. With nearly 10 percent of the citys stock of affordable housing owned by these predatory equity investors, ANHD has been calling for solutions that write down the value of the original mortgage and investment of public and private money to bring the buildings back into a state of good repair in exchange for long-term affordability. The Milbank portfolio is a key example that this strategy is possible.other key measures that led to this successful resolution include: enrolling the buildings in the citys 5-month old Proactive Preservation Initiative; injecting more than $5 million into

necessary repairs; and securing a promise from Finklestein Timberger LLC to cap the rehab costs passed along to tenants to; $20 per month for 1-bedroom apartments; and $30 per month for 2-bedroom apartments during the first two years of the renovation process, which went a long way to secure tenant support. The Predatory Equity Task Force initiated by ANHD and taken up by the City Council first identified the Milbank buildings as a case study in speculative investment in 2009. The City began working with Finklestein Timberger LLC to apprise it of the condition of the buildings and its maintenance needs, which were evident by the litany of housing code violations issued by the agency as a result
FEATURE contd on p7

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Above: Steve Finkletstein addresses the tenants of his building just after the press conference. It is the first of a series of weekly conversations meant to create a better bond between tenant and landlord. Members of HPD and NWBCCC look on.
FEATURE contd from p6

of its proactive intervention. During that period and as a result of the intensive inspection cycle, six of the ten buildings entered the Citys Alternative Enforcement Program. The program identifies 200 of the most distressed multifamily residential buildings per year, and provides HPD with additional enforcement powers to ensure that the violations and the conditions that caused the violations are corrected. The Alternative Enforcement Program was created by the City Council and HPD in March 2011 that took a proactive approach to improving the worst living conditions by increasing the pressure on the owners of some of the Citys most distressed

residential buildings to bring the buildings up to code. The agreement with the City stipulates that HPD has the authority to approve the scope of work for all ten buildings in the portfolio. It is expected that Finklestein Timberger will begin to submit scopes of work within the next 30 days. The six buildings that are in the Alternative Enforcement Program must adhere to the mandates of the program and must meet the requirements by July 14, 2011, and the developer has agreed to make necessary repairs on the other four properties. During the press conference, tenants of 3018 Heath Avenue

were joined by Mayor Bloomberg, City Council Speaker Christine Quinn, Bronx Borough President ruben Diaz, HPD Commissioner Mathew Wambua and several other city and state representatives, with what appeared to be an infectious sense of optimism for the more than 1,000 families and apartment units affected by the news. These tenants have fought Milbank and have fought LNr, and now its nice to see that their tenacity has paid off, said Speaker Quinn. Ive stood with them for more than a year during their battle, and the fact that this landlord is agreeing to work with the City to get this building back in livable conditions is a good first step.

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new

Community organizer Apprenticeship:


September 2011 - June 2012 recruitment underway Now Through May 27th

The Center for Neighborhood Leadership [CNL] is the community organizer recruitment, training and support center founded in 2008 by the Association for Neighborhood & Housing Development [ANHD] and the New York Immigration Coalition [NYIC]. CNL is pleased to announce the start of its recruitment drive for its third apprenticeship cycle for beginning community organizers. The Community organizer Apprenticeship focuses on knowledge and skills development through a combination of one-day weekly formal instruction by an well experienced organizer and four days of field experience at a front-line community organization (host organization) that has locally based community organizing as a central aspect of its operations. For the current cycle, apprentices are serving their internships at Make the road New York, MinKwon Center for Community Action, Mirabal Sisters Cultural and Community Center, Fifth Avenue Committee and similar organizations. Through the Public Allies partnership, the apprentice will also receive additional learning and personal development opportunities unique to Public Allies core training and leadership development program. Apprentices will primarily work on campaigns concerning housing or immigration issues. A minimum of ten community organizer apprentices will be chosen by June 30, 2011 to serve a ten month apprenticeship that will commence on September 1, 2011 and run through June 30, 2012. During the apprenticeship term, each apprentice will be supported by a minimum stipend of $17,800 (the current stipend is $22,800) and possible academic certification or accreditation for the instructional program through CNLs academic partner, presently Empire State College SuNY. Apprentices will also receive additional benefits during the apprenticeship term as a result of CNLs partnership with Public Allies of New York. These benefits will include health insurance and child care during the program term, and an educational grant award (presently $5350) upon successful completion of the program.

