Hudson Valley Property Group acquires 100 Terrace Apartments

Hempstead, NY Hudson Valley Property Group (HVPG) acquired 100 Terrace Apartments, a 420-unit affordable housing property located at 100 Terrace Ave.

The acquisition marks HVPG’s first property in Nassau County and expands the firm’s presence on Long Island, where it also operates a property in Suffolk County. To date, HVPG has preserved 2,300 units of affordable housing throughout state and city. Through this preservation project, HVPG will protect the long-term affordability of 100 Terrace and implement comprehensive renovations designed to enhance quality of life for residents while modernizing the property’s infrastructure and amenities.

Total project costs related to this transaction are  $145 million. HVPG is planning $23 million in renovations, averaging $55,000 per unit, to modernize the six-story, mid-rise building originally constructed in 1972.

“We are proud to expand our footprint on Long Island and bring our preservation expertise to Hempstead,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “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.”

Preserving Affordability and Resident Stability

To ensure long-term affordability for residents, HVPG has secured a renewed HUD Project-Based Section 8 Housing Assistance Payment (HAP) contract covering 99% of the property’s units. Under this agreement, income-qualified residents will pay no more than 30% of their household income toward rent, with affordability protections locked in for an additional 22 years. The property is further restricted to income-qualified residents earning no more than 50% of Area Median Income (AMI).

The property is further supported by a Payment in Lieu of Taxes (PILOT) agreement with the Township of Hempstead Industrial Development Agency (IDA), which was instrumental in enabling the preservation of this vital affordable housing asset.

Frederick Parola, executive director of the Town of Hempstead Industrial Development Agency, said, “We welcome this investment by Hudson Valley Property Group and with our assistance, tenants, the Village of Hempstead, and the Town of Hempstead will benefit from the revitalization of this property and the creation of a safe, attractive, and well-maintained affordable housing community.’’

“We look forward to partnering with Hudson Valley Property Group in preserving this community asset and are excited to collaborate to deliver safe, affordable housing to the residents of 100 Terrace Avenue.  HVPG’s investment alongside the Village of Hempstead’s commitment to improving the quality of life and housing in this neighborhood will have positive impact for our community for years to come,” said Jeffery Daniels, deputy mayor of the Village of Hempstead.

Comprehensive Renovations and Community Enhancements

HVPG’s renovation plans prioritize resident safety, comfort, and quality of life through a wide-ranging transformation of the property. The comprehensive scope of work will touch every aspect of residents’ living experience, from their individual units to shared spaces and building-wide systems.

Units will receive new cabinetry and countertops, energy-efficient appliances, water-saving faucets and sinks, and upgraded flooring as needed. The property will feature an expanded central laundry facility on the ground floor and a newly created business center available for residents’ use. HVPG will be launching its signature Community Enhancement Program which includes the implementation of security measures throughout the property, including upgraded cameras, access control systems, and intercom technology. All residents will have access to complimentary high-speed Wi-Fi at no cost. Building infrastructure improvements will address critical systems with new roofing, parking garage improvements, boiler system repairs and complete modernization of all elevators.

HVPG is committed to continuing and supporting existing resident programming, including the PEACE afterschool program that serves the 100 Terrace community.

“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.”

The project is being financed through a combination of equity from HVPG’s Hudson Valley Preservation Fund and a Fannie Mae loan provided by KeyBank. HVPG worked closely with the U.S. Department of Housing and Urban Development (HUD) and the Township of Hempstead IDA to structure this preservation transaction.