Affordable Workforce Housing on the Horizon in the Wawayanda

Affordable Workforce Housing on the Horizon in the Wawayanda

WAWAYANDA, N.Y.—June 30, 2008—A new dawn is coming to the horizon in Wawayanda, New York.  Construction is well under way on a new rental housing complex specially designed to help working people afford to live in Orange County.  A Construction Celebration Ceremony will be held on Monday, June 30th, to celebrate Wawayanda’s success in bringing brand new rental apartments to people who work in the area.  The ceremony will be attended by many of the applicants for the housing, State Senator John Bonacic, New York State Housing Finance Agency (HFA) President and CEO Priscilla Almodovar, County Executive Ed Diana, Supervisor John Razzano, Town of Wawayanda officials, and many lenders who have made this new housing possible.  Horizons at Wawayanda, as it will be called, will provide a rental housing opportunity for 107 lucky local workforce families.  New York State funding was crucial to the creation of Horizons.  Governor David A. Paterson said, “Workforce housing is a crucial part of affordable, convenient housing for New Yorkers, saving both money and the environment as we shrink commutes and housing costs. Horizons at Wawayanda will provide this type of affordable housing in Orange County and I’m proud the State was able to provide the financing to make it possible.”

KEEPING LOCAL WORKERS IN ORANGE COUNTY:  With a mix of one-, two- and three-bedroom apartments, Horizons is designed to provide low-cost high-quality apartments for local workers in a spacious setting.  The complex gives local people a quality choice for housing.  As Senator Bonacic noted, “The need for affordable housing for working families grows stronger each day. The Horizons development will provide quality and affordable housing for local families and seniors.”  Critical financing has been provided by the HFA in an effort to make housing for local workers possible.  Priscilla Almodovar, HFA President and Chief Executive Officer, said, “Horizons at Wawayanda is a terrific example of housing that is both affordable to working families and close to major public transportation connections. The Housing Finance Agency is committed to financing this type of workforce housing in every part of New York State and Horizons will be a great model to follow. We are proud to partner with Regan Development, Orange County and the Town of Wawayanda to make this project a reality.”

QUALITY APARTMENTS FOR LOCAL RESIDENTS: Horizons, slated to open in September of this year, includes large, well-designed apartments to meet the needs of today’s families.  Each of the 26 one-bedroom, 54 two-bedroom, and 27 three-bedroom apartments will contain wall-to-wall carpeting, decorator-style bathrooms, well-designed kitchens with dishwashers, ranges and refrigerators, and pre-wiring for telephone and cable television.   Larry Regan, President of Regan Development Corporation, developer of Horizons stated, “We are proud to bring these superior quality affordable apartments to the workforce here in Orange County.  The apartments are beautiful and new, with ample storage space and amenities.  We know that our market demands high quality and value, and that is what the project delivers.”  In addition to the apartments, the complex will have on-site parking, recreational space for children, a community room for meetings and parties, and on-site laundry facilities.

BELOW MARKET AFFORDABLE RENTAL OPPORTUNITIES FOR OUR WORKFORCE:  The apartments will rent for below-market prices of $805-860 for a one-bedroom unit, $790-1,068 for a two-bedroom unit and $900-1,100 for a three-bedroom unit.  With many families in Orange County paying more than 50% of their incomes towards housing expense, Horizons provides an attractive alternative.  At several hundred dollars below the local rental market, these rents are specially designed to give people working nearby the opportunity for quality apartment at a cost that will make sense with their budget.

A PRIVATE PUBLIC ENDEAVOR:  The complex is being built at 3476 Route 6, about ¼ mile from the intersection of Route 17M in Wawayanda.  As with many necessary affordable housing endeavors, the success depends on a special mix of private and public financing tools.  The affordable rents are made possible through  $12.1 million in HFA bond financing, as well as federal tax credit financing.  HFA is also providing a Low Interest Second Mortgage of $3.71 million to help subsidize these low rents.  Orange County has also provided $515,000 in additional low interest HOME program financing to make this project possible.  The Town of Wawayanda has provided tax incentives to make the rents more affordable.   To construct the complex, Chase is providing a construction and lease-up period letter of credit for $12.1 million.  “We are proud to bring our resources to this outstanding public-private partnership that will bring much-needed workforce housing to the area,” said David Watson, Vice President at Chase.   Long term credit enhancement has been arranged by Citi Community Capital, through its risk sharing arrangement with Freddie Mac.  Barry Krinsky, a Director of Citi Community Capital said “Citi Community Capital is dedicated to improving the neighborhoods in which we work.  The private/pubic collaboration between Regan Development and The New York State Housing Finance Agency is providing much needed, affordable, workforce housing to the citizens of Orange County.  We are pleased to work with this team of dedicated affordable housing professionals.”  Christine Hobbs, director of Multifamily for Freddie Mac added “With the high cost of living in Orange County, we are proud to be part of this effort to provide 107 families with affordable rental housing.”  Alliant Capital of Woodland Hills, California is providing equity investment in the complex to help keep debt down, allowing lower rents.  This combination of public and private effort will enable many local working families to remain in Wawayanda at an affordable rent.

ADDRESSES FOR APPLICATIONS TAKEN NOW: Applications are now available for Fall 2008 occupancy and demand is likely to be strong.  Interested parties should contact Horizons at (914) 693-3011.  Regan notes, “We urge interested persons and their families to act quickly, as this project will soon have a long waiting list.”

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