Real Estate Development: Housing
Mosholu Preservation Corporation began as a “buyer of last resort” of the community’s most deteriorated housing. It has acquired and rehabilitated five rental apartment buildings containing approximately 160 dwelling units in the blocks immediately surrounding Montefiore’s Moses Division. Using a combination of public and private financing offered by the Community Preservation Corporation and by the city’s Department of Housing Preservation and Development, MPC demonstrated there was value in local residential real estate. Through this example and a technical assistance program, MPC encouraged area building owners to reinvest in their properties. MPC continues to own these properties, providing moderate-income housing for the community.
Negotiating mortgages and defraying costs cover only part of the job. When tenants are still in place in the unit to be renovated, housing rehabilitation becomes almost an art in itself, one that requires careful planning and great sensitivity to the occupants’ needs. MPC meets regularly with tenants to keep them informed and set up work schedules that will minimize the disruption of their daily routines.
As the rental market stabilized, MPC’s housing program moved to encourage greater levels of home ownership in the community. The first project was the rehabilitation and cooperative conversion of a 60 year old building containing 104 apartments (The Lenru, pictured above, located at 3400 Wayne Avenue). MPC purchased the building, rehabilitated it and in 1991 sold it to a new coop corporation.
MPC’s second home ownership project was the construction of nine units of housing offered as condominiums, an effort undertaken with the New York Housing Partnership.