Ep. 6: New Transitional Housing in New York City // Project Spotlight

Learn more @ https://housinginnovation.co/deal/nyc...

In October 2022, a newly-renovated, 13-story, 109-unit transitional housing development opened for unhoused families in New York City’s Midtown Manhattan Hell’s Kitchen neighborhood. It is an innovative approach to address the lack of housing in cities, whereby private partners raise the money to buy and renovate properties, nonprofit organizations provide the much-needed on-site social services to the residents, and the local government provides a long-term subsidy to operate the project.

In this episode, we interview Scott Alter, Co-Founder and Managing Director of Standard Communities – one of the nation’s leading affordable housing providers – to learn more about how this innovative public-private partnership was developed, including details around the timeline, partnerships, and budget of putting the project together. In addition, we explore how these types of public-private partnerships can be effective, longer-term solutions in addressing homelessness and housing shortages in cities across the United States.

More @ https://housinginnovation.co/deal/nyc...

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Discussion moderated by Charly Ligety, Director of The Housing Innovation Collaborative, a nonprofit housing development research platform. Presented as part of Project Spotlight, a global knowledge-building initiative to highlight innovative housing developments serving those in greatest need.
Learn More @ https://housinginnovation.co/deals/
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Introduction
0:00 Hook
0:52 Introductions
1:54 Project Overview
2:35 Location
2:55 Local Context / Property Background

The Plan
4:11 Timeline
5:15 Partners
5:55 Working with New York City
6:49 Floorplans / renovation – additional images

Capital Sources
8:04 Budget / cost per unit
9:48 Private capital investor demand / returns
10:50 Debt
11:10 Operational subsidy source
11:58 Business terms
13:10 Scalability of funding
13:45 Need for long term rental subsidy
14:39 Scaling beyond NYC

Details
15:10 Transitional shelter operations
15:52 Residents
16:49 Acts like a launchpad
18:01 NYC Homelessness Statistics
18:31 Future plans