West End Intergenerational Residence HDFC recently celebrated the opening of True Colors Residence, the first permanent housing development in New York City with a preference for 18-24 yearold lesbian, gay, bisexual and transgender young adults with a history of homelessness.

“True Colors Residence is the epitome of what we mean when we say ‘fair housing’,” said Mathew M. Wambua, Commissioner of NYC Department of Housing, Preservation and Development (HPD). “This development not only puts a roof over their heads, but also provides a system of support that will help these vulnerable young men and women and others who may need assistance, take steps toward creating a foundation upon which they can build the rest of their lives.”

“It is thrilling to finally be able to open our doors and welcome our first residents,” said West End Executive Director Colleen Jackson.  “We hope True Colors Residence will be a model to be replicated so that homeless LGBT youth will have more affordable and supportive permanent housing available to them.  There is much to be done for this underserved population but thanks to the people who believed in our dream we are getting the ball rolling.”
Also taking part in the ceremony was Manhattan Borough President Scott Stringer and Grammy Award-winning recording artist Cyndi Lauper and her manager Lisa Barbaris who have been strong supporters of the project.

"The opening of the True Colors Residence marks a special moment in which so many people joined together to meet the growing need for housing for gay, lesbian, bisexual and transgender youth dealing with homelessness,” said Lauper.

New York State Assemblyman Herman ‘Denny’ Farrell, New York City Council Member Inez Dickens, President of Richman Housing Resources William Traylor and Bill Yates, Director of Citi Community Development were also on hand.

The newly completed building is an energy-efficient 6-story multifamily building with 30 studio apartments plus one unit for an on-site super, and will be available to tenants earning not more than 50 percent of the Area Median Income (AMI), or what is equivalent to an annual income of $27,750 for a single person. True Colors Residence also includes indoor and outdoor community space for residents, a computer room, resource library, and support services for the young adults.

True Colors Residence’s total development cost of $11 million was funded from a variety of sources. Citi Community Capital provided nearly $6 million in construction loan and permanent equity funds, including the purchase of $3.384 million in Low-Income Housing Tax Credits (LIHTCs). HPD’s Supportive Housing Loan Program provided $3.78 million in construction and permanent lending through HOME funds. Contributions also include $2.79 million in federal Tax Credit Assistance Program funds, a $500,000 grant from Manhattan Borough President Scott Stringer; $465,000 in construction and permanent lending from the Federal Home Loan Bank's Affordable Housing Program through member M&T Bank; and a $75,000 grant from New York State Energy Research and Development Authority (NYSERDA). The LIHTC equity was syndicated by Richman Housing Resources. Acquisition and pre-development financing for True Colors Residence was provided by the Corporation for Supportive Housing and the New York City Acquisition Fund.  This project is being developed under the New York/New York III agreement, furthering the joint commitment between the City and State to provide supportive housing for the City’s most vulnerable individuals.

Comments

B

i

u

Quote

Code

List

List item

URL

Name *
Email (For verification & Replies)
URL
Code   
ChronoComments by Joomla Professional Solutions

Submit Comment