Hudson Valley Property Group Acquires Asbury Gardens
The acquisition represents Hudson Valley Property Group's (HVPG) dedication to expanding affordable housing. This marks the company's 28th project focused on preserving affordable housing options.
Details of the Asbury Gardens Acquisition
Asbury Gardens is a two-building multifamily property located at 120 Monmouth Avenue and 1100 Atlantic Avenue. The acquisition will help HVPG to enhance its growing portfolio in affordable housing.
Impact on Affordable Housing Units
This strategic acquisition allows HVPG to preserve an additional 170 units of affordable housing. Furthermore, HVPG currently owns 27 properties in the area, positively impacting residents' quality of life.
Community Enhancement Initiatives
The Community Enhancement Program by HVPG will implement significant upgrades and safety measures. Residents will directly influence the services offered, ensuring their needs and preferences are met.
Future Plans for Asbury Gardens
HVPG has committed to spending approximately $7.6 million on renovations, focusing on enhancing building conditions and security. These upgrades will aim at improving energy efficiency, adding modern amenities, and creating appealing communal spaces.
Focus on Resident Comfort and Security
Proposed enhancements include updated kitchens and bathrooms, new roofing, and high-speed Wi-Fi for residents. The improvements extend to outdoor areas, with plans for playgrounds and landscaping upgrades.
Long-term Affordability Strategies
To maintain long-term affordability, HVPG has secured a new HUD project-based Section 8 HAP contract. This initiative ensures that most residents contribute no more than 30% of their income toward rent.
Support from Local Government
The City has supported this preservation effort by establishing a new 35-year PILOT agreement. Funding for this project combines HVPG’s preservation fund equity with financial support from key institutions.
About Hudson Valley Property Group
Hudson Valley Property Group is dedicated to elevating affordable housing quality across the country. They acquire properties and invest strategically to enhance living standards, aiming to benefit both residents and investors.
Contact Information
For further inquiries, please contact:
Zoey Gottlieb
Prosek Partners for Hudson Valley Property Group
Email: Pro-HVPG@prosek.com
Frequently Asked Questions
What is Hudson Valley Property Group's mission?
Hudson Valley Property Group aims to preserve and improve affordable housing across the United States, enhancing livability for residents.
How many properties does HVPG currently manage?
HVPG currently manages and operates 27 properties in the region.
What upgrades are planned for Asbury Gardens?
Renovations at Asbury Gardens will focus on modernizing amenities, enhancing security, and improving energy efficiency.
How does the HUD contract benefit residents?
The HUD contract guarantees affordability by ensuring residents pay no more than 30% of their income on rent, promoting housing stability.
What is a PILOT agreement?
A PILOT agreement allows developers to make payments in lieu of property taxes to support local community investments, facilitating affordable housing projects.
