SPRING VALLEY, NY – June 23, 2010 – (RealEstateRama) — Representatives from The Community Preservation Corporation (CPC) and Rockland Housing Action Coalition joined with state, county and local officials today to celebrate the groundbreaking for Hyenga Lake Senior Housing, a new affordable senior housing project in the Village of Spring Valley.
On hand for the ceremony were Rockland County Executive C. Scott Vanderhoef; Clarkstown Town Supervisor Alex Gromack; Greg Watson, New York Regional Office Assistant Commissioner at DHCR’s Office of Community Development; Gerri Levy, Executive Director of the Rockland Housing Action Coalition; Mary Brennan, Senior Vice President of CPC; Mary Paden, Vice President of CPC; and project co-developers Howard Hellman and Vincent DeStaso.
Located at 115 East Route 59 in the Village of Spring Valley, the 12.4 acre property was formerly a bungalow colony that has been demolished to make room for the new 66-unit apartment building. The apartments, which are projected to rent for $420 – $900 per month, depending upon the income level of the tenants and will be available to seniors 62 years and older who earn 30, 50 and 60% or less of Rockland County’s median income.
CPC, a not-for-profit mortgage lender, has provided a construction loan of $6,940,000 with Orange County Trust as the Participant and $10.5 million in tax credit equity from Raymond James Financial. CPC will also provide permanent financing through the NY State Pension Fund, of $2,750,000 which will be insured by SONYMA. The New York State Division of Housing and Community Renewal is providing a $2.4 million grant from the New York State Housing Trust Fund. The project is being co-developed by the Rockland Housing Action Coalition and Howard Hellman and Vincent DeStaso.
All of the apartments will be one-bedroom units with the exception of one two-bedroom unit for use by the building superintendent. The complex will include cable and internet service and include energy efficient building materials such as energy star appliances, energy efficient lighting and water conserving fixtures. The complex will be situated in a park-like setting with walking trails, sitting areas, flower gardens and a small pond. The complex will also include a community room with a kitchen, laundry facilities and storage area for tenants.
“CPC is pleased to provide construction loan financing for this much-needed, affordable senior housing in Rockland County. This is also the start of another collaborative senior housing undertaking between CPC and the Rockland Housing Action Coalition,” said Mary Brennan, Senior Vice President of CPC.
“The Town of Clarkstown is committed to supporting housing development projects for our active adult community,” said Clarkstown Supervisor Alex Gromack. “The Hyenga Lake housing development project is a vision that is being realized through a coalition of stakeholders that continues to explore options to provide affordable housing to those active adults that wish to remain in Clarkstown. We are proud to be part of this partnership.”
“This is truly a wonderful day for those of us who are familiar with the history of this property, to see it go from the blight it was to become an affordable housing community for Rockland’s rapidly growing senior population,” said Rockland County Executive C. Scott Vanderhoef. “We are grateful to CPC, Gerri Levy of RHAC and to Howard Hellman for working so hard to provide reasonable housing for our seniors so they can continue to make Rockland County their home,” he added.
“Thanks to our ongoing partnership with CPC and local builders and lenders, the Rockland Housing Action Coalition continues to develop rental housing for Rockland County’s growing senior population. Hyenga Lake Senior Housing is yet another example of how this successful partnership is working to create affordable senior housing,” said Gerri Levy, Executive Director of the Rockland Housing Action Coalition.
“Raymond James is very excited to partner with Gerri Levy and the Rockland Housing Action Coalition, Howard Hellman and Vincent DeStaso to provide quality, affordable housing for senior residents in the community. Raymond James is proud to provide financing for Hyenga Lake Senior Housing and believes these well designed homes will raise the bar for affordable senior housing in the Lower Hudson Valley,” said Darryl Seavey, Vice President of Raymond James Tax Credit Funds.
“Hyenga Lake has a long and interesting history. What was once a summer haven had fallen into blight and disrepair, but today we take a major step in preserving that history and transforming Hyenga Lake into quality affordable housing for the future. This development is an example of how strong public and private partnerships can help meet the housing and revitalization needs of communities. Congratulations to CPC, the Rockland Housing Action Coalition, and to Howard Hellman and Vincent DeStaso. Most of all, congratulations to Rockland County and the seniors who will enjoy living in this convenient, attractive, and affordable community,” said Brian Lawlor, Commissioner of the New York State Division of Housing and Community Renewal and President/CEO of “nyhomes”
“We are delighted to break ground today on this important new project that will transform a former bungalow colony into an attractive community of affordable senior housing. We commend everyone participating in this unique public-private partnership for their commitment to developing quality housing for our county’s seniors,” said
co-developer Howard Hellman.
Hyenga Lake Senior Housing is within walking distance to area shopping, restaurants and public transportation and is in close proximity to a supermarket, a health care facility, pharmacy and retail stores.
The project architect is Coppola Associates of Newburgh. The firm has designed numerous Hudson Valley housing projects including several funded by CPC. The general contractor is Affordable Housing Concepts, LLC, Keith Libolt , President. Hyenga Lake Senior Housing will be managed by Rockland Housing Action Coalition, which has more than 20 years experience as a community housing development organization.
The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $7 billion in more than 137,000 units of housing.
