HCR Commissioner/CEO Darryl C. Towns was on hand recently to help kick-off the official start of construction at Rufus King Court Apartments in Jamaica, Queens. The affordable, Green, Transit-Oriented development is moving forward with the support of $1.7 million in awards from Governor Andrew Cuomo's Regional Economic Development Council initiative. The project will generate more than $22.2 million in local economic activity while leveraging additional public and private resources.
"Affordable housing is a key to vibrant communities like Jamaica, Queens. Rufus King Court will go a long way toward providing much-needed affordable homes for families and seniors, all in close proximity to the bustling Jamaica Center hub," said Commissioner/CEO Towns. "Governor Andrew Cuomo's Regional Economic Development Councils are paving the way for projects like this that will grow the economy, create jobs, and improve quality of life for New Yorkers. This innovative development will be a shining example of the power of state and local partnerships to address some of our communities' most pressing needs."
"The Council is eager to identify and support programs that spur economic growth and strengthen communities," said NYCREDC Co-Chair and CUNY Chancellor Matthew Goldstein. "This important project will help accomplish both objectives and substantially benefit the people of Jamaica in Southeastern Queens."
"Providing access to safe, affordable, high quality housing is one of our region's and the state's most pressing priorities. Developments like Rufus King Court make neighborhoods stable and vibrant," said Marcia Keizs, NYCREDC Member and President of York College/City University of New York. "Under Governor Cuomo's leadership, the New York City Regional Economic Development Council recognized the enormous potential of this project that ensures New Yorkers can live comfortably and affordably in this growing community for years to come."
The new 65-unit development will provide affordable homes for low-income families. Rufus King Court is being developed in a strong residential and commercial area near the Jamaica commercial core and few blocks from one of the nation's busiest transportation hubs. The development will include photovoltaic solar panels to provide power to common areas, an outdoor recreation area, a common laundry facility, bulk storage space, and indoor bicycle storage.
Last year, a total of $785 million was awarded through councils in regions throughout the state for job creation and community development projects consistent with each region's strategic plans. The state resources for Rufus King Court will leverage a $4.2 million loan from the Bank of America and $127,265 from New York State Energy Research and Development, and additional financing includes state and federal Low-Income Housing Tax Credits allocated by HCR and supported by the NYCREDC. The property will be exempt from real estate taxes for 50 years under Section 420-c of the New York Real Property Tax Law, provided it continues to be operated as a not-for-profit facility for low-income residents.
Last Updated: 08/17/12