requirements Apprenticeship applicants should not have more than one year of community organizing experience; live, work or study in NYC; be at least 18 years of age; have conversational English ability (some host organizations may have specific language requirements like Spanish, Bengali, Korean, etc. which means that English ability may be minimally important for the organizing work, but it may pose a challenge for the instructional and reporting aspects of the program). Applicants must also meet uS employability requirements. Candidate also need to obtain a letter from an ANHD or NYIC membership organization Director endorsing his/her candidacy (visit the ANHD and NYIC websites for more information concerning their respective memberships). The CNL apprenticeship does not have an educational requirement, nor is a criminal conviction an automatic disqualifier although Public Allies does require a background check. Basic computer-use knowledge and skills are preferred. To find out more about the Center for Neighborhood Leadership or apprenticeship applicant requirements, please email CNL Director Hector Soto at CNLApprentice2@yahoo.com. You can complete and submit an apprenticeship application online through CNLs website at www.anhd.org/cnlnyc. The application deadline is May 27, 2011. However, applications will be reviewed and applicants accepted on a rolling basis until all available apprentice positions are filled. Applicants are encouraged to submit applications as soon as possible.

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Spring 2011 Classes & Workshops In Housing Production and Preservation


Dates: Thursdays, Beginning May 19, 2011 Time: 10:00 AM - 12:30 PM. Location: ANHD offices @ 50 Broad Street, Suite 1125. (Light breakfast) Cost: For the series: $80 per agency for ANHD members (admits 2), $120 for non-members per person. For single sessions: $30/members (admits 2), $40/non-members p/p.
Please Note: ANHD member agencies may send any two staff people they want from their organization for each presentation.

May 19. how to Pick the right tax credit syndicator

June 2. the Abcs of Affordable housing development: An overview

David Goldstein, of Goldstein Hall, Attorneys at Law, will explain the legal aspects of partnering with a syndicator, the responsibilities of the parties, implications and pitfalls to avoid in selecting the right syndicator for your LIHTC project. William Traylor, President of richman Housing resources LLC, will outline the process of partnering from a syndicators perspective as well provide a brief update on the status of Low Income Housing Tax Credits. Frank Lang, Housing Director at St. Nicks Alliance, a prominent community-based affordable housing group in Brooklyn, will share St. Nicks experiences selecting and working with LIHTC syndicators. May 26. removing building violations

Jay Marcus, Consultant & NCB Development Corp., will guide us through the following stages of capital development. 1. The steps in the development process: including project conception and formation, selecting a site, assembling the development team, pre-development, creating and developing a pro-forma, packaging the financing, getting to closing, construction oversight and renting/selling up. Emphasis will be on frequent roadblocks and mistakes made. 2. The basics of creating a proforma and underwriting: including setting up a proforma for both homeownership and rental (LIHTC) projects. We will discuss available subsidy sources in NYS and NYC and how they affect your project and financing. We will discuss what a bank and subsidy providers are looking for as they underwrite your project. June 16. A Presentation on Measuring & reducing energy use: the new building energy benchmarking Law; Making Multifamily buildings Perform More Efficiently & Reducing Maintenance & operating costs; and the basics of reversing Global warming.

10 AM-12:00 AM. randal Powell, of MBD Community Housing Corp., will guide us through the sometimes complicated process of effectively removing ECB, HPD & DoB violations from our buildings. You will become familiar with the various application forms, procedures and time-frames for removing different types of building violations in order to become compliant and save money by avoiding excessive fines on top of those violations.

Michael Sweringen, President, microLeadership, Inc., a certified building analyst, prominent science educator & activist, will explain 1) the requirements of the new energy benchmarking law (Local Law 85), 2) retrofitting energy conservation measures with a focus on the cost benefits of the Low Hanging Fruit, and 3) The Crisis of Global Warming What We Can Do T reverse It.

