RUPCO receives national award for innovative historic rehabilitation financing

Chuck-Snyder-Guy-Kempe-Joe-Eriole-Frank-Paulo-Kevin-O'ConnorFrom a highly distinguished roster of nationally recognized affordable housing developers, RUPCO received the David Reznick Award for Most Advanced Financial Structure Award in early November. Affectionately referred to as “The Timmy’s,” the J. Timothy Anderson Awards for Excellence in Historic Rehabilitation are given annually by the National Housing & Rehabilitation Association (NH&RA), one of the country’s top housing industry groups. RUPCO was also a finalist in two other categories: Best Historic Rehab Utilizing LIHTCs (Low Income Housing Tax Credits) and Best Historic Mill or Factory Rehabilitation.

“To be recognized by the NH&RA and a finalist running with national private and nonprofit developers of this caliber is an honor,” notes Kevin O’Connor, Chief Executive Officer at RUPCO. “As financing diminishes for housing construction for those most in need — seniors, veterans, working families and those requiring supportive housing — we are forced to get creative in our financial partnering. Exploring outside-the-box alternatives allow new home creation like The Lace Mill to fill the vacuum of safe, affordable housing. We’re at a crisis in our communities; seven out of 10 renters are paying more than 50% of their monthly income on housing costs. By finding new ways to finance housing creation, we can come through construction, delivering on the demands of our communities. I credit RUPCO’s Chief Financial Officer, Frank Paulo, for keeping our development team true to cost and managing a fiscal portfolio worthy of this award. We pulled together 18 different finance vehicles totaling $18.9 million to create a true public-private partnership in developing The Lace Mill.”

RUPCO combined investment vehicles such as federal low-income tax credits with syndicator National Equity Fund, New York State Historic Tax Credits, a NYSERDA energy grant, private investment through Morgan Stanley, and a private mortgage with CHASE to meet its funding objectives. “The complexity of this financial structuring combined many sources willing to see RUPCO’s vision of what this vacant building could be and the impact its revitalization could have on the surrounding community,” notes Frank Paulo, RUPCO’s Chief Financial Officer. “Local investors included TD Bank Charitable Foundation, City of Kingston, Central Hudson, Ulster Savings Bank, and RUPCO also contributed to meeting the construction budget. We’re thankful to have national partners like NeighborWorks America, Urban Initiative, and Federal Home Loan Bank, as well as state partners NYSERDA, NYS Housing Finance Agency, and New York Main Street Program. Together we created this historic financing structure.”

The 2016 Timmy winners in 11 categories represented visionaries from California, the District of Columbia, Illinois, Maine, Massachusetts, Minnesota, Nebraska, New York, and North Carolina. “While The Lace Mill has enjoyed accolades for its design and construction integrity, the recognition of the project’s financial structure by the NH&RA on a national stage speaks directly to the commitment that RUPCO brings to both this project and this community,” notes Chuck Snyder, Director of Construction. “The assembly and administration of multiple funding sources at this level requires determination, knowledge and perseverance that is unparalleled within the development community and is a credit to the work delivered by the RUPCO organization.” Snyder oversaw the construction process at The Lace Mill.

“To be recognized in three separate categories reflecting both the complexity of the financing and the innovation of the project as a whole is a tribute to the expanding breadth of organizations like RUPCO nationwide,” adds Joe Eriole, Vice President of Real Estate Development at RUPO. Eriole and Snyder accepted the award on RUPCO’s behalf at NH&RA’s ceremony in Boston.

According to NH&RA, the federal historic rehabilitation tax credit is a tax incentive used by developers to help finance the renovation of historic buildings of all types for continued use as offices, apartments, hotels, stores, and other purposes. Available nationwide, federal historic tax credits are instrumental in revitalizing urban downtowns as well as suburbs and rural communities. NH&RA created the Timmy Awards in 2005 in memory of J. Timothy Anderson, a Boston architect, educator and preservation advocate. A singular figure in the historic rehabilitation business, Anderson’s legacy includes numerous Boston area projects and a seminal study that helped preserve Miami’s South Beach Art Deco District.

