Since its inception, developing new affordable housing has been a fundamental part of Hudson’s business strategy and organizational culture. Hudson has become expert at utilizing a variety of government subsidy programs to create affordable for-sale homes, co-ops, condominiums, and rental units throughout New York City. Hudson’s track record over this period has been exemplary, with every project completed and marketed successfully, mostly on-time and on-budget. Hudson maintains excellent relationships with government entities, including New York City’s Department of Housing Preservation and Development (NYCHPD) and Housing Development Corporation (NYCHDC), and New York State’s Housing Finance Agency (NYSHFA), State of New York Mortgage Agency (SONYMA) and Affordable Housing Corporation (NYSAHC).

As with all of its developments, Hudson’s success in developing new affordable housing derives from its hands-on management of the details of development, ability to navigate and use complex programs, and sophistication with public-private partnerships. Hudson prides itself on building well-designed buildings that are in context with their surroundings. We strive to construct problem-free buildings that are cost-effective in both short-term construction and long-term operation. In keeping with this approach, all of our current developments follow green design principles to provide for energy-efficiency and healthy indoor air quality.

• Hudson has been one of the City’s most prolific builders of affordable new 1, 2, and 3-family homes under NYCHPD’s New Homes Program, having completed over 1,800 units to date. We have collaborated with the non-profit NYC Housing Partnership, NYCHPD, NYSAHC, and numerous community-based organizations. Many of these developments have been cited as models for the program and our strong performance has been recognized with several requests to take over failed projects originally awarded to other developers.
• Dumont Green is an 8-story green building that will provide 176 units of rental housing for low-income families in East New York, Brooklyn. All the units will be available for households earning less than 60 percent of the area median income, with 36 units set aside for formerly homeless households. In order to control long term operating costs, the building will have rooftop photovoltaic solar panels providing 80 kilowatts of electricity, the largest installation of its kind to date on a multifamily building in New York City. The site was purchased using the NYC Acquisition Loan Fund and construction was financed with a mix of tax-exempt bonds and subsidies from NYCHDC, tax credits, and other City capital funding. The building is expected to be fully occupied by summer 2011.
• Helping to implement NYCHPD’s ambitious Fresh Creek urban renewal plan, Hudson is leading development of Gateway Elton Street, an 8-building neighborhood center that will provide 660 units of green affordable housing and ground floor retail and community facilities. The first 197 low income rental units, designed to exceed LEED for Homes Silver standards, are expected to be occupied by spring 2012.