UNHP works as a developer, community-based lender, and technical assistance provider to create and preserve affordable housing.
UNHP oversees 27 affordable housing buildings in our community and works to ensure the properties provide decent affordable housing for the 1,216 households who call these multifamily buildings home. UNHP works towards this goal through financial restructuring, ongoing maintenance, and renovations as well as energy savings upgrades and improvements.
Highlights of our most recent work in affordable housing development have been the installation of solar panels in seven UNHP buildings, the provision of renovation assistance to a community-based senior citizen project, known as Edison Arms, a beautification project with a local street artist, energy-efficiency training for front-line staff and the restructuring and renovation of a 32 unit building now known as The Wilton.
In 2024, UNHP is gearing up to reposition Rose Hill Apartments. 15 years ago UNHP oversaw the renovation of Rose Hill, a 119-unit low-income senior citizen residence adjacent to the Fordham University campus. One of our largest developments was acquired and renovated with Fordham Bedford Housing Corporation. West Farms Square is an eight-building, 526-unit Section 8 affordable housing complex, that underwent extensive green renovations that included new boilers, bathrooms, kitchens, and public areas. West Farms was featured by the Daily News as one of the best affordable places to live in NYC.
Another way we work to create and preserve affordable housing is by lending no and low-interest loans to local affordable housing initiatives from our community development loan funds. In 1988 when we began lending, UNHP’s loan funds were used to finance building acquisitions. UNHP can no longer fund acquisitions as sales prices have increased dramatically, but our funds have been used to support soft costs, finance gaps in acquisitions, provide non-profit equity, and fund renovations to affordable housing projects. In 2007, UNHP provided $400,000 on bridge equity financing and loan packaging assistance to Fordham Bedford Housing Corporation towards the purchase of 6 multifamily properties with 286 units. The project was the first to utilize NYC’s award-winning Acquisition Loan Fund. Between 2009 and 2012, UNHP lent pre-development funds for the Rose Hill, Serviam Gardens, and West Farms Projects helping to create and preserve over 800 units of affordable housing.
In addition to acquisition and predevelopment financing, UNHP lends money towards renovations that result in savings to the buildings through our Green Loan Fund. UNHP has used Green Loans to fund roof replacements, boiler repair, and other work that reduces operating costs and saves energy. Working relationships with the Association for Energy Affordability and the NWBCCC Weatherization Program have helped bolster our ongoing efforts to maintain community-owned Bronx buildings, save energy, and preserve affordability. In the past few years, UNHP has begun to work collectively with other Bronx Building operators who are committed to affordable housing preservation and addressing the escalating operating, regulatory, and local law costs that jeopardize long-term affordability. The focus of the group right now is on escalating property insurance premiums.
“Just because you're poor, doesn't mean you have to live in a mess. I treasure my home. When you have something nice, you should take care of it.”
— Yvonne Adorno, Tenant of West Farms Square
