HUD Northeast Multifamily HUB Director of Asset Management Dean Santa joined Hudson Valley Property Group and other public and private partners to celebrate the end of construction at Colts Arms, a 207-unit senior housing development that underwent extensive renovations utilizing HUD's Rental Assistance Demonstration II Program (RAD).
Colts Arms, acquired in January 2016 by Hudson Valley Property Group, included a new 20-year, Section 8 Project-Based Rental Assistance contract, that insures that Colt Arms remains affordable for subsidized residents and provides rental assistance to those that did not previously receive subsidies.
"Colt's Arms Apartments is another great example of how HUD's Rental Assistance Demonstration (RAD) program can leverage public and private funding to preserve much needed housing that is now affordable for senior residents," said U.S. Department of Housing and Urban Development New Jersey Field Office Director Maria Maio-Messano. "HUD is also providing 20 years of rental subsidy that will keep these units affordable. Colts Arms seniors can now enjoy a beautifully renovated building with multiple amenities that will afford them a better quality of life and financial stability in their golden years."
The $11 million renovations included the replacement of the heating and air conditioning system, and energy efficient upgrades including lighting, appliances, water saving fixtures and a solar panel roof. Kitchens and bathrooms were renovated with new appliances, flooring, cabinetry and fixtures. Elevator cabs were replaced along with the building's fire alarm. The building received a new sprinkler and security system. Exterior work included a new roof, brick masonry replacement and re-pointing, and improvements made to the parking lot and walkways, as well as tenant recreation spaces.
The Colt Arms deal was made possible with public-private partnerships providing several sources of financing, including 4% low-income housing tax credits and tax-exempt bonds from the New Jersey Housing and Mortgage Finance Agency. R4 Capital, Red Stone Tax Exempt Funding, Metro Co. and the Nixon Peabody and Berman Indictor law firms collaborated on the deal.