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255 West 43 rd Street , New York , NY 10036

Acquired by Common Ground in 1991, the Times Square is the largest permanent supportive housing project in the nation. A once-stately neighborhood fixture that had fallen into serious disrepair, Common Ground carefully preserved the building's historic character while redeveloping it into housing for 652 low-income and formerly homeless individuals.

Through the work of our social service partner, the Center for Urban Community Services, the Times Square combines permanent affordable housing with a variety of on-site social services designed to help tenants maintain their housing, their health and seek work and careers. Assistance with health, mental health and substance abuse issues is available on site, Monday through Saturday, to all tenants. Property management services, including 24-hour security, are provided by Common Ground's affiliated not for profit property management company, Common Ground Community.

In addition, Tenant Services staff offer programs and activities to foster the community life of the building. Over the past year, highlights included a six-week financial literacy workshop; an community health fair; and classes and workshops covering topics such as portrait drawing and cooking.

The building, which is listed on the National Register of Historic Places, features a double-height lobby which serves as a gallery for displaying the work of local and community artists. Rooms are fully furnished, have private baths, ceiling fans and kitchenettes. A spacious community room on the top floor with sweeping views of the city is used for tenant events, and is rented to the general public. Common areas include a garden roof deck (also available for rent); a computer laboratory; a library; an art studio; a medical clinic; 24-hour laundry facilities; a rehearsal space featuring floor-to-ceiling dance mirrors and a piano; and an exercise room.

The Times Square has received several awards for its innovative program, historic preservation and design, including the Rudy Bruner and Bard Awards, and has been featured in national media including the New York Times , CBS's 60 Minutes , and National Public Radio .

Total Square Footage: 225,000

Project Financing:

• Development: Rehabilitation
• Total Budget: $36,120,019 ($9,533,949 acquisition; $26,586,070 million development)
• Development Sources and Amounts:
  • NYC Department of Housing Preservation and Development's SRO Loan Program— $28.8 million (acquisition and basic renovation)
  • Low Income Housing and Historic Preservation Tax Credits (from private investors Clorox, JP Morgan, Dime Savings and Ben & Jerry's) and Met. Life Bridge Loan-- $7,129,911 *
  • Times Square Public Purpose Fund-- $140,000

Operation Budget and Revenue:

The annual operating budget of the Times Square is $5.5 million, with rent, (including Section 8 vouchers and some other government subsidies) covering the building's basic operating expenses. All residents sign a lease. To be eligible for residency, tenants must earn less than 80% of the area's median income. Monthly rents are set at approximately 30% of a tenant's gross annual income.

* $15,026,751 additional equity raised for capital reserves

• One of the commercial spaces on the ground floor is also home to The Times Square Ben and Jerry's PartnerShop, Common Ground's first social venture business.

• April 2004 - New York Nonprofit Press
  "Supportive Housing Awards"

• March 17, 2004 - Real Estate Weekly
  "Awards Event Honors 'Supportive' Executives"

• November 26, 2003 - Toronto Star
  "A Triumph of Urban Ingenuity"