Add This Book to Your Holiday Reading List

earlymarketing-social_crosssectorcollaboration-customCommunity development success stories from around the country are available December 12. The new book, “NeighborWorks Works: Practical Solutions from America’s Community Development Network,” highlights innovative solutions to community development and housing challenges from the NeighborWorks America (NWA) network of local nonprofits. RUPCO is one of 140 organizations featured from the NWA membership.

“We actually have two stories in #OurNWBook,” says Kevin O’Connor, chief executive officer at RUPCO. “The first is about the collaborative nature The Lace Mill and how the community influenced our design and living dynamic there.” The story also includes comment from local photographer Rubi Rose, one of the Lace Mill’s 55 resident-artists and can be found in the “Place-based Investments” section of the book.

“The second story focuses on RUPCO’s energy efficiency program, Green Jobs | Green New York (GJGNY),” adds O’Connor. “We’ve extended specific effort to connect with the Latino community, as many of these families can benefit most from the energy audit and weatherization services.” In the last five years, GJGNY has helped 2409 families in 10 counties with free and low-cost home energy assessments and helped homeowners minimize utility bills through home energy savings recommendations. The monetary impact of this energy-saving work totals over $5.3 million. This story is listed in the section “Affordable Homes.”

RUPCO is a member of the NeighborWorks network—more than 245 nonprofit organizations based in every state, the District of Columbia and Puerto Rico. The network was founded and is supported by NeighborWorks America, which creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities.  As a member of the NeighborWorks network, RUPCO has been rigorously assessed for high standards of performance and operation. In 2016, RUPCO received “exemplary” status for its performance in five areas. NWA awarded RUPCO chartered member status in 1998 and audits the community developer every three years to ensure the excellence of the network. 

“Community-based nonprofits are creating economic opportunity for more Americans through cross-sector collaborations, complementary investments and collective problem-solving,” says Paul Weech, chief executive officer of NeighborWorks America (NWA). “This book will allow us to share what works, as well as what doesn’t work – an important part of innovation.”

essays inside “NeighborWorks Works: Practical Solutions from America’s Community Development Network” demonstrate how housing can be a platform for advancing health, education, workforce development, and youth leadership. Featured success stories illustrate how to facilitate affordable housing, whether owned or rented; supportive housing for senior citizens or the disabled; engage residents of varying ages, cultures and races; revitalize declining neighborhoods; and measure outcomes. Policymakers at the local and state levels, funders, and journalists will find it a rich source of ideas related to community development trends, challenges, and solutions.

“RUPCO is offering the book as part of our year-end fundraising appeal,” notes O’Connor. “For a donation of $50 or more, you receive NeighborWorks Works; a signed limited edition print “Give Housing a Voice” by local artist Stephen Hargash; and the satisfaction knowing your donation makes home matter here in the Hudson Valley.”

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Free Wellness Clinics at The Lace Mill

HCHR-web-imageHealthcare is a Human Right (HCHR) brings free, alternative wellness modalities to the public each month at a variety of locations.

RUPCO, HCHR and The Lace Mill resident community are committed to sharing this opportunity with midtown Kingston. HCHR offers a consistent monthly clinic at The Lace Mill, 165 Cornell Street on the second Thursday of the month.

The next HCHR Kingston Clinic is Thursday, November 10 from 4-7 p.m.

Visits are scheduled on a first-come basis. Between 8 and 20 practitioners share their skills in many wellness modalities including energy work, Reikki, massage, cranial-sacral therapy, aromatherapy and herbal tinctures. 

Can’t make it to Kingston? HCHR holds a quarterly wellness clinic at the Woodstock Community Center (Rock Hill Road); the next scheduled clinic is Saturday, November 5 from 4-7 p.m.

Kids’ Summer Programs

young white child experimenting with brightly colored paintsStarting July 1, RUPCO’s Program Services is offering two creative programs for resident children.

Lace Mill Kids is open to children ages 3-5 who live at the midtown Kingston community. Children will learn dance and rhythm in a fun and interactive way as a warm-up to activity each day. The group will create a “Lace Mill Kids” mural with different art mediums to commemorate the summer program. The program meets Tuesdays and Thursday from 10am to noon.

