Phipps Houses has developed nearly 6,000 units and continues to own 4,500 units of affordable rental housing in New York. Another 2,300 apartments in 19 projects are in construction or the pipeline for 2009/2010. We actively seek to add to this pipeline. Approximately 75% of our apartments are affordable to families earning 60% or less of the area median income, or $42,540 for a four-person household. Using our own at-risk capital, equity raised from private and institutional investors, debt financing from institutional lenders, and tax and zoning incentive programs, leveraged by use of nearly every local, state and federal multifamily financing program of the last 40 years, Phipps has created over $1.3 billion in affordable housing assets.

Types of Projects
Phipps projects have included nearly every building type, size, age and system, from 16-unit tenement gut-rehabilitations to mid-rise “block and plank” to 900-unit, multi-building cast-in-place towers. Phipps has developed projects under programs financed and regulated by the US Department of Housing and Urban Development, the NYS Division of Housing and Community Renewal, the NYS Housing Finance Agency, the NYC Department of Housing Preservation and Development, the NYC Housing Development Corporation, and the NYC Department of Homeless Services. We are experienced in using real estate tax abatement programs, including 421a “negotiable certificates,” as well as inclusionary housing zoning bonus programs.

Phipps Role and Partners
Though it typically acts as principal sponsor and developer of its own properties, Phipps has also had extensive experience in joint ventures with, and providing consulting services to, a wide range of for-profit and not-for-profit developers and owners, including AvalonBay Communities, Inc., West Harlem Group Assistance, Inc., The Richman Group, SJP Residential, United Methodist City Society, BFC Partners, New York Presbyterian Hospital, Nos Quedamos, Inc., and Women’s Prison Association. In such instances, Phipps has successfully married its expertise in aspects of affordable housing development and management – using tax credits, bond and other public financing programs, land use and zoning, inclusionary housing, real estate tax abatement, capital formation, and tax structuring – with that of its partners to fulfill the goals of affordable housing creation.

Our Expertise
In addition to new construction and gut rehabilitation, Phipps has extensive experience in refinancing and repositioning older-assisted, occupied private and public housing having closed seven of these complex projects, comprising over $200 million in preservation capital. In 2004, The MacArthur Foundation selected Phipps Houses in a national competition to receive a Program Related Investment to spur affordable housing preservation.

Contact Us
If you think your organization could benefit from working with Phipps Houses, contact Adam Weinstein, President, at aweinstein@phippsny.org or (212) 243-9090 ext. 210.