Palladia, Inc. is one of New York City’s largest not-for-profit multi-service agencies. To further its goal of promoting the independence of its clients, Palladia has redeveloped derelict buildings for use as housing for formerly homeless and low-income individuals and families.

Chelsea Court is a prime example. Supported by the 17th Street Block Association, Palladia purchased the vacant building at 105 W. 17th St. in 2001 from the New York City Department of Housing Preservation and Development for $1. Palladia then set about renovating it for use as low-income and special-needs housing.

Jane Velez, president of Palladia, hired Manhattan architect Louis Braverman to do the design and P&P Contracting Co. to do the work, which cost $2 million. ''It had 35 units, a common toilet, water dripping from the ceiling, rats,'' Ms. Velez said. It also had violations dating back to the late 1980’s when it had been a neighborhood “crack” den.

Redesigned by Braverman, the building is now cheerful, colorful, and a calming presence for the tenants.

To pay for the renovation, Palladia secured a loan from HPD’s Supportive Housing Program, federal Low-Income Housing Tax credits and equity raised through a syndication of the credits by Enterprise Social Investment Corporation, and a U.S. Department of Housing and Urban Development Supportive Housing Program (SHP) grant. The SHP money will also pay for social services for the tenants.

The renovated Chelsea Court includes 18 stylish studio apartments – 14 for people who had been homeless and four for low-income residents. The 14 formerly homeless residents pay a third of their income as rent and HUD’s Section 8 subsidies pay the rest. The other tenants pay a modest rent limited by the tax credit program.

Click for more information about Palladia, Inc.