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his years State of the City report investigates the booms and busts of

New Yorks housing market over the past four decades and details a few
lessons from earlier times that may be relevant as we face the current
downturn. For the first time, the report includes a State of Sustainable New
York City section and a State of New York City Preservation section.
Additionally, the report updates the State of New Yorkers section, which
analyzes quality of life indicators by race / ethnicity, and presents rankings
for over 50 indicators by community district.
The Furman Center used their Index of Housing Price Appreciation, a
measure of average sales price changes dating from 1974 that adjusts for
inflation and controls for variation in the quality of housing, to examine how
prices have changed over the last 35 years. During this period as a whole,
home prices in the city jumped by over 250%. The break down by different
boom and bust cycles is as follows:
Between 1974 and 1980, prices declined by 12.4% citywide.
Between 1980 and 1989, prices increased by 152%.
From 1989 to 1996, prices dropped by 29.3%.
From 1996 to 2006, prices increased by 124%.
While the growth associated with this last boom cycle is staggering, prices in the city have not risen as much here as they have
around the country. Indeed, the nationwide increase over the same period was 189%. Of course, there is tremendous variation
between city and national averages and prices in neighborhoods such as East Harlem (up 500%) and Washington Heights (up
333%) outpace the national average.
The Furman Center also explored the relationship between neighborhood characteristics and neighborhood prices and looked
for trends that may help explain the variation. Among their key findings were:
Despite the downturns, the city continued to make important progress. Between 1974 and 2006, the citys price
gains far surpassed the losses and numerous social welfare indicators such as crime rates, school performance, and
employment rates improved.
Predicting which neighborhoods will do well or will fare poorly is very difficult. Specifically, price trends during
past downturns are not reliable predictors of price trends in future downturns. Conversely, strong performance in the 1980-
1989 upturn was correlated with gains in the most recent boom. For example, eight of the ten neighborhoods with the
largest increases in the 1980s boom were also among the areas with the largest price increases in the most recent
expansion.
Price trends in wealthy neighborhoods are counter-intuitive. Prices in higher-income neighborhoods tended to
ANHD
ANHD
The Reader
...of Housing and Community News...
March 27, 2009 Volume XXXIV Issue 7
Inside
Project
Development
Underwriting 102
See page 7.
Contents:
Resources and Notices . . . 4
Calendar of Events . . . . . . 8
Job Listings . . . . . . . . . . 10
This newsletter is made possible through the generous support of Bank of America, Capital One N.A.,
JPMorganChase, M&T Bank, Ridgewood Savings Bank and Washington Mutual.
Furman Center Releases 2008 State of New
York Citys Housing and Neighborhoods Report
T
T
The ANHD Reader, www.anhd.org, March 27, 2009 Page 2
ANHD INC. is a not-for-profit social welfare organization which advocates on behalf of New York City community-based
non-profit housing organizations and the neighborhoods they serve. ANHD INC. advocates for comprehensive, progressive
housing policies and programs to support affordable, flourishing neighborhoods for all New Yorkers, especially our lower
income residents.
The ANHD Reader (USPS 695-890, ISSN: 1536-6758), The ANHD Reader, 50 Broad Street, Suite 1125, New York, NY10004,
is published 26 times per year (bi-weekly) for $30 for individuals and community based organizations, and $60 for citywide
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POSTMASTER: Send address changes to The ANHD Reader, 50 Broad Street, Suite 1125, New York, NY 10004. Phone:
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grow less than the city average in the 1980s boom and
fell further in the 1990s downturn.
City investment is correlated with greater stability
in poor neighborhoods. Poor neighborhoods that
received significant public investment to rehabilitate and
increase their affordable housing stock experienced
smaller price declines in the 1990s downturn, and in
some cases even saw prices increase during the same
period. In fact, city investment was more closely related
to smaller housing price declines than any other
neighborhood characteristic the Furman Center studied.
The last finding is particularly significant as it underscores
the importance of the city continuing to invest in affordable
housing and community stabilization initiatives as
foreclosures and recession hit the city.
Below is a small selection of the indicators that the State of
the City report examines.
Not surprisingly, and something that has been documented
elsewhere, four of the five community districts that had the
highest percentage of high cost home purchase loans also
witnessed the highest rate of foreclosures.