To register: Please mail the application form (below) ASAP with payment for the above-mentioned trainings to ANHD, 50 Broad St., Suite 1125, NY, NY 10004, Attn: rita Mazza, or fax to 212-747-1114. (Make checks payable to ANHD) Contact Mike Bucci 347-306-1745/mgbucci@aol.com with questions about the training. Advance registration required. Seating is limited with priority given to ANHD members

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events
Thursday, May 12th MinKwon Center for Community Actions 2011 Spring reception Thursday, May 12th 6:30 - 8:30 pm Museum of Chinese in Americas (MoCA) @ 215 Centre Street (between Howard & Grand Street) Wednesday, May 25 Brownfield Partnership will host its third annual Big Apple Brownfield Awards Ceremony at the NYu School of Law. The Partnership will recognize five of New York Citys most outstanding brownfield redevelopment projects. The Partnership will also announce the 2011 recipients of Duncan Brownfield Scholarships. registration is FrEE. register by May 9, 2011. vanderbilt Hall at the NYu School of Law 40 Washington Square South, New York register here http://www.brownfieldnyc. org/?page_id=11 PubLic notice The public hearings concerning the proposed water rates and charges to be effective July 1, 2011 will be held as follows: staten island Monday, May 2, 2011 Wagner High School 1200 Manor road Staten Island, NY 10314 Doors open at 7:00 p.m. Public Hearing at 8:00 p.m. bronx Tuesday,May 3, 2011 Public School 14 3041 Bruckner Blvd. Bronx, NY 10461

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Doors open at 6:00 p.m. Public Hearing at 7:00 p.m. brooklyn Wednesday, May 4, 2011 Public School 102 211 72nd Street Brooklyn, NY 11209 Doors open at 6:00 p.m. Public Hearing at 7:00 p.m. Manhattan Friday, May 6, 2011 City Planning Commission 22 reade Street New York, NY 10007 Doors open at 1:30 p.m. Public Hearing at 2:00 p.m. Queens Tuesday,May 10, 2011 Public School 499 148-20 reeves Avenue Flushing, NY 11367 Doors open at 6:00 p.m Public Hearing at 7:00 p.m.

Thursday, June 9 rEGISTEr oNLINE NoW for the Supportive Housing Network of New Yorks 11th Annual New York State Supportive Housing Conference on Thursday, June 9 at the New York Marriott Marquis! The conference will offer more than 20 cutting-edge workshops and panels addressing the latest challenges and opportunities facing the supportive housing community. If you would prefer to register via fax, just download the fax registration form here: http:// www.shnny.org/documents/ registrationFormtoFax_4_.pdf *If you are not able to use the rEGISTEr oNLINE link above, just copy and paste this address into your browser to access the online registration tool: https://web01.planetsmb.net/

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events

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ON

MAKE BIG BANKS AND MILLIONAIRES PAY

MAY 12
(212) 788-3000 AND TELL HIM TO:

Big Banks crashed our economy, destroyed our communities and wrecked our budgets. WE BAILED OUT WALL STREET, NOW ITS TIME TO MAKE THEM PAY!
Mayor Bloomberg can save $1.5 Billion if he stops the corporate welfare, tax loopholes, sweetheart deals, and subsidies for the Big Banks and super-rich.

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AT

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MASS TEACH-IN
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At 4 pm thousands of people will stage a giant Teach-in around Wall Street to educate the world how the big banks are destroying our community, and what we need to have a just economy.

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Staten Island Ferry 1 State Street

JOBS
Wall Street Fountain 110 Wall St

City Hall 260 Broadway

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Battery Park

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Vietnam Veterans Memorial 55 Water Street

HUMAN SERVICES/SAFETY NET


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deutsche bank on defensive against charges of fraud & neglect


