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About

EXECUTIVE SUMMARY

Mission and History

Founded in 1986, MHANY Management Inc. is a non-profit 501(c)(3) organization that focuses primarily on meeting the needs of low and moderate income residents of New York through intensive housing counseling programs and innovative affordable housing development initiatives. Our mission is fourfold:

  • Increase affordable housing opportunities for low and moderate income people by continuing to identify and implement creative and affordable housing initiatives, with a particular focus on preservation.

  • Change the way affordable housing for low and moderate income people is developed and operated by employing innovative approaches and working with City, State and Federal agencies to create new initiatives

  • Work with current residents of our buildings to improve community conditions and increase neighborhood services and provide an avenue where MHANY residents and MHANY buildings provide role models to neighbors and neighborhoods

  • Help low and moderate income people who have the means (savings, credit and interest) to purchase their own homes

MHANY's Snapshot:

  • Development & Management- MHANY has success and experience in developing and managing complicated/multilayered projects such as:
    • HUD foreclosures, relocation (temporary & permanent)
    • Small buildings on scattered sites
    • Joint ventures with for-profit and not-for-profit partners
    • Multiple federal, state, city and private funding sources to achieve affordability
  • Core neighborhoods are Eastern/Central Brooklyn; South Bronx and East Harlem
  • MHANY Maintains long-term affordability, low vacancy rates, strong resident service & involvement and rigorous compliance program
  • MHANY has a comprehensive First Time Home-Buyer Education and Delinquency and Foreclosure Prevention Counseling Program.
  • MHANY is a leader in NYC foreclosure prevention and first-time homebuyer counseling
  • MHANY is a/an -
    • HUD Certified First Time Home Buyer Counseling Organization
    • HPD Certified Down Payment Assistance Processing Organization
    • Approved First Time Homebuyer and Delinquency/Foreclosure Prevention Agency Under The National Industry Standards for Homeownership Education & Counseling
  • MHANY-
    • Provides comprehensive 1st time home buyer workshops that cover the ABCs of buying a first home as well as pre-closing and post-closing information.
    • Offers customized one-on-one personal counseling with an experienced first time homebuyer/credit counselor.
    • Provides default& foreclosure prevention counseling andloan & credit counseling
    • Offers exclusive mortgage products
    • Collaborates with other housing organizations and developers to promote affordable housing opportunities

ORGANIZATIONAL BACKGROUND

MHANY Management, Inc., is a 501(c)(3) non-profit organization committed to increasing affordable housing opportunities for low and moderate income residents of New York State. For over twenty years, we have offered housing acquisition, development, and management services as well as comprehensive housing counseling, building equity and economic and housing stability for thousands of families. Click here to download a MHANY brochure.

MAJOR ACCOMPLISHMENTS

The following is a list of MHANY Management's recent accomplishments:

  • Scatter-site small multi-family apartments (2-10 units) - MHANY owns and manages a scatter-site portfolio of over 526 apartments in the Crown Heights, Brownsville, Bushwick and East New York neighborhoods of Brooklyn. From the beginning, our Mutual Housing model, through which over 500 units of housing have been developed, has required collaboration and communication between residents and our not-for-profit development structure. The MHANY relationship is cooperative. MHANY board members work to maintain affordable rents (current rents are $625 one bedroom; $700 two bedroom; $800 three bedroom; $850 four bedroom) and residents help keep costs down by doing basic cleaning of interior and exterior, garbage and recycling. MHANY has a team of handymen that are designated to make repairs to the apartments and buildings on a geographic distribution. These same occupants engage in local neighborhood groups to work for improved neighborhood services and overall neighborhood improvement and stabilization. MHANY residents have been forceful agents of change in the neighborhoods of East New York, Brownsville, Bushwick and Crown Heights for decades.
  • HUD formerly distressed multi-family buildings - MHANY has purchased three developments from HUD's distressed portfolio; rehabilitated the apartments and the buildings, filled the vacant apartments with local residents, and stabilized the residents' lives, the buildings, the neighborhoods. MHANY owns and manages ten buildings through this initiative with 346 apartments. MHANY Management has found a niche in HUD distressed multi-family properties that are in need of a not-for-profit hands-on owner who can develop, finance and implement a rehabilitation plan, work to temporarily relocate residents, work with them during construction and then provide ongoing hands-on management when construction is complete.
  • Third-Party-Transfer - MHANY is an approved HPD and Neighborhood Restore developer. We have rehabilitated several former TPT buildings (building where owners did not pay real estate taxes to the City). All TPT buildings developed by MHANY had residents in occupancy at the time of award. MHANY was involved in temporary and permanent relocation of residents prior to rehabilitation and then responsible for returning former residents to their newly renovated apartments at construction completion. We have undertaken three projects for Neighborhood Restore two in Brooklyn and one in the Bronx with 92 apartments.
  • New Construction - MHANY more recently joined forces with a private developer to build four buildings with 382 apartments. MHANY used the joint venture model as a way to increase our capacity. The joint venture allowed the buildings and apartments to be developed under the watchful eye of a well-respected private developer. MHANY was responsible for marketing and lease-up of the apartments, ongoing management and in the long term MHANY will be the owner of the buildings insuring long term affordability through not-for-profit ownership.
  • Partner organizations have negotiated a commitment from Forest City Ratner Companies whereby 50% (2,250) of the approximately 4,500 rental apartments being proposed as part of Atlantic Yards in downtown Brooklyn would be available to families with incomes between $15,000 and $131,000. We are also working on an affordable home ownership component for 600-1000 units. Forest City closed on the arena block in March and obtained vacancy possession in May. They are to begin construction on the first residential building (with 50% affordability) within nine months. MHANY continues to work with Forest City and HDC to insure maximum affordability at Atlantic Yards.
  • MHANY Management First Time Home Buyer Education and Default/Foreclosure prevention counsels over 2,000 low and moderate income families interested in home ownership annually. With flexible, comprehensive, mortgage products available through partner banks, we are able to help hundreds of families become home owners. We work with partner organizations to identify families then loan counselors work to negotiate loan modifications for defaulting borrowers.
  • Working with HPD Home Ownership Programs- MHANY Management is one of HPD Home First counseling agencies and we have helped many families obtain down payment and closing cost assistance from HPD. We have also been working with HPD to set aside homeownership funds and houses for lower income families.
  • Winning designation as a Community Housing Development Organization from the New York City Housing Preservation Department. This allows MHANY Management to become eligible for Federal HOME grants and to expand our affordable housing development operation.

  • Ongoing Management - In addition to the developments added recently to the MHANY portfolio, MHANY owns and manages the following properties around New York City: 587-597 East 139th Street -110 apartments - Mott Haven, Bronx; Pleasant East - 4 buildings - 111 apartments, East Harlem; MHANY, ACORN 1, ACORN 2 and 385 Palmetto HDFC, Dumont HDFC - 140 buildings-550 units- Brooklyn; Corona - 6 units.

TARGET POPULATION

MHANY Management Inc. works to generate housing opportunities for low and moderate income families. Income levels for families eligible for housing developed by MHANY Management and its subsidiaries including MHANY do not exceed 80% of New York area median income and many of the apartments are leased to families earning below 50% of median. Some projects require income levels not exceeding 60% of median. These median income level percentages translate into incomes that do not exceed $26,700 - $42,540 for a family of four; again, with most of the MHANY related projects, resident incomes are much below these average income levels.

Although the NYC area median income recently rose to $70,900 for a family of four, the neighborhoods where MHANY works have real incomes of half (and sometimes one third) the city-wide average. In the communities of East New York, Bushwick, Brownsville, Crown Heights, Mott Haven, Morrisania and Highbrige the demographics are in general: over 40% of the population is receiving some form of public assistance; over 40% of the households are single females; less than 25 % of the children graduate from high school with a diploma; and the communities are 100% people of color. The Community Boards that overlay these neighborhoods are in Brooklyn: Community Boards 4, 16, 5 and 8 and in the Bronx: Community Boards 1, 3, 4 and 5 and Community Boards 10, 11 and 12 in Manhattan.

2010