A second program, Woodstock Commons Kids, is geared towards children ages 5-13 who live at the intergenerational campus. Children will warm-up with basic acting skills and created a “Woodstock Commons Kids” mural with various materials and art supplies. This session meets from 2-5pm on Monday, Wednesday and Friday.

Summer Program Coordinator Jara Childs oversees both free programs which run for four weeks through the end of July. To register or for more information, email Program Services Supervisor Kim Mapes or call (845) 331-2140 ext. 307.

168 Applications Make Deadline for Lace Mill Lease-up Lottery

Lace-Mill-sheetrocking-IMG_3663As of the March 31 deadline, RUPCO has received 168 applications for The Lace Mill, a creative placemaking project in the artistic heart of midtown Kingston. RUPCO is preparing to lease 55 newly developed, live/work apartments preferenced for artists in Ulster County later this summer.

“We’ve had a terrific turnout from the artist community for this affordable housing opportunity,” notes Kevin O’Connor, CEO at RUPCO. “With 55 units and 168 interested parties, this 3-to-1 submission rate demonstrates the demand and need for affordable housing in the region. At RUPCO, we’re looking forward to screening applicants efficiently and expeditiously in the coming weeks. All 168 applications received through March 31 will now be entered into a lottery and processed for eligibility. To those who missed the deadline, you can still get your application in late, as we will continue to accept tenant applications.” Applications are available online at www.rupco.org and can be submitted by mail or in person at 289 Fair Street, Kingston, NY 12401.

Since breaking ground last year, RUPCO has been steadily renovating The Lace Mill, a century-old lace curtain manufacturing facility, located at 165 Cornell Street, Kingston. “Over the next six months, our conservative lease-up schedule for The Lace Mill is for 14 residents to move in by June 15. Then, depending upon unit completion, seven tenants per month will take up residence at The Lace Mill. By December 15, 2015, the last six households should be in,” adds O’Connor. “If more units are available, we’ll invite residents to move in early. There’s going to be a lot of activity going on at The Lace Mill in the coming months and Midtown will bustle with creativity. We see The Lace Mill as an integral part in Kingston’s ongoing urban revitalization, in this case through affordable housing for artists.” Located within the City of Kingston’s Midtown Arts District, The Lace Mill joins art-focused business neighbors Bailey Pottery Equipment Corp., R&F Handmade Paints, American Made Monster Studios, ColorPage, Cornell Street Studios, and The Shirt Factory. The blossoming arts district connects the dots between established businesses and attractions like the Ulster Performing Arts Center on Broadway, Arts Society of Kingston in the Rondout, and citywide galleries. The Kingston Midtown Arts District designation is part of Mayor Shayne Gallo’s larger BEAT (Business, Education, Arts, Technology) Initiative.

RUPCO has been creating homes, impacting lives and building community since 1981.  A leader in homeownership, foreclosure counseling, energy-efficiency and rental assistance programs, RUPCO is expanding its programmatic offerings throughout the Hudson Valley with the recent RDAC affiliation and urban revitalization projects in Newburgh, Saugerties, and Kingston. For more information, visit www.rupco.org.

Released from Kingston, NY on April 1, 2015 by RUPCO Communications

The Lace Mill Application

The Window of Opportunity is open at The Lace Mill! Watch the virtual tour video above and check out The Lace Mill floor plans here.

As we conduct the artist interviews, we will continue to accept applications until all units are leased. If you have questions about the interview process, call the Property Management Office (845) 331-2140, ext. 237 or email the Property Management Office.

Download this simple application and support documents. Complete, sign and return by mail or in person to 289 Fair Street, Kingston, NY 12401:

These forms above are not fillable PDFs and RUPCO is not accepting electronic submissions.

The documents below are for your information and can be reviewed online or downloaded for your personal files:

To our Spanish-reading friends, some documents are available below in Spanish. You may email LaceMill@rupco.org or call (845) 331-2140 ext. 237 and we will arrange a verbal translation or in-person document review.