Last Wednesday, May 3rd, Deutsche Bank found itself on the receiving end of a federal lawsuit filed by the US Attorney Southern District of New York against the bank and its subsidiary, MortgageIT, for FHA mortgage insurance fraud. The uS Department of Justice accuses the multinational lender of having placed millions of taxpayer dollars at risk when it repeatedly submitted fraudulent information regarding the eligibility of more than 3,100 home loans. MortgageIT, an approved direct endorsement lender under the FHA insurance program, had from 1999 to 2009endorsed more than 39,000 mortgages for FHA insurance, totaling more than $5 billion in underlying principal obligations. Because these mortgages were insured by the full faith and credit of the united States, they were highly marketable for resale to investors. The federal lawsuit accuses MortgageIT of abusing this insurance program by approving loans that otherwise would not have been approved, if not for the companys willful neglect and fraudulent activity. According to the suit, the Deutsche subsidiary repeatedly made false certifications to HUD to obtain approval of mortgages that MortgageIT underwriters wrongfully endorsed for FHA insurance. These mortgages were not eligible for FHA insurance under HuD rules. Aside from the ineligibility of these mortgages, underwriters at MortgageIT are accused of having endorsed these mortgages by falsely certifying that they had conducted the due diligence required by HuD rules when, in fact, they had not. By endorsing ineligible mortgages and falsely certifying compliance with HuD rules MortgageIT wrongfully obtained approval of these ineligible mortgages for FHA insurance thereby putting millions of FHA dollars at risk. MortgageIT and Deutsche Bank ignored every type of red flag and breached every duty of due diligence before underwriting thousands of federally insured mortgages, said Manhattan u.S. Attorney Preet Bharara in regards to the case. While the homes the defendants issued loans for may have been built on solid ground, the defendants lending practices were built on quicksand. ultimately, prudence was trumped by profit, and good faith took a back seat to good fees. According to the Department of Justice, FHA has already paid
DEUTSCHE contd on p14

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DEUTSCHE contd from p13

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insurance claims on more than 3,100 mortgages totaling $386 million, for mortgages endorsed by MortgageIT. Deutsche Bank acquired Mortgage IT in January 2007 and earned substantial profits through the resale of these endorsed FHAinsured mortgages. Yet, top officials at Deutsche Bank say they have nothing to do with the fraudulent activities of their controversial subsidiary prior to 2007. The bank has learned its lesson from the financial crisis, said Deutsche Bank Chief Executive Josef Ackermann, adding that no business was worth it if the lenders reputation was put at risk, according to reports. The federal lawsuit seeks damages and civil penalties under the False Claims Act (better known as the whistleblower act) and was filed just prior to the 10year statute of limitations for suits using this law. This is exactly the kind of misconduct that our Civil Frauds unit was created to combat, said Bharara. President obama established the interagency Financial Fraud Enforcement Task Force to combat financial fraud and wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement.

on the other side of the nation, Deutsche is facing a separate lawsuit filed by one local law enforcement agency in particular; The City of Los Angeles. on May 2nd, just one day prior to the federal suit in NY, Los Angeles City Attorney announced its legal recourse against Deutsche Bank and all of its Californiabased subsidiaries for its derelict ownership of hundreds of foreclosed homes in its portfolio. City Attorney Carmen A. Trutanich charged Deutsche of being the worst landlord in the city in a public statement on the civil suit. Approximately 166 foreclosed homes under Deutsche Banks portfolio have been fraught with roach droppings, unpermitted plumbing, unkempt yards and molding ceiling, to name just a few of the infractions charged to Deutsche under the civil suit. The lawsuit seeks immediate injunctive relief, including a complete inventory, registration and inspection of foreclosed properties; compliance with all applicable state and municipal code requirements; and a stop to all illegal evictions. Deutsche Banks liability is potentially in the hundreds of millions of dollars. We must fight blight by holding banks accountable when they create vacant nuisance properties that pose threats to our residents and destroy the quality of life in our neighborhoods, and we must protect vulnerable tenants from illegal evictions, said Trutanich. According to the lawsuit, within the past four years, Deutsche

Banks subsidiaries acquired over 2,200 properties in the City of Los Angeles through foreclosure; mostly in low-income areas of the City, primarily in south Los Angeles and the northeast San Fernando valley. In some instances, the properties were vacant at the time of foreclosure, and Deutsche Bank either failed to make the necessary repairs to remedy nuisance conditions, or caused or permitted nuisance conditions to develop. other properties were occupied upon foreclosure, and Deutsche Bank unlawfully evicted tenants in an effort to vacate and sell the buildings. often, Deutsche Bank allowed the vacant properties to become nuisances. In other instances, Deutsche Bank failed to provide minimum maintenance at occupied buildings, condemning tenants to live in substandard and dangerous conditions. The City Attorney claims that Deutsche Bank was repeatedly notified of the substandard conditions at the buildings it owned, by citations, orders to comply and hearing notices from various city agencies. Despite repeated notice, Deutsche Bank failed to respond and failed to bring its properties into compliance. As a result, vacant nuisance properties owned by the bank have depressed property values, lead to increased crime rates, and added an additional burden on already stressed city services.

