Evergreen Partners Housing

Hudson Terrace Apartments

Hudson Terrace Apartment was built in 1973 and financed through the HUD Section 236 Mortgage Program. The property has a mix of 168 one, two and three bedroom multifamily units, all of which are covered by a project-based HUD Section 8 rental subsidy contract. Evergreen Partners acquired Hudson Terrace in January 2010 using a combination of new debt financing provided by Wells Fargo, Tax Credit Assistance Program (TCAP) Loan from NY DHCR and equity raised through the sale of 9% LIHTCs to Wachovia Affordable Housing Community Development Corporation.

Evergreen Partners will be completing substantial interior and exterior renovations at Hudson Terrace beginning in February 2010. As part of our preservation plan for Hudson Terrace, the Section 8 subsidy will be extended to a 20-year term to ensure ongoing affordability at the property.

Preservation Transaction Description

First Mortgage Financing: New Fannie Mae debt financing was provided by Wells Fargo Multifamily Capital.

HUD Section 236(e)(2): Interest Reduction Payments Decoupling: Under the HUD 236(e)(2) program, the remaining stream of interest reduction payments were “decoupled” from the original 236 mortgage and used to support additional new debt provided by Wells Fargo Multifamily Capital.

Equity Investment: Equity raised through the sale 9% LIHTCs to Wachovia Affordable Housing Community Development Corporation.

Tax Credit Assistance Program Financing (TCAP): $2.150 million in TCAP Financing was provided to the project by NY Division of Housing and Community Renewal. Apartments.

Payment in Lieu of Taxes (PILOT) The City of Hudson extended the existing PILOT Agreement that was currently in place to help support the preservation of Hudson Terrace Apartments.

Property Rehabilitation Scope

Over $8 million in total rehabilitation is planned for Hudson Terrace including:

• New Kitchen cabinets, counter tops and appliances

• New Bathroom vanity and lavatory

• New flooring throughout the units and common space

• New High Efficiency HVAC System

• New Windows, Doors, Siding and Roofing

• New Common Area Lighting

• Renovations will follow NY DHCR Green Building Criteria

Hudson Terrace Apartments
15 North Front Street
Hudson, New York

Development Partners