HVPG Enhances Long Island's Affordable Housing with 100 Terrace Apartments Acquisition

Hudson Valley Property Group (HVPG) has made a significant stride in affordable housing with the acquisition of 100 Terrace Apartments in Hempstead, New York. The 420-unit property stands as a testament to HVPG's commitment to preserving affordable housing in the region, marking the company's debut in Nassau County and bolstering its footprint on Long Island.

The importance of such properties in the affordable housing spectrum cannot be overstated. HVPG's initiative involves a substantial $145 million project, with a focus on refurbishing the structure built in 1972 at a projected cost of $23 million. This venture encompasses unit upgrades and infrastructural improvements which underscore HVPG's dedication to enhancing residents' quality of life. These renovations are anticipated to average $55,000 per unit—signifying a significant investment in both the property and the community it serves.

Jason Bordainick, Co-Founder and Managing Partner of Hudson Valley Property Group, emphasized the firm's mission, "We are proud to expand our footprint on Long Island and bring our preservation expertise to Hempstead. 100 Terrace represents a critical component of the area's affordable housing infrastructure, and we're committed to ensuring these 420 homes remain safe, accessible, and affordable for working families for generations to come. Through thoughtful investment and strategic partnerships with HUD and local stakeholders, we're preserving not just housing, but stability and opportunity for this community."

Strategic funding approaches underpin the project, with a HUD Project-Based Section 8 HAP contract ensuring long-term affordability for the vast majority of the units. Simultaneously, a Payment in Lieu of Taxes (PILOT) agreement with the Township of Hempstead IDA plays a pivotal role in the property's viability.

"The Partnerships in Education to Avoid Criminal Justice System Entry (P.E.A.C.E. Afterschool Program) has proudly served this community for over 14 years, providing educational enrichment, tutoring, and youth employment opportunities," said Dr. Fayth Vaughn-Shavuo, Executive Director of P.E.A.C.E. "We're excited to partner with new ownership of 100 Terrace, Hudson Valley Property Group, whose commitment to enhancing residents' quality of life through education and community programming aligns perfectly with our mission. We look forward to strengthening the support and resources available to our students and families in the years ahead."

Through its renovation blueprint, HVPG will address every facet of the residential experience, enhancing safety, comfort, and quality of life for the occupants. New appliances, complimentary high-speed Wi-Fi, and security upgrades are among the many improvements planned for the community.

The cooperation between HVPG, HUD, and the local authorities reflects the power of partnership in addressing the critical need for affordable housing. The collaboration conveys a message of hope and commitment, ensuring that developments like 100 Terrace Apartments remain pillars of safe and affordable housing within our neighborhoods. Hudson Valley Property Group's initiative exemplifies industry leadership and underscores the multifaceted approach necessary to maintain the vitality of affordable housing infrastructure.