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resources
overview

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Project Manager
Program-related: Manage and/or participate in ongoing special projects leading to further development and growth of the program. Projects may include assisting Deputy Director with development of procedures and performance evaluation systems for the program. Work with HPD to evaluate rFQ responses from potential developers, select qualified developers, and assist HPD in creating clusters of properties based on various property and tenant-body characteristics. Plan and participate in orientations and informational sessions for developers and/ or tenants. Manages related communication materials, including developer handbook and tenant handbook. respond to requests for information made by City agencies, elected officials, the NR Board of Directors, rFQ respondents, and the general public. Participate in quarterly Nr Board of Directors meetings. QuALificAtions: A masters degree in planning, real estate finance, business administration or comparable field. Minimum of 4 years of work experience in the areas of housing or community development, property management, or planning is required. Work experience with the City of New York and familiarity with NYC neighborhoods is preferred. Strong organizational and communications skills. Knowledge of MS Word, Access, Excel, outlook, PowerPoint and ArcGIS. Ability to coordinate complex activities, meet deadlines and use good judgment in satisfying conflicting demands and setting priorities. Ability to work independently and to perform tasks with limited supervision. Must have a strong interest in non-profit and government work and a willingness to work as an effective, enthusiastic member of a team towards the organizations missions. Must have a valid drivers license.
Please email resume to: humanresources@neighborhoodrestore.com. Neighborhood restore is an Equal opportunity Employer.

Neighborhood restore HDFC (Nr) and restored Homes HDFC (RH) are two related non-profit housing development corporations working in collaboration with the NYC Department of Housing Preservation and Development (HPD) in developing and preserving affordable housing throughout New York City. rH oversees two homeownership programs, the Asset Control Area (ACA) and real Estate owned (rEo) programs that involve the purchase, rehabilitation and sale of foreclosed properties in New York City. rH works closely with federal, state and city government agencies (HuD, NYSHFA, and HPD), private lenders, real estate brokers, general contractors and community-based organizations. Nr oversees the Third Party Transfer Program (TPT), a city-sponsored program whereby Nr takes title to tax-foreclosed properties. Nr works closely with community-based organizations in managing and coordinating the pre-development efforts for the rehabilitation and sale of these distressed properties to qualified manager/developers. Nr is also working with HPD in its efforts in stabilizing and addressing the needs of other types of distressed properties, namely multi-family overleveraged properties on the verge of or in foreclosure. Nr would acquire existing mortgage notes for these distressed properties with the goal of repositioning them as affordable housing to help head off deterioration, tenant displacement and abandonment. resPonsibiLities Portfolio-related: Manage a portfolio of sites and oversee property management and development activities for those sites. oversee the property managers in activities including development and approval of annual budgets and building stabilization plans, review of monthly financial positions, coordination of emergency repairs, and facilitation of productive tenant relations. Work with HPD, private funding institutions, and other City agencies to assist developers to complete scopes of work and financing options, rehabilitation plans, tenant communication and construction loan closing. As necessary, will reconcile developer accounts in preparation for the transfer of property including: all deficits, surpluses, waivers, building stabilization expenses, violations, liens and other direct costs.

