The Arker Companies break ground on two projects totaling 182 units - $53.9 million

The Arker Companies, a developer of affordable housing in the New York City metropolitan area, broke ground September 7 on new construction of two adjacent housing complexes in the Richmond Hill section. The developments will deliver a total of 182 units of first-rate, affordable housing for area residents. The two projects - which together will play an instrumental role in revitalizing the local neighborhood - include the 65-unit Richmond Hill Senior Living Residences and the 117-unit Richmond Place. Richmond Hill Senior Living Residences, a six-story, 62,500 s/f project, is being financed by New York State Homes & Community Renewal (HCR) through 9% Low-Income Housing Credits and State Low-Income Housing Credits, which Bank of America will be collectively purchasing for $16.7 million. Bank of America is also providing a construction loan for the senior development, whose total development cost is $20 million. Richmond Place, a seven-story, 136,300 s/f project will include 13 studios, 28 one-bedrooms, 68 two-bedrooms, and 7 three-bedrooms, with one two-bedroom set aside for a superintendent. One-fifth of the units will be reserved for homeless households. Total development cost for Richmond Place will be approximately $33.9 million. The project will generate 157 direct job opportunities. Bank of America is providing a construction period letter of credit as well as direct equity investment. Richmond Place is being developed under Mayor Michael Bloomberg's New Housing Marketplace Plan, an $8.4 billion initiative to finance 165,000 units of affordable housing for half a million New Yorkers by 2014. To date, the plan has funded the creation or preservation of over 125,000 units of affordable housing across the five boroughs. Shown (from left) are: Jeffrey Dunston of NE Brooklyn Housing Development Corp.; Daniel Moritz of The Arker Companies; Lisa Atkins of Queens Borough President's Office; NYC councilwoman Karen Koslowitz; Elizabeth Gruber of Bank of America; commissioner Darryl Towns of NYS Homes & Community Renewal; Allan Arker of The Arker Companies; Simon Bacchus of NYC Housing Development Corp.; Susan Kensky of NYC Dept. of Housing Preservation & Development; Alex Arker of The Arker Companies; Venetia Lannon of NYS Dept. of Environmental Conservation; and Sol Arker of The Arker Companies.