| “True Colors” Construction Begins; NYC’s First Permanent Housing for LGBT Youth |
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| Wednesday, 24 February 2010 16:31 |
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West End Intergenerational Residence HDFC, Inc. has closed financing and commenced construction on True Colors Residence, New York City’s first permanent housing facility with support services for previously homeless,18-24 year old lesbian, gay, bisexual and transgender (LGBT) youth.
True Colors was conceived by West End Executive Director Colleen Jackson, and by musical artist Cyndi Lauper and Ms. Lauper’s manager Lisa Barbaris. The project entails the construction of a new, energy-efficient multifamily building containing 30 studio apartments, indoor and outdoor community space for residents, and a computer room and resource library. The building is named in honor of Cyndi’s Lauper’s support for the project and for West End, and references Lauper’s hit song, “True Colors.”
True Colors is being financed by a variety of sources, including a construction loan and the purchase of low-income housing tax credits by Citi; construction and permanent lending provided by the New York City Department of Housing Preservation and Development (HPD) Supportive Housing Loan Program; construction and permanent lending from the Federal Home Loan Bank’s Affordable Housing Program, through its member M&T Bank; a grant from Manhattan Borough President Scott Stringer; and a loan from the New York State Energy Research and Development Authority (NYSERDA). A portion of the financing was made possible by the Federal Tax Credit Assistance Program. The low-income housing tax credit equity is being syndicated by Richman Housing Resources LLC, a member of The Richman Group of Companies.
“This is a very exciting time for West End,” said Colleen Jackson. “After what seems like an eternity, we have finally broken ground and are one step closer to our goal of turning the concept of the True Colors Residence into reality. We extend our sincerest gratitude to all of our funders and collaborators and we send special thanks to Manhattan Borough President Scott Stringer for his invaluable support, and to Cyndi Lauper and Lisa Barbaris whose commitment to serving the needs of LGBT youth led to the creation of this residence. ”
“Gay, lesbian, bisexual and transgender youth living on the streets and in foster care need our support more than ever,” said Cyndi Lauper. “In New York City, the True Colors Residence is going to play a big role in providing these young people with the leg up and encouragement they need. I am thrilled that construction has already begun and I am honored to be a part of this important project.”
Acquisition and pre-development financing for True Colors was provided by the Corporation for Supportive Housing and the New York Acquisition Fund. Joseph Biber was engaged as Housing and Development Consultant for the project and legal counsel was provided by Hirschen, Singer & Epstein LLP. The building was designed by Edelman Sultan Knox Wood Architects LLP. True Colors is being constructed by C&A Construction Corporation. Support services will be offered through funding from the New York City Department of Health and Mental Hygiene.
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