Fourteen members of the staff of Arden Asset Management demolished the interior of a single-family home in Queens in preparation for its renovation through the affordable housing organization Habitat for Humanity. The house, which had been purchased by Habitat from the New York City Housing Authority for $1, will be offered for sale to qualified low-income, first-time home buyers. “It was physically challenging but very rewarding to see the impact we could have in just one day,” says Arden analyst Joseph Castilla. “The house looked completely different by the time we got through with it.”
Habitat for Humanity has rehabilitated more than 260 houses and apartments in the city’s five boroughs. Habitat buyers must meet stringent requirements and typically live in substandard and overcrowded housing or pay more than 50 percent of their household income on rent. They are also required to donate 200 hours of their own sweat equity to the cause. “The American dream of home ownership is one we all aspire to,” says Arun Loomba, an Executive Director at Arden who has volunteered for Habitat NYC four times. “Helping those not as fortunate achieve that goal is a great feeling.”
