Portfolio Partner Profile
Rose Affordable Housing Preservation Fund IV
Founded in 1989, Jonathan Rose Companies (“Rose”) is one of the country’s leading developers and investors in sustainable, affordable, and mixed-income multi-family real estate. The Rose Affordable Housing Preservation Fund IV, L.P. (the “Fund”, or “RAHPF IV”), is Rose’s fourth institutional fund focused on generating strong risk-adjusted returns through: creating and preserving affordable multifamily housing; implementing practical green strategies to reduce costs and increase efficiency; and increasing opportunity for its residents through social and educational services. Through this fund, Rose aims to provide safe, energy efficient and affordable housing as a stable base for families and seniors and to connect residents with a range of health, educational and social services. Rose will also certify properties with Enterprise Green Communities, a national standard for energy efficiency and wellness and will partner with leading national foundations and schools of public health to measure outcomes for low-income residents.
Featured Impact Story
Squire Village, a 379-unit affordable housing neighborhood in Manchester, Connecticut, is a model Communities of Opportunity development. Jonathan Rose Companies acquired Squire Village in 2016 and has invested more than $12 million into the property to create an environmentally friendly and socially enriching community. Among the upgrades are a new 7,000 square foot community center, roof and gutter replacements, air sealing and insulation, a 250-kilowatt solar panel installation, accessibility improvements and fully remodeled units. Recognizing the need for community-wide services beyond physical upgrades, we selected Squire Village as one of our 12 Communities of Opportunity Pilot Program sites, where we dedicate additional resources to implement strategies to improve resident outcomes. The property has an on-site Resident Service Coordinator who is responsible for identifying and engaging local partners and community assets to bring services and programming to the property and its residents.
RAHPF IV acquired Goodwill Terrace in December 2019. This 202-unit, New York City Mitchell-Lama property is located in the Astoria neighborhood of Queens. Goodwill Terrace has provided affordable housing and supportive services to residents for more than 45 years. Approximately $12 million in planned renovations will go toward capital improvements to increase energy efficiency, modernize the existing building and create resident amenity and social services spaces as part of Rose’s Communities of Opportunity program.
The New York City Department of Housing Preservation and Development is working to preserve the long-term affordability of the building under the Mitchell-Lama program, a program started in the 1950s that provides affordable rental and co-op housing to middle-income families. Rose is extremely pleased to partner with the City of New York, in close collaboration with residents, to revitalize this affordable housing property for another generation.
Goodwill Terrace exemplified Rose’s comprehensive approach and pandemic preparedness in the face of COVID-19. Staff worked diligently to implement necessary safety measures to protect themselves and residents during the pandemic. Goodwill Terrace’s Resident Service Coordinator (RSC) and staff immediately adjusted to remote and telephonic work to provide support to residents. The RSC continued to provide benefits assistance, lease education and advocacy via telephone. Community referrals, short-term counseling via telephone and a “Grab-and-Go” activity corner were additional pandemic-safe ways in which the RSC continued to implement the Communities of Opportunity impact categories safely. Through the efforts of the property’s RSC and staff, and the guiding principles of Rose’s Communities of Opportunity program, Goodwill Terrace was able to rise to these challenges and forge a strong, safe and connected community for its residents.
Shore Hill Apartments
Shore Hill Apartments is a 558-unit senior Section 8 property in the Bay Ridge neighborhood of Brooklyn. Since the Fund’s acquisition in 2018, Rose has implemented a comprehensive green retrofit—including a rooftop solar installation—that was funded through a combination of owner equity, Weatherization Assistance Program support, National Grid’s Direct Install program and NYSERDA’s Multifamily Performance program. Retrofit initiatives include the installation of low-flow faucets and showerheads, steam trap replacements, energy efficient lighting and controls, implementation of a boiler controls system, air sealing, air conditioner covers and a ventilation overhaul that included efficient exhaust fans and constant air damper. In recognition of the energy and sustainability initiatives, Shore Hill Apartments is pursuing Enterprise Green Communities certification.
Shore Hill has implemented a variety of Communities of Opportunity programming including flu-shot clinics, fitness programs and community building events. The property’s music and dance-related events have attracted more than 240 participants. These activities help to improve memory, increase balance and decrease isolation.