To read the entire State of the City report, please visit:
http://furmancenter.org/files/soc2008/State_of_the_City_2008.
pdf
High Cost Home Purchase Loans (percentage)
Five Highest
1 Brownsville / Ocean Hill (BK)
2 Jamaica (QN)
3 East New York / Starrett City (BK)
4 Bushwick (BK)
5 Williamsburg / Baychester (BX)
Notices of Foreclosures Rate (per 1,000 1-4 family
properties)
Five Highest
1 Bedford Stuyvesant (BK)
2 Brownsville / Ocean Hill (BK)
3 Bushwick (BK)
4 East New York / Starrett City (BK)
5 Jamaica (QN)
Median Rent Burden (renter households)
Five Highest
1 University Heights / Fordham (BX)
2 Borough Park (BK)
3 Kingsbridge Heights / Moshulu (BX)
4 Highbridge /South Concourse (BX)
5 Sunset Park (BK)
Rental Units that are Rent-Regulated
Percentage
Five Highest
1 Kingsbridge Moshulu (BX)
2 Washington Heights / Inwood (MN)
3 South Crown Heights (BK)
4 Rego Park (QN)
5 University Heights / Fordham (BX)
The ANHD Reader, www.anhd.org, March 27, 2009 Page 3
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Visit http://neighborhoodlending.bankofamerica.com to nd out how
Bank of America can provide the best mortgage solution for your clients.
NEW REPORT FROM NEDAP ON IMMIGRANT
BANKING NEEDS
The Neighborhood Economic Development Advocacy
Project (NEDAP) has issued a new report, Ensuring
Access to Fair and Affordable Financial Services: A Survey
Report on Barriers Faced by Low Income Immigrants in
NYC. The report summarizes findings of the Immigrant
Banking Survey, designed by NEDAP in collaboration with
the NYC Immigrant Financial Justice Network, to increase
understanding about immigrant New Yorkers financial
services experiences and needs. For more information
call (212) 680-5100. Fax: (212) 680-5104. Email:
info@nedap.org.
FUNDS FOR COMMUNITY ECONOMIC
DEVELOLPMENT PROJECTS
The Administration for Children and Families announces
the availability of $29,100,000 with an expected number of
47 grants, and an award ceiling of $800,000. The Office of
Community Services will award Community Economic
Development discretionary grant funds to Community
Development Corporations for well planned, financially
viable, and innovative projects to enhance job creation and
business development in low-income communities.
Applicants must be private, non-profit CDC with 501 (c) 3
IRS status. The deadline to apply is May 28, 2009. For
more information visit the website at:
www.acf.hhs.gov/grants/open/HHS-2009-ACF-OCS-EE-
OO34.HTML.
APARTMENTS FOR SALE OR RENT
Lemle & Wolfe. Inc. announces that a number of two
bedroom apartments are available in the Beacon Mews, a
luxury mid-rise building at 34
West 139th Street in Harlem.
Cliffside Properties, LLC
announces that applications are
being accepted for 83 affordable
housing rental apartments at
1176 Anderson Avenue, 1638
Undercliff Avenue and 1853
Anthony Avenue in the Bronx.
Crotona Senior Apartments
announces that applications are
being accepted for 95 affordable
housing rental apartments at
1926 Crotona Parkway in the
East Tremont section of the
Bronx.
For more information regarding these rentals visit the
website at:
http://www.nyc.gov/html/hpd/html/apartment/lotteries.shtml.
140 Edgecombe Avenue Condominiums is a five unit
boutique condominium. Unit 1 is being offered for
immediate sale on a first-come, first-served basis subject
to primary residence requirements but no maximum
income or asset restrictions.
Beacon Tiowers Affrodable Apartments consists of 54
cooperativee resideences with 2 bedroom apartments
available for income eligible homeowners..The apartments
have Italian style kitchen cabinets with other contemporary
and convenient features. Apartments are wired for cable
TV and the internet.
For more information regarding these offers visit the
website at:
http://www.nyc.gov/html/hpd/html/buyers/lotteries.shtml.
