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05-7-14-PC
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15 <br />Corcoran <br />Jennison <br />Companies <br />Established in 1971,the Corcoran Jennison Com- <br />panies is a private,for-profit developer of a range <br />of projects from luxury resorts to affordable housing, <br />as well as other properties. Headquartered in Boston, <br />Corcoran Jennison has developed more than $1.8 <br />billion worth of real estate. It has built,developed, <br />and currently manages more than 26,000 units in <br />its multifamily division,many of which are in mixed- <br />income communities. The company is a pioneer in <br />the use of the mixed-income-housing concept,particu- <br />larly in conversions of distressed urban multifamily <br />housing into successful mixed-income neighborhoods. <br />Recognizing that the market alone cannot serve the <br />economics of producing affordable housing,Corcoran <br />Jennison is developing mixed-income housing,using <br />its expertise with governmental assistance programs. <br />One of the company’s best known mixed-income <br />developments,the Harbor Point <br />Apartments in Boston,was a <br />$250 million project financed <br />through a consortium of private <br />and public sources,including an <br />urban development action grant <br />(UDAG),a Massachusetts Housing <br />Finance Agency (MHFA) insured <br />loan,the State Housing Assistance <br />Rental Program (SHARP),syndi- <br />cated tax credits,and mortgage- <br />backed securities. Of Harbor <br />Point’s 1,283 apartments,two- <br />thirds are market-rate units and <br />one-third are for low-income <br />households.30 <br />Profilements—worsening highway congestion, accelerating urban <br />sprawl, consuming open space, and threatening a region’s <br />economic competitiveness. <br />According to a study by the National Housing Conference <br />examining the availability of decent, affordable housing for <br />workers in five “vital occupations” in 60 of the nation’s largest <br />housing markets, janitors could afford to rent a one-bedroom <br />apartment in only six of the 60 metropolitan areas, while sales- <br />persons could rent a one-bedroom apartment for no more than <br />30 percent of their income in only three of the areas. Neither <br />janitors nor salespersons could afford to rent a two-bedroom <br />apartment in any of the 60 areas studied. As for homeowner- <br />ship, the report found that households dependent on the salary <br />of one elementary school teacher or one police officer alone <br />could not afford to buy a median-priced home in two-thirds of <br />the metropolitan areas. Retail salespersons and janitors could <br />not afford to purchase a home in any of the markets studied.27 <br />Mixed-income housing allows working families to live in the <br />communities in which they are employed while augmenting <br />the marketplace’s insufficient supply of affordable housing. <br />Government policies and developer incentives such as inclu- <br />sionary zoning, density bonuses, expedited reviews, parking <br />requirement mitigation, rebates, and <br />fee waivers can all support the construc- <br />tion of mixed-income housing in the <br />marketplace. <br />Harbor Point, in Boston, an award-winning national model for <br />transforming public housing into private, mixed-income hous- <br />ing, is one of Corcoran Jennison’s best-known developments. <br />The $250 million project was financed through a complex <br />package of private and public sources. <br />CO <br />R <br />C <br />O <br />R <br />A <br />N <br /> <br />J <br />E <br />N <br />N <br />I <br />S <br />O <br />N <br /> <br />C <br />O <br />M <br />P <br />A <br />N <br />I <br />E <br />S
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