Nancy Biberman

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  Nancy commented on the article | over 2 years ago

  In the Bronx, Green - and Beautiful! - Affordable Housing

  This post raises some interesting insights but also some misperceptions about affordable housing.
  For one, it does not take an immense budget to build an attractive building. It takes attention to detail and higher standards, and it requires the developer to put him/herself in the role of "consumer" and to ask, at every turn, whether what we're building would be the kind of homes we'd like to live in with our own families.
  While Intervale Green may be cutting-edge and green on the inside, WHEDCo chose to build a traditional red brick building with decorative cornices, stone, ironwork and courtyards, all of which are direct references to the architectural history of the Bronx, so much of which was decimated by abandonment, then further victimized by scatter-shot re-building over decades. This building's classic design, completed after a full year of community and public reviews, was applauded by New York City's Planning Commission, City Council and Mayor; it  does not reflect any particular design taste du jour.
  
  We do not consider high quality design as a behavior modification tool. Well-designed buildings with abundant natural light and landscaping are what we all look for when we exercise our "choice" about where to live. Regrettably, people without much money also do not have much in the choice department. Typically the choices are between bad and worse. We sought to create a high quality building, seeing it as expanding options for lower income families, not choosing for them.
  
  To the question about Intervale Green's oeprating costs over time: like all other affordable housing, Intervale Green's underwriting is premised on the assumptions of very low rents, low or limited debt service and maintenance and operating expenses tied to local area costs. This $38 million development would not have been financed if we and myriad government and private sector lenders, investors and funders didn't analyze our projected proformas through the next 30 years and determine that the project was financially viable.
  Moreover, Intervale Green was underwritten with the assumption that (notwithstanding our energy efficient systems) we would be a typical fuel-guzzling building with high utility bills. As part of a New York State Energy Research and Development Authority (NYSERDA) pilot program/study, we expect that the building will be about 35% more efficient than a conventional non-green development. If our assumptions prove to be true (along with those of many other affordable green buildings now in the pipeline all over the country) we hope that future projects are underwritten with lower utility expenses, thereby freeing up funds to build more, not less, affordable housing.
  High quality design and an investment in green building systems and products should create environmentally sustainable buildings, lower costs and raise expectations all at the same time.
  To us, the tenants moving into Intervale Green, and the affordable housing community in NYC, this all makes a lot of sense.