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resources

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2011 summer internship


overview restored Homes HDFC (rH) and Neighborhood Restore HDFC (NR) are two related non-profit housing development corporations working in collaboration with the NYC Department of Housing Preservation and Development (HPD) in developing and preserving affordable housing throughout New York City. rH oversees two homeownership programs, the Asset Control Area (ACA) and real Estate owned (rEo) programs that involve the purchase, rehabilitation and sale of foreclosed properties in New York City. rH works closely with federal, state and city government agencies (HuD, NYSHFA, and HPD), private lenders, real estate brokers, general contractors and community-based organizations. Nr oversees the Third Party Transfer Program (TPT), a city-sponsored program whereby Nr takes title to tax-foreclosed properties. Nr works closely with community-based organizations in managing and coordinating the pre-development efforts for the rehabilitation and sale of these distressed properties to qualified manager/developers. Nr may also begin assisting the City with its efforts in stabilizing and addressing the needs of other types of distressed properties, namely multi-family overleveraged properties on the verge of or in foreclosure. Nr would acquire existing mortgage notes for these distressed properties with the goal of repositioning them as affordable housing to help head off deterioration, tenant displacement and abandonment. resPonsibiLities Assist Nr project managers with their duties related to the organizations new pipeline of foreclosed multifamily properties, which include: oversight of third party property managers in the development and approval of annual budgets and building stabilization plans, review of monthly financial positions, coordination of emergency repairs, and facilitation of productive tenant relations. Working with HPD, private funding institutions, and other City agencies to assist developers in completing rehabilitation planning including identification of scopes of work and financing options, completion of rehabilitation plans, ongoing communication with tenants and eventual construction loan closing. Conduct regular site visits to assess the condition and progress of buildings in the portfolio. Assist in creating and maintaining a database of Nr properties including property-level data, developer and property manager information, status of building certifications (window guard, lead based paint certifications, etc.), building stabilization status, etc.. Create a historic property catalog of photographs and status reports for units developed by rH and Nr. Assist in analyzing the program procedures in place for assessing and stabilizing properties Nr acquires through TPT, and formulate recommendations for streamlining and improving procedures. Assist in the predevelopment, construction, and marketing of homes in the ACA and rEo programs, including reviewing construction scopes of work and plans, attending site visits, and assisting with the creation and distribution of communication/marketing materials, coordinating and holding open houses and other methods of homebuyer outreach. Assist with the creation and implementation of company-wide document retention and archive process. Perform other related duties as assigned. QuALificAtions Graduate student interested in public, nonprofit and/or private sector affordable housing planning, finance and development. Strong writing, communications and oral presentation skills. Computer literacy and experience with Microsoft Word, Excel and PowerPoint; Access and ArcGIS experience a plus. Strong organizational skills and the ability to perform tasks with limited supervision.
Please send your cover letter and resume to: humanresources@neighborhoodrestore.com Neighborhood restore/ restored Homes is an Equal opportunity Employer

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resources
NEWLY CONSTRUCTED APARTMENTS FOR RENT
Atlantic Commons Apartments is pleased to announce that applications are now being accepted for 38 affordable housing rental apartments now under construction at 1734 St. John's Place and 2158 Atlantic Avenue in the Brownsville/Oceanhill section of Brooklyn. These buildings are being constructed through the Low-Income Affordable Marketplace Program (LAMP) of the New York City Housing Development Corporation, the Low Income Rental Program (LIRP) of the Department of Housing Preservation and Development and the Homes for Working Families (HWF) of New York State Homes and Community Renewal. The size, rent and targeted income distribution for the 38 apartments are as follows. Apartment Size 1 Bedroom Units 13 Monthly Rent * $781 Household Size ** Total Annual Income Range*** Minimum - Maximum

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APARTMENTS
FOR RENT
West 132nd Street LLC is pleased to announce that applications are now being accepted for 23 affordable rental apartments under renovation in the Harlem section of Manhattan. The sites include 156 West 131 Street, 158 West 131 Street. These buildings are being renovated through the Neighborhood Entrepreneurs Program of New York Citys Department of Housing Preservation and Development (HPD). The size, rent and targeted income distribution for the 23 apartments are as follows: Apartments Available 2 3 Apartment Size 1 Bedroom 2 Bedroom Household Size 1 2 2 3 4 1 2 2 3 4 4 5 6 1 1 2 2 3 4 4 5 6 Monthly Rent * $ 550 $ 550 $ 725 $ 725 $ 725 $ 550 $ 550 $ 725 $ 725 $ 725 $ 825 $ 825 $ 825 $ 825 $ 875 $ 875 $1,250 $1,250 $1,250 $1,500 $1,500 $1,500 Total Annual Income Range **