FUNDING AVAILABILITY FROM HUD
The US Department of Housing Urban Development
(HUD) has an estimated total program funding of
$1,980,000,000 for the Neighborhood Stabilization
Program (NSP), round 2.These funds are to address home
foreclosure and abandonment and for the provision of
capacity building and support for NSP grantees. Eligibility
goes to states, units of general local government, nonprofit
entities and consortia of nonprofit entities. For more
information visit the website at:
ww.hud.gov/recovery/nspg.cfm. The deadline for
applications is September 1, 2009.
HUD has an estimated total funding of $250,000,000 for
the Assisted Housing Stability and Energy and Green
Retrofit Program. Grants will be made to eligible property
owners to make energy and green retrofit investments in
the property, to ensure the maintenance and preservation
of the property, the continued operation and maintenance
of energy efficiency technologies, and the timely
expenditure of funds. The deadline for applications is
February 16, 2011. For more information visit the website
at: www.hud.gov/recovery/
REVIEWERS NEEDED
The US Department of Health and Human Services, Office
of Community Services (OCS) needs expert reviewers with
a broad array of direct, community economic development
experience to help select the 2009 grantees for the
Community Economic Development (CED) and Job
Opportunities for Low-Income Individuals (JOLI) programs.
For more information visit the website at:
www.acf.hhs.gov/programs/ocs/ced/dcdp_review_recruitm
ent.html (for CED);
www.acf.hhs.gov/programs/ocs/joli/dcdp_review_recruitme
nt.html (for JOLI).
125 Maiden Lane, 6th Floor
New York, NY 10038
Tel 212.268.3262
Cell 917.862.3549
Fax 212.268.3264
hfsolutions@covad.net
Anthony Spinelli
President
The ANHD Reader, www.anhd.org, March 27, 2009 Page 4
Resources and Notices
This area highlights available resources and funding
opportunities for nonprofit organizations.
FUNDS TO ASSIST IMMIGRANT POPULATIONS
The Department of Homeland Security US Citizenship and
Immigrations Services announces the availability of an
estimated total program funding of $1,200,000, with an
award ceiling of $100,000. These funds may be used to
provide monetary support to community based
organizations that serve immigrant populations. The funds
shall be used to support citizenship preparation programs
incorporating activities to assist naturalization applicants.
Eligibility is extended to non-profits with 501 (c) 3 status.
The deadline to apply is May 15, 2009. For more
information visit the website at:
http://www07.grants.gov/search/search.do?&mode=VIEW&
flag2006=false&oppId=45975.
NOTICE REGARDING NYC CITY COUNCIL
DISCRETIONARY FUNDS
The New York City Council advises that if you hope to
receive money from the New York City Council in the 2010
Fiscal Year, you must fill out the NY City Council FY 2010
Organization Qualification Form. To be eligible to receive
more than $10,000 you will also need to submit either the
DYCD Recertification Form for City Council Discretionary
Awards (if you were prequalified for FY09), or the DYCD
Prequalification Application for City Council Discretionary
Awards. All of the necessary forms and instructions can
be downloaded from the City Council and DYCD websites
at: http://council.nyc.gov/html/budget/fy
2010_funding_application.shtml;
http://www.nyc.gov/html/dycd/html/resources/pql_discretion
ary_contracts.shtml. Forms must be printed out and a
notarized hard copy submitted. The deadline to apply is
March 31, 2009.
NEW PUBLICATION FROM THE CENTER FOR
NEW YORK CITY AFFAIRS
The Center for New York City Affairs, at the New School,
and the Center for an Urban Future, announces the
release of Child Welfare Watch Hard Choices: Caring
for Children of Mentally Ill Parents. This report documents
the issues facing poor and working class parents with
mental illness and their children. The report feature stories
of families affected by mental illness and the foster care
system. The report also contains recommendations
drafted by the Child Welfare Watch advisory board aimed
at helping policymakers address issues of mental illness
and parenting. The report is available to download at the
website:
www.newschool.edu/milano/nycaffairs/cww_winter_2009.ht
ml.
