2019 Development that Best Preserves Existing Public Housing
Ocean Bay (Bayside) Apartments
Developer: RDC Development LLC
Owner: RDC Development LLC
Location: Arverne, N.Y.
Ocean Bay is a large conversion by New York City Housing Authority under HUD’s Rental Assistance Demonstration (RAD) program, which allows public housing authorities to access private capital to meet needs while protecting long-term affordability.
Due to the complexity of the site, the fact that Ocean Bay houses 4,000 residents and includes 24 buildings, and the amount of capital needed to complete the renovation, RDC Development required a complex funding structure of public and private sources made possible by RAD and LIHTCs.
Residents were not displaced during the renovation and all apartment renovations included new kitchens, bathrooms, flooring and fixtures. The rest of the buildings received a facelift as well, which included public hallway improvements, new elevators, a floodwall, solar energy panels and new boilers. Amenities were improved with the development and implementation of a comprehensive social services program that will greatly improve the lives of residents.
“This is the largest single-site public housing conversion and a model for all other RAD deals,” said Tom Dixon, DOD Awards judge and vice president of acquisitions for Boston Capital.