NEWLY RENOVATED

1 $28,629 - $33,300 2 $28,629 - $38,040 2 $34,183 - $38,040 3 $34,183 - $42,780 4 $34,183 - $47,520 3 Bedroom 5 $1,088 3 $39,703 - $42,780 4 $39,703 - $47,520 5 $39,703 - $51,360 6 $39,703 - $55,140 * Includes cooking gas ** Subject to occupancy criteria *** Income Guidelines subject to change 2 Bedroom 20 $942 Qualified Applicants will be required to meet income guidelines and additional selection criteria. To request an application, mail a self-addressed envelope to: Atlantic Commons c/o CMP Consultants, Inc. PO Box 1330, Valley Stream, NY 11582. Completed applications must be returned by regular mail only (no priority, certified, registered, express or overnight mail will be accepted) to a post office box number that will be listed with the application, and must be postmarked by May 27th, 2011. Applications postmarked after May 27th, 2011 will be set aside for possible future consideration. Applications will be selected by lottery; applicants who submit more than one application will be disqualified. Disqualified applications will not be accepted. A general preference will be given to New York City residents. Current and eligible residents of Brooklyn Community Board 16 will receive preference for 50% of the units. Eligible households that include persons with mobility impairments will receive preference for 5% of the units; eligible persons that include persons with visual and/or hearing impairments will receive 2% of the units; and eligible City of New York Municipal Employees will receive a 5% preference. No Brokers Fee. No Application Fee ANDREW M. CUOMO, Governor MICHAEL R. BLOOMBERG, Mayor The City of New York Department of Housing Preservation and Development RAFAEL E. CESTERO, Commissioner New York City Housing Development Corporation MARC JAHR, President BRIAN LAWLOR, Commissioner & CEO NYS Homes and Community Renewal

Minimum Maximum

$22,000 $27,750 $22,000 $31,700 $29,000 $31,700 $29,000 $35,650 $29,000 $39,600 $22,000 $33,300 $22,000 $38,040 $29,000 $38,040 $29,000 $42,780 $29,000 $47,520 $33,000 $47,520 $33,000 $51,360 $33,000 $55,140 $33,000 $90,918 $35,000 $90,918 $35,000 $103,935 $48,000 $103,935 $48,000 $116,952 $48,000 $129,867 $60,000 $129,867 $60,000 $140,322 $60,000 $150,675

4 5

1 Bedroom 2 Bedroom

3 Bedroom

1 1 3

Studio 1 Bedroom 2 Bedroom

www.nyc.gov/housing

3 Bedroom

heat and ** Includesguidelines gas for cooking subject to change ** Income Qualied applicants will be required to meet income and family size guidelines and additional selection criteria. Applications may be requested by mail from: WEST 132nd STREET LLC, P.O. Box #2014, New York, NY 10035. Please include a selfaddressed envelope with your request. Completed applications must be returned by regular mail only (no priority, certied, registered, express or overnight mail will be accepted) to a post ofce box number that will be listed with the application, and must be postmarked by May 13, 2011. Applications postmarked after May 13, 2011 will be set aside for possible future consideration. Applications will be selected by lottery; applicants who submit more than one application will be disqualied. Duplicated applications will not be accepted. Preference will be given to New York City residents. Current and eligible residents of Manhattan Community Board 10 will receive preference for 50% of the units. Eligible households that include persons with mobility impairments will receive preference for 5% of the units; eligible households that include persons with visual and/or hearing impairments will receive preference for 2% of the units; and eligible City of New York Municipal Employees will receive a 5% preference. No Brokers Fee. No Application Fee. MICHAEL R. BLOOMBERG , Mayor
Department of Housing Preservation and Development RAFAEL E. CESTERO, Commissioner The City of New York

www.nyc.gov/hpd

NEWLY CONSTRUCTED
APARTMENTS

FOR RENT

Stapleton Senior Owners is pleased to announce that applications are being accepted for newly constructed affordable rental apartments at 180 Broad Street in the Stapleton section of Staten Island. This building was constructed through the Low-Income Affordable Marketplace Program (LAMP) of the New York City Housing Development Corporation, the Homes for Working Families (HWF) of the New York State Division of Housing and Community Renewal (DHCR) and the Low Income Rental Program (LIRP) of the New York City Department of Housing Preservation and Development. The size, rent and targeted income distribution for the remaining senior apartments are as follows:

