Sample Projects
Saunders Avenue Home
Between 1997 - 2000, speculators purchased more than 600 homes in New York City utilizing flaws in a HUD sponsored loan program for creation of affordable home ownership.
Problem
Between 1997 - 2000, speculators purchased more than 600 homes in New York City utilizing flaws in a HUD sponsored loan program for creation of affordable home ownership. Many neighborhoods in New York, including East New York were affected. These speculators purchased the properties with the intention of never completing renovations to these properties. More than 70 homes in East New York were left in a semi-repaired state. Most of these homes are still occupied.
Solution
HUD forged an agreement with HPD to rehabilitate these properties by identifying developers capable of handling both relocation and construction issues at these properties. Horsford & Poteat Realty join ventured with a local CDC to rehabilitate 22 properties in the East New York area. More than 30 tenants required relocation before construction could commence. By working with the CDC, Horsford & Poteat Realty was able to identify suitable relocation units for all tenants. Once complete, 18 of the properties will be sold to first time home buyers. The remaining properties will be converted to 24 units of affordable rental housing.
Scope of Work
Renovation of 18 homes and 4 buildings.
Total Project Cost
$6,000,000
Reference
Cleopatra Duplessey
NYC HPD
(212) 863-7350