REMARKS
Michelle Ponce from Mega Contracting Group Presents Timbale Terrace's Affordability Plan
0:22:55
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4 min
Michelle Ponce from Mega Contracting Group elucidates the comprehensive plan for the Timbale Terrace project, aiming to deliver 100% affordable housing, along with a new home for the Afrola and Jazz Alliance. The project emphasizes community benefits, heritage of East Harlem, and includes a detailed affordability distribution to accommodate families and individuals at various income levels.
Speaker 10
0:22:55
Thank you, Agatha.
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Good morning, Chair Hanks and fellow some members.
0:22:58
My name is Michelle Brunson.
0:23:00
I'm here on behalf of Mega, a code developer and general contractor for the project.
0:23:04
Mega is a full service general general contracting, construction management, and real estate development firm with a focus on affordable housing, and a long history of working with community based and not for profit organizations.
0:23:15
I'm joined by my colleagues from Lantaren, co developer.
0:23:18
Lantaren is a nonprofit developer and social services provider with over 25 years of experience and has been in the East Harland community since the year 2000.
0:23:27
And I'm also driven by my colleagues from the Afri law and Jazz Alliance, who you will hear from during the public testimony piece.
0:23:33
The Timberlake Terrace project oh, sorry.
0:23:35
Can we go to the next slide?
0:23:39
Timberlake Terrace will deliver on affordability maximize community benefits, and be the highest and best use of publicly owned land.
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As I got to mention, this site was specifically cited in the East Harlem neighborhood plan.
0:23:50
As a publicly owned site that should be transformed into 100 percent affordable housing.
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And in 20232024, Community Board 11 statement of this needs, reaffirm the need for affordable and supportive housing in the community board district.
0:24:04
Timberlake Terrace will be 100% affordable housing.
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With replacement parking for the NYPD's 25th precinct, and approximately 21,000 square feet of community facility base that will be the new permanent home of the Afrola and Jazz alliance.
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In total, there will be 341 units, including 1 Supers unit, and 99 permanent supportive housing.
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And 30% of the units will be sized for families.
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This building will be highly amenitized with a sixteen floor that will be inclusively dedicated to residential amenities, and residents will have access to panorama views of the city.
0:24:37
Next slide, please.
0:24:40
Timballet Terrace will be financed through HPD and HCC's extremely low and low income affordability program, also known as Ella, to deliver an integrated residential community and target the deepest levels of affordability.
0:24:53
Some Volley tariffs will serve households earning as low as 30% of the area median income and up to 80% of the area median income.
0:25:00
As you can see in the table here, we have 88 units at 30 percent of AMI, 70 units at 50 percent of AMI, and 83 units at 80 percent of AMI and the 99 permanent supportive housing units.
0:25:12
75% of all units are targeting targeting households earning up to 50 percent of AMI and below.
0:25:19
The 99 permanent supportive housing units will receive on-site supportive services from Lanturn.
0:25:25
Alright.
0:25:25
Next slide.
0:25:27
Alright.
0:25:27
And now on this table, we can see an updated proposed affordability distribution that came about of the ULOP and UDAP process.
0:25:35
Throughout the UDA process and throughout our extensive community engagement, we heard from the community the need for more family sized units.
0:25:42
Our team took this feedback to heart and we sat down and evaluated the feasibility of adding additional family sized units.
0:25:49
And we're happy to share that we have been able to do that.
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We've significantly increased the number of family size units bringing the total percentage to 35%.
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In response to the feedback that we received from the community.
0:26:01
Next slide, please.
0:26:03
Alright.
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Now to quickly go over the qualifying incomes and monthly rents, that would be at symbolic terrace.
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So the 99 permanent supportive housing units will the individuals will pay no more than 30% of their income.
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And as you can see here on the table, units at 30% of AMI will have qualifying incomes ranging from 29 Sorry.
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29th 29th $700 up to $49,140 per year.
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With qualifying rents ranging between $617 $830 per month.
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These ranges vary on household size and unit size.
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50 percent of AMI qualifying incomes will range between $49,450 up to $81,900.
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And corresponding rents will vary from $1146 to $1564 per month.
0:26:55
And for the 80 percent AMI tier, Corresponding incomes will range between $79,120, up to $131,040.
0:27:05
With corresponding rents ranging between $1941 up to $2665 per month.
0:27:12
Again, these rents will vary depending on household size and the unit size.
0:27:17
Next slide, please.
0:27:20
Alright.
0:27:21
The algae music and art center, as I mentioned earlier, Thumbali Terrace will be the permanent home for the Afrola and Jazz Alliance and will house algae staff performance and educational programs.
0:27:32
The Alja space will activate the Park Avenue Corridor with an active storefront that will include performance and rehearsal spaces, music educational facilities, meeting rooms, events basis, coworking spaces, a cafe and shop.
0:27:45
And you'll hear more about the programming for my colleagues, Zach, during the public Castimony piece.
0:27:50
And now I'll pass it on to my colleague, George Chang from UAI.