Apartment Size 1 Bedroom

Household Size* 1 2 2 3 4

Monthly Rent** $782

Total Annual Income Range*** Minimum Maximum $28,663 - $33,300 $28,663 - $38,040 $34,389 - $38,040 $34,389 - $42,780 $34,389 - $47,520

2 Bedroom

$943

*Subject to occupancy Criteria. **Includes gas for cooking. ***Income guidelines subject to change. Section 8 voucher holders welcome. Preference will be given to households with at least one member 55 years of age or older at the time of application. Qualified Applicants will be required to meet income guidelines and additional selection criteria. To request an application, call the on-site leasing office at (718) 524-7320, or download from www.180Broadstreet.com. Accepting applications until fully rented.
No Brokers Fee. No Application Fee.
DAVID A. PATERSON, Governor MICHAEL R. BLOOMBERG, Mayor

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section 811 supportive housing for Persons with disabilities Department of Housing and urban Development is offering a program that provides funding for the development and operation of supportive housing for very low-income persons with disabilities who are at least 18 years old. If you receive funding through this program, you must assure that supportive services are identified and available. HUD provides capital advances and contracts for project rental assistance in accordance with 24 CFr part 891. refer to Section Iv. E .3 in the NoFA for additional information on calculating the capital advance amount. Deadline: Jun 23, 2011 Funding Amount: Estimated Total Program Funding: $114,000,000 Link: http://www07.grants.gov/search/search.do?&mode=vIEW&oppId=86413
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healthy homes Production Program The Healthy Homes Production Program is part of HuDs overall Healthy Homes Initiative launched in 1999. The program takes a comprehensive approach to addressing multiple childhood diseases and injuries in the home by focusing on housing-related hazards in a coordinated fashion, rather than addressing a single hazard at a time. The program builds upon HuDs successful Lead Hazard Control programs to expand the Departments efforts to address a variety of high-priority environmental health and safety hazards. Because FY2011 full-year funding has not been appropriated for this program, the availability of any such funding for these programs is contingent upon future Congressional action. Deadline: Jun 09, 2011 Funding Amount: not stated Link: http://www07.grants.gov/search/search.do?&mode=vIEW&oppId=86573
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Asthma interventions in Public and Assisted Multifamily housing Civic Engagement Project The Department for the Aging (DFTA) seeks a vendor to match retirees 55 years of age or older with New York City agencies that have specific, time-limited projects that will benefit from their expertise. The contract is anticipated to begin July 1, 2011. http://www.nyc.gov/html/dfta/html/community/civic_engagement.shtml

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HELP YOUR CLIENTS GET THE MORTGAGE THEY NEED FROM THE BANK YOU TRUST.
In todays market, it is more important than ever for your clients to work with a lender they trust. Bank of America is the right choice for your clients mortgage because:
Last year more people chose Bank of America for their home financing than any other lender in the U.S. We originate one in five of all mortgages to low- to-moderate income borrowers. With No Fee Mortgage PLUS, your clients will get the best mortgage deal backed by our close-on-time guarantee. Our mortgage professionals will keep your clients informed every step of the way so there are no surprises.

Visit http://neighborhoodlending.bankofamerica.com to find out how Bank of America can provide the best mortgage solution for your clients.

Credit and collateral subject to approval. Only for Bank of America customers. Program rate, terms and conditions are subject to change without notice.

2008 Bank of America Corporation

THIS INFORMATION IS INTENDED FOR MORTGAGE AND REAL ESTATE PROFESSIONAL USE ONLY AND SHOULD NOT BE DISTRIBUTED OR SHOWN TO CONSUMERS OR OTHER THIRD PARTIES. Bank of America, N.A. Member FDIC. Equal Housing Lender.
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