Hello Members and Supporters,
As we officially enter autumn, it’s a good time of year to reflect on the work Restoration Exchange does in, and for, our community. Here is one example of our impact. It involves the Park Avenue corridor, its residents, and a non-profit named inCOMMON.
Christian Gray at inCOMMON believes in the power of neighborhoods. He says if you strengthen your neighborhood, it becomes a place where all residents can thrive in their personal and community life. Park Avenue is a vulnerable midtown area where deprivation lives right ‘next door’ to affluence. Many residents live below the poverty line and a majority of those individuals and families are renters.
Restoration Exchange helped fortify this neighborhood. It all started in 2015, when inCOMMON purchased The Bristol at 1029 Park Avenue (originally named the Hanscom Apartments.) This purchase was spurred by concern that a developer might be tempted to buy and restore this handsome Spanish Colonial Revival building, and raise rents for the low-income tenants. Displacement of impoverished residents, due to high-priced redevelopment, is often the primary force that disrupts a neighborhood. In 2016, REO successfully nominated the Bristol Apartment Building for the National Register of Historic Places. The designation qualifies the project for federal and state historic tax credits, as well as low-income housing tax credits. With this type of funding assistance, inCOMMON is able to renovate the property in a way that allows tenants to remain in their apartments without an increase in rent.
We share Christian’s belief in neighborhoods. Assisting with the preservation of handsome, strong, and flourishing local places is one way REO helps sustain the historical fabric of our community.
Our efforts are supported by your gifts to us in talent, time, and treasure. Thank you for supporting REO!
Laura Lenarz Shiffermiller
Photo: Christian Gray at inCOMMON