Valley Restoration Local Development Corporation

What it reported doing in 2024

ACHIEVEMENTS, CURRENT PROGRAMS and FUTURE GOALS NEW YORK INTERNATIONAL AMERICAN YOUTH HOSTEL VRLDC is proud of its role in the preservation of a building on the National Register of Historic Places and a designated NYC landmark. This building was designed by one of our country's eminent architects, Richard Morris Hunt, who designed the pedestal of the Statue of Liberty and the facade of the Great Hall of the Metropolitan Museum of Art. This building, through the efforts of VRLDC, on Amsterdam Avenue between 103rd and 104th Streets was saved from demolition and converted into the NY International American Youth Hotel. This building is now a hotel that accommodates 600 guests. This building has created jobs and increased business in the surrounding area. With the development budget in excess of 14 million this project was financed with a combination of public and private resources including bonds, tax credits and government and private loans. COLUMBUS AMSTERDAM BUSINESS IMPROVEMENT DISTRICT In 1985 VRLDC organized a Business Improvement District which was finally established in 1987. This Business Improvement District was among one of the first BIDs to be established in NYC and is known as the Columbus Amsterdam BID aka as the Lenape Bloemendael District Management Association. 105TH STREET HOMESTEADERS One of our proud achievements was the sponsorship of the 105th Street Homesteaders. Here 44 families through sweat equity renovated eight buildings over a period of 10 years and today 44 families reside in a low income cooperative. VRLDC kept all the records, did the bookkeeping and provided other services and guidance for these families at no cost to the cooperative. JOB DEVELOPMENT and PLACEMENT SERVICE 1987 the NYC Department of Business Services funded VRLDC for a job development and job placement program. This program was in existence until June 1994. The funding over the years paid for a professional job placement director and a shared secretary. Due to budget cuts in year ending June 1994 this program eliminated and VRLDC was cut from the Department of Business Services budget. SECURITY LIGHTING PROGRAM Valley Restoration initiated a security lighting program in partnership with Con Edison. The model block was so successful the Columbus Amsterdam BID adopted the program for the area of the BID. Lighting fixtures installed on building exteriors remained illuminated from dusk to dawn. This program was subsequently adopted by other City BIDs. STREET FESTIVAL Valley Restoration sponsors a Street Festival every year, alternating between Amsterdam and Columbus Avenues from 96th to 106th Streets. Our annual street fair is typically every June, please join us. THRIFT STORE VRLDC owned a thrift store at 949 Amsterdam Avenue but it was closed in March 2015 after 17 years in business, as the shop was no longer earning enough to cover its expenses.

Financial Efficiency

• Mission deployment rate: 0%; rating input score 0
• Program expense ratio: 0%; rating input score 0

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
• Major donor itemization: Limited

Sustainability

• Operating margin: 78.4%; rating input score 97; 97th percentile among comparable filings
• Total-asset coverage ratio: 12.45; rating input score 93; 93rd percentile among comparable filings
• Liabilities to assets ratio: 0; rating input score 68; 68th percentile among comparable filings
• Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings

Growth

• Program expense growth: -33.9% per year; rating input score 0; 12th percentile among comparable filings
• Revenue growth: -28.6% per year; rating input score 0; 11th percentile among comparable filings
• Asset growth: -5.4% per year; rating input score 0; 23rd percentile among comparable filings