Hoewood Point
The substantial renovation of two Bronx buildings including solar thermal technology.Hoewood Point was an 80-unit Bronx preservation project financed through HDC’s LAMP Preservation program and HPD’s Low Income Rental program. 932-940 Hoe Avenue has 61 apartments, 39 of which are covered under an HPD project-based Section 8 contract. 1023 Longwood Avenue has 19 units and two commercial spaces. Lemle & Wolff acquired these buildings under a joint venture agreement with South Bronx Community Management Company, a non-profit organization.
Acquisition and rehabilitation LIHTC were syndicated by Hudson Housing Capital LLC and JPMorgan Chase Bank and Capital One provided the credit enhancement for the tax-exempt bonds. Both buildings received Article XI tax abatements.
The construction scope of work for Hoewood Point included joist replacement, fully renovated apartments, extensive masonry repairs, all new major systems, new windows, lead and asbestos abatement, and a comprehensive energy reduction program under Enterprise Green Communities. Each building has a solar thermal system that reduces the fuels costs for the buildings.
Hoewood Point closed and started construction in June 2012 and was completed in early 2014.
Total units: 80 plus two commercial spaces
Total development cost: $19 million
