Begin your search for senior housing by selecting your desired area.

Nassau County Seniors | Suffolk County Seniors | Queens County Seniors | Kings County Seniors

Announcement:

George E. Pataki

Governor George E. Pataki announced in March of 2003 that the groundbreaking of a new senior housing complex in Brentwood, Long Island that will produce 42 new units of affordable housing. The State will leverage nearly $5.7 million in private investment through the Federal Low Income Housing Program (LIHC) for the $7.7 million project.

"Our State continues to provide affordable housing by harnessing the power of private initiatives at the local level," Governor Pataki said. "By partnering with the developers of Broadway West II, we are giving some of our neediest seniors on Long Island a second lease on life, an opportunity to live in dignity and comfort."

Judith A. Calogero, Commissioner of the State Division of Housing and Community Renewal said, "As a result of Governor Pataki's leadership, through public/private partnerships, our State has invested $7 billion in affordable housing, providing more than 135,000 housing opportunities, including 16,000 units for our seniors. Today we witness yet another example of how these partnerships are changing lives for the better by enabling our seniors to remain a part of the communities they know and love."

Rents for the units will range from $567-$817 for each of the 14 one-bedroom apartments, and $673-$923 for each of the 28 two-bedroom apartments. Units will be affordable to families with incomes from 30% to 60% of the area median income (less than $40,000 annually). All units will be restricted to elderly and 7 units will be targeted to the frail elderly.

Funding for the project, Broadway West II, will be provided by Astoria Federal Savings ($1.3 million), Federal Home Loan Bank ($525,000), deferred developer expenses ($256,000) and LIHC. The nearly $735,000 in federal tax credits will be syndicated through Alliant Capital and produce an equity contribution of approximately $5.6 million, thereby making the State's contribution to this project leverage nearly 75% of total project cost. The project development team consists of National Development of America, LLC as the developer, contractor and management agent and Gary Bruno Architect, P.C., as architect.

George L. Engelke, Jr., Astoria Federal Savings (NYSE:AF) Chairman said, "We have always believed in 'Putting people first' and our ability to serve as the conduit for this affordable housing project means a great deal to us. We are proud to work with all of our partners in the public, private and non-profit sectors, from Governor Pataki to the residents of Brentwood, to make this a reality."

Broadway West II will be located across the street from Broadway West I, an existing senior housing complex of 72 units that was built in 1999. Like Broadway West II, Broadway West I is an $11 million affordable housing facility that was constructed through public/private initiatives.

Alfred A. DelliBovi, President and CEO of Federal Home Loan Bank of New York, said, "Today's award is a result of the successful efforts of the Long Island Housing Partnership, New York State's Division of Housing and Community Renewal, the Federal Home Loan Bank of New York and Astoria Federal Savings. As a Congressionally-chartered organization, we are proud to act as a catalyst to bring these important housing developments to Long Island where they are needed. The Home Loan Bank commends our partners and the leadership of Governor Pataki for making affordable housing a priority."

Jim Morgo, President of the Long Island Housing Partnership, said, "The Housing Partnership's long-time partnership with our valued private-sector partners, Astoria Federal Savings and the Federal Home Loan Bank of New York, and our long-time public sector partners, most importantly Governor George E. Pataki, the New York State's Division of Housing and Community Renewal and Islip Town, make the second phase of this desperately needed senior apartment complex at Broadway West possible. The only way the Housing Partnership has been able to have more than 1,300 affordable homes added to Long Island's dwindling supply is through public and private collaborations. These 42 additional rental homes at Broadway West that are affordable to low-income seniors is a perfect example of these necessary collaborations."

The Federal Low Income Housing Credit Program (LIHC) was established to promote private sector investment in the development and retention of rental housing for low-income seniors, families and individuals. The program provides a dollar-for-dollar reduction in federal income tax liability for project owners in direct relation to the number of affordable housing units they produce.