The ANHD Reader, www.anhd.org, March 27, 2009 Page 5
44 Wall Street, 12
th
Floor
New York, NY 10005
(646) 435-1956
www.greenwayresources.com
Expert Consulting Services in
Real Estate Finance and Development
Project Troubleshooting
General Finance, Legal and
A full-service consulting firm devoted to
the development of affordable housing
throughout New York City and State
Organizational Assessment
G GREENWAY REENWAY R RESOURCES ESOURCES LLC LLC
Affordable Housing Consultants
WELCOME KIM
ANHD and the New York Mortgage Coalition (NYMC)
welcome Kimberly Allman as the newest member of our
staff. She joins the NYMC as a Housing Counselor and a
Foreclosure Specialist. Prior to joining the Coalition, Ms.
Allman worked as a corporate attorney with the law firm of
Sidley Austin LLP. Ms. Allman serves on the Junior Board
of the Beginning with Children Foundation and resides in
the Cobble Hill section of Brooklyn. She is an alumna of
Duke University and Cornell Law School and enjoys
traveling, reading and volunteering.
The ANHD Reader, www.anhd.org, March 27, 2009 Page 6
ANHD gratefully acknowledges Wachovia Foundation, Astoria Federal Savings, and Ridgewood Savings Bank
for their generous support of ANHDs Affordable Housing Institute and training programs
Association for Neighborhood and Housing Development
50 Broad Street, Suite 1125, New York, NY 10004 (212) 747-1117 Fax: (212) 747-1114
Tuesday, April 21, 2009
9:30am 12:30pm
Global Warming: The Science, The Stakes
and What We Should Do About It
With
Michael Sweringen
Remarkably, almost 40% of harmful CO2 greenhouse gasses are released into the
atmosphere from buildings. Michael Sweringen, a prominent science educator and
activist, will once again help us learn the science of global warming and what to do
-- and not do -- about it. We will work as a team to explore the basic causes and
high stakes of heating our planet by burning fossil fuels. Then we'll look at what
the politicians plan to do about it -- and what we SHOULD do about it. You will
know more about global warming than 95% of all Americans by the end of this
training. You will be equipped with an understanding of the fundamental science
of global warming and most effective public policy to fight for.
Location: ANHD offices, 50 Broad Street, Suite 1125
Cost: $20.00 per person (ANHD members FREE with RSVP) Advance
registration is required. Seating is limited with priority given to ANHD members.
To Register: Mail this form with payment to ANHD, 50 Broad St., Ste. 1125, NY, NY
10004, Attn: Rita Mazza, or fax to 212-747-1114. (Make checks payable to ANHD)
Email Mike Bucci @ mgbucci@aol.com with questions about this workshop.
Name/Title_______________________________________________________________
Organization______________________________________________________________
Address__________________________________________________________________
__________________________________________________________________
Email ___________________________________________________________________
Office Phone ( )______________________ Fax ( )__________________________
The ANHD Reader, www.anhd.org, March 27, 2009 Page 7
ANHD gratefully acknowledges Wachovia Foundation, Astoria Federal Savings, and Ridgewood Savings
Bank for their generous support of ANHDs Affordable Housing Institute and training programs
Association for Neighborhood and Housing Development
50 Broad Street, Suite 1125, New York, NY 10004 (212) 747-1117 Fax: (212) 747-1114
Thursday, April 23, 2009
9:30am 3:30 pm
Project Development Underwriting 102
With
Jay Marcus, NYC Program Director
NCB Capital Impact
Want to know more about financial underwriting standards and practice for
affordable housing projects? Jay Marcus will conduct this hands-on class,
which will provide a more in-depth understanding of project planning, financial
feasibility and project underwriting analysis including, in greater detail, the
project development budget breakdown, the LIHTC (9% & 4%), pro forma 10-
year income & expense budgets, for rentals, co-ops, condos, & homeownership
projects.
This presentation will be useful to executive directors, housing development
directors, underwriters and project managers.
Location: Fifth Avenue Committee, 621 DeGraw Street, Brooklyn, NY
Cost: $50.00 per person (ANHD members FREE with RSVP) Advance registration is
required. Seating is limited, and priority is given to ANHD members.
To Register: Mail this form with payment to ANHD, 50 Broad St., Ste. 1125, NY, NY
10004, Attn: Rita Mazza, or fax to 212-747-1114. (Make checks payable to ANHD)
Email Mike Bucci @ mgbucci@aol.com with questions about this workshop.
