New homes at Atlantic Terrace

New homes at Atlantic Terrace

Gateway Elton Street

Gateway Elton Street

Dumont Green

Dumont Green

Affordable Residential

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 develop and manage 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, on-time and on-budget. Hudson maintains excellent relationships with government entities, including the U.S. Dept. of Housing and Urban Development (HUD), 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), Affordable Housing Corporation (NYSAHC) and Energy Research and Development Authority (NYSERDA). Hudson will have completed a 3½-year period where it closed on approximately $90M in tax-exempt bonds, $60M in subordinate financing, and $65M in low-income housing tax credits to create 550 new affordable homes for New Yorkers.

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 Housing Partnership Development Corporation, 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 provides 176 units of rental housing for low-income families in East New York, Brooklyn. All the units are available for households earning between 30 and 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 includes rooftop photovoltaic solar panels providing 80,500 watts of electricity, or 68% of the building’s demand. The site was purchased using the NYC Acquisition Loan Fund through Enterprise Community Foundation and construction was financed with a mix of tax-exempt bonds and subsidies from NYCHDC, City capital funding, NYSERDA and over $15M in Low Income Housing Tax Credits. The building reached full occupancy in summer 2011 and earned multiple awards including the National Grid Energy Efficiency Award by the Brooklyn Chamber of Commerce and the HOME Excellence Award from the National Association of Local Housing Finance Agencies (NALHFA).
  • Helping to implement NYCHPD’s ambitious 2,200 unit Fresh Creek Urban Renewal Plan, Hudson is leading the 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. Phase I of Gateway Elton will include 197 rental units in four buildings for households earning less than 60% AMI and over 16,000 SF of neighborhood-focused retail. 40 units are set aside for individuals sponsored by the NY State Office of Mental Health (OMH). Amenities will include computer rooms, children’s playrooms, fitness rooms and free Wi-Fi access for all residents in the common areas. Designed to exceed LEED for Homes Platinum standards, Phase I will surpass Dumont Green as the largest Solar PV system installed on a residential development in New York State with 214,000 watts of renewable energy. Construction was financed with a mix of tax-exempt bonds and second mortgage from HDC, HPD City Capital funds, NYSERDA and almost $26M in Low Income Housing Tax Credits. Construction was by CH Builders LLC, a partnership with Cheever Development Company. Phase I construction is complete and the buildings are fully leased.
  • Gateway Elton Phase II, comprised of 175 rental units in three buildings with 24,000 SF of ground-floor retail and community facilities, began construction in March 2013. Phase II will have units ranging from Studios to 4-bedrooms and include pre-installed desks/workstations in every apartment. Apartments will be available for households earning between 40% and 60% AMI and include 30 units for individuals sponsored by OMH. Similar to Phase I, amenities will include computer rooms, children’s playrooms, fitness rooms and free Wi-Fi access for all residents in the common areas. Designed for LEED for Homes Platinum and Enterprise Green Communities, Phase II will also have 275,000 watts of solar PV installed. Construction will be financed with tax-exempt bonds and second mortgage from HDC, HPD Capital Funds, NYSERDA, Brooklyn Borough President Marty Markowitz, and almost $27M in State and Federal Low Income Housing Tax Credits.
  • Lisa Management Company, Hudson’s affiliate management company, Lisa Management is well versed in LIHTC compliance, income certification, tax exempt bond regulations and rent stabilization. Since its inception in 1997, Lisa has a flawless record in tax credit compliance at the local, state and federal levels.


Site design by Naiad Design