CHPC Study Visit- New Orleans, May 2007
Focus On: Gulf Coast Reconstruction
Location: New Orleans, Louisiana and the Mississippi Gulf Coast


The CHPC study visit to New Orleans and the Mississippi Gulf Coast in May 2007 allowed board members and NYC housing experts to talk directly to key practitioners currently working to rebuild America’s most unique city.

Kimberley Miller, a former CHPC staff member now working for Oxfam on the Gulf Coast Recovery Program, also provided a key link to practitioners struggling to rebuild communities in Mississippi destroyed by Hurricane Katrina.

This visit provided invaluable insight into the huge effort that has already been expended and the enormous challenges still facing housing and planning in this part of our country. CHPC is committed to sharing New York’s extensive experience in rebuilding devastated communities and helping our colleagues to access NYC’s housing and community development industry.

For important links to Gulf Coast rebuilding efforts and to view pictures taken during the study visit, please click here.

To listen to an interview with CHPC Executive Director Jerilyn Perine on the challenges facing the Gulf Coast region, please click here.













Cedars Project

Project Location:
745 Fox Street, Bronx, New York

HDC Program: 
Low-Income Affordable Marketplace Program (LAMP)

Project Description:
The new construction of an 8-story elevator apartment building with 94 units.  The project will include an approximately 6,000 square foot community room in a rehabilitated historic building on the site known as Fox Hall.

Total Rental Units: 
93 (plus one unit reserved for a superintendent)

Apartment Distribution: 
22 - Studios
39 - 1 Bedrooms
33 - 2 Bedrooms

Expected HDC Tax-Exempt Bond Construction Financing Amount:                 
$13,675,000

Expected HDC Permanent Financing Amount:
$2,525,000

Expected HDC Second Mortgage:
$5,170,000
Total Development Cost:
$26,357,000

Owner:
City Cedars LP, whose General Partner is Cedars Service Corp.

Developer:
The Lantern Group whose principal is Eric Galloway and Friends in the City, Inc., whose principal is John Maynard.

Expected Investor Limited Partner:
The Limited Partner is tax credit investor which is expected to be the Richman Group.

Credit Enhancement:
Standby letter of credit from Washington Mutual