Name/Title_______________________________________________________________
Organization______________________________________________________________
Address__________________________________________________________________
__________________________________________________________________
Email ___________________________________________________________________
Office Phone ( )______________________ Fax ( )__________________________
Email____________________________________________________________________
TThe ANHD Reader, www.anhd.org, March 27, 2009 Page 8
Lawyers Alliance for New York announces its Calendar
of Upcoming Workshops.
April 16, 9:30 am - 12:30 pm: Employment Law:
Beyond the Basics (New). Location: Laura Parsons
Pratt Conference Center, 281 Park Avenue South,
NYC. Free for NYF Grantees
April 23, 9:30 am -12:30 pm: Joint Ventures for
Housing Organizations. Location: New York
Foundation, 10 East 34th Street, 10th Floor, NYC.
Free for NYF Grantees
Cost: Unless otherwise indicated, the registration fee is
$50/person; $45/person if we receive payment at least
three days in advance; and free for representatives of
current New York Foundation grantees. For more
information call (212) 219-1800, or fax to (212) 941-7458.
City-Wide Task Force on Housing Court, Inc. through
its service, Housing Court Answers, announces its
Spring Training Series for Housing Advocates:
April 3: Overview of Housing Court
April 17: Helping Small Owners
April 24: Thats Not Fair Fighting Off Debt
Collectors
May 1: Tenants Rights When Owner is in
Foreclosure
May 8: Overview of NYC Rent Regulations
May 15: Termination Hearings in Public Housing
All trainings are held on Friday afternoons, from 1:00
5:00 pm. Location: Legal Services NYC, 350
Broadway. For more information visit the website at:
www.HousingCourtAnswers.org.
MARCH
March 30 April 1: 2009 NACEDA Summit: Creating
a Better World. One Community at a Time. Hosted by
the National Alliance of Community Economic
Development Associations, this Summit will be held at the
Double Tree Hotel, Washington, DC. For more
information visit the website at: www.naceda.com.
March 31, 6:30 8:30 pm: Retrofit Herkimer Street
Meeting. Learn how residents and building owners of
Herkimer Street, Between Bedford and New York
Avenues, can participated in a new initiative to reduce the
blocks energy bills and environmental impact. Location:
Friendship Baptist Church. For more information contact
wfleisch@pratt.edu.
Calendar of Events
Submission deadline: Items for The ANHD Reader,
Calendar of Events for April 10 - April 24 must be
received by Wednesday, April 1.
www.mtb.com 2008 M&T Bank. Member FDIC.
6Xdbbjc^in
WVc`Vi]ZVgi#
M&T Bank has a long tradition of being
involved in the cities, towns and neighborhoods
in which we operate. As a community bank,
we understand that the well-being of our
company is connected to the well-being of the
communities we serve. We offer both our time
and our resources to make our communities
better places to live, work and grow.
See the difference our personal, local and long-
term commitment can make. After all, we live
here too. Call us today at 212-350-2523, or
visit us at www.mtb.com.
The ANHD Reader, www.anhd.org, March 27, 2009 Page 9
The New York Mortgage Coalition (NYMC) is a unique collaboration of financial institutions
and community housing agencies dedicated to helping low to moderate-income families
become first-time homebuyers in the Greater New York area. Through financial workshops
and one-to-one homeownership counseling, NYMCs eight community groups educate
qualified borrowers into becoming responsible home buyers. Participating lenders provide
competitive, fixed-rate loans which may include closing cost and down payment subsidies
on a need basis.
For more information on joining the New York Mortgage Coalition please contact:
Ken Inadomi, Director
212.742.0762
Ken.I@anhd.org
Every year the New York Mortgage Coalition
helps thousands of renters prepare
for homeownership.
NYMCs Financial Institutions:
Amalgamated Bank, Astoria Federal Savings Bank, Bank of
America, Capital One Bank, Citibank, EverBank, HSBC ,
JPMorgan Chase, M & T Bank.
NYMCs Community Housing Agencies:
Asian Americans For Equality, Cypress Hills Local Development
Corporation, Harlem Congregations for Community Improvement,
Housing Partnership Development Corp., Housing Action Council,
Long Island Housing Partnership, Neighbors Helping Neighbors,
and Pratt Area Community Council.
BOOKKEEPER
Margert Community Corporation is seeking a full or
part time Bookkeeper. Responsibilities: This position
works closely with the Comptroller and the successful
candidate must be self-directed, highly motivated and
reliable. Responsibilities include cash disbursements, cash
receipts, invoice processing, inventory tracking, billings,
budgets, financial statements, audits, and payroll and bank
reconciliations. Qualifications: A solid background in
accounting is required. Salary: Competitive salary with
excellent benefits. Send resume and cover letter to:
Margert Community Corporation, 325 Beach 37th
Street, Far Rockaway, NY 11691; Attention: Executive
Director. Email submissions strongly encouraged:
jgb@nyct.net. EOE
COMMUNITY ORGANIZER FOR
HOUSING INITIATIVE [BRONX]
New Settlement Apartments is seeking a Community
Organizer for Housing Initiative. Responsibilities: Full-
time organizer works with director of organizing, tenant
leaders, community residents and partner organizations to
improve poor housing conditions in South West Bronx;
support leadership development and constituency building;
implement winnable neighborhood-based campaigns;
work with partners on Bronx-wide and city-wide
campaigns. Qualifications: Minimum 2 years grassroots
organizing experience; track record in campaign
development and implementation; bilingual
English/Spanish. Salary: $32,000-$40,000, depending on
experience, with benefits. Send letter, rsum and
contact information for 3 professional references to
Community Organizer Search, New Settlement
Apartments, 1512 Townsend Avenue, Bronx, NY10452.
Email: casa.organizer@gmail.com. Fax: 718-294-4085.
EEO/AA.
HOUSING COUNSELOR/ORGANIZER & PART-
TIME COMMUNITY ORGANIZER/TRAINER
St. Nicholas NPC seeks a Housing Counselor/Organizer
and a part-time Community Organizer/Trainer.
Responsibilities: Work with the Community Preservation
team on a range of housing and community issues in
Williamsburg/Greenpoint, Brooklyn; provide counseling
and support to tenants and owners on housing and social
service issues; schedule and conduct community
workshops on housing, financial literacy etc.
Qualifications: Min. Assoc or equivalent experience
required (BS/BA preferred); oral and written
communication skills, computer expertise; bi-lingual
English/Spanish. Familiarity with housing programs &
policies and/or Williamsburg-Greenpoint Community a
plus. Salary commensurate with experience. Full-time
position also includes excellent fringe benefits. Send
resume and cover letter indicating salary requirements
to: Att: Carmen Vasquez, Housing Division
Administrative Asst. via Fax 718-486-5982 or Email:
cvasquez@stnicksnpc.com
The ANHD Reader, www.anhd.org, March 27, 2009 Page 10
Job Listings
To place an ad in the next issue, fax copy to ANHD at
(212) 747-1114 or email ray.g@anhd.org. The deadline
for the April 10th issue is April 1th.
Price List for Job Listings:
1 issue: $35, 2 issues: $60, 3 issues: $75
ANHD members in good standing will receive one issue with job listing at no charge.
PLEASE limit copy to 100 words. ANHD INC.reserves the right to edit text.
To place an ad in the next issue, fax copy to The ANHD Reader at (212) 747-1114 or email to ray.g@anhd.org.
INVESTING IN
AFFORDABLE HOUSING
WITH OUR NONPROFIT PARTNERS
Call us to talk about your project
MARIADELE PRIEST
212-216-8944
The ANHD Reader, www.anhd.org, March 27, 2009 Page 11
We have
a habit
of building
communities.
Its something weve always enjoyed doing.
And for over two decades, Chase has
worked closely with public, private, and
not-for-prot entities for the benet of
low and moderate-income communities
and families. Through our Community
Development Group, weve dedicated
ourselves to strengthening areas in need.
Using market-driven strategies, we leverage
our nancial resources and expertise to
build successful real estate projects that
strengthen and revitalize the communities
we serve. Because Chase knows that it
takes more than hammers and nails to build
communities. It takes people.
jpmorganchase.com/cdg
2007 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase is a marketing name of JPMorgan Chase & Co. and its subsidiaries worldwide. Small business,
mortgage, and real estate development loans are offered through JPMorgan Chase Bank, N.A.
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The A AN NH HD D Reader
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Ray Grist
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