SPRING VALLEY, NY – November 17, 2009 – (RealEstateRama) — The first phase of a comprehensive urban renewal plan to revitalize downtown Spring Valley took a big step forward today as Village, County, Town and State officials joined with representatives of CPC Resources, Inc. and Rockland Housing Action Coalition to celebrate the grand opening of the Spring Valley Senior Apartments.
Attending the ribbon-cutting event were: Spring Valley Mayor George Darden; Spring Valley Mayor Elect Noramie Jasmin; Deborah VanAmerongen, Commissioner of the New York State Division of Housing and Community Renewal (DHCR); Rockland County Executive C. Scott Vanderhoef; Ramapo Town Supervisor Christopher St. Lawrence; Michael Lappin, President of CPC Resources and President and CEO of The Community Preservation Corporation (CPC); and Gerri Levy, Executive Director of the Rockland Housing Action Coalition.
The $18 million project, which was co-developed by CPC Resources and Rockland Housing Action Coalition, features 53 rental apartments affordable to seniors 55 years and older who earn 50% or less of Rockland County’s median income. The four-story building is comprised of 11,000 square feet of commercial space on the first floor and three floors of rental apartments consisting of 48 one-bedroom units and five two-bedroom units. Approximately half of the units are already occupied. The development is currently renting one-bedroom apartments for $821 per month.
Spring Valley Senior Apartments is located in the heart of downtown Spring Valley fronting North Main Street at the corner of Grove Street. The formerly blighted area is part of the Village’s major redevelopment effort to revitalize the downtown through the development of new housing and commercial space. About 22 rundown and blighted commercial buildings were replaced with the new construction. The project was developed through DHCR’s Green Building Initiative. The initiative encourages sustainable development measures which promote smart growth practices, energy efficiency, healthy living environment and protection of environmental resources. As a result, the project incorporated many green building measures into its design and development.
“We are pleased to have successfully worked with the Community Preservation Corporation, County Executive and all the other agencies that assisted in the development of the most recent affordable senior apartment housing complex in Spring Valley. It has been a priority of this administration to provide services and amenities for our seniors. We are very happy with the interior aesthetic of the building and its presence marks the significant improvements planned for our downtown Main Street,” said Spring Valley Mayor George Darden.
Deborah VanAmerongen, Commissioner of New York State Department of Housing and Community Renewal, said, “Congratulations to Mayor Darden and all of our partners, especially the Community Preservation Corporation and the Rockland Housing Action Coalition, for working with DHCR and leading the effort to make this development a reality. The access that seniors at this development will have to support services and local retail will allow them to live independently in the community they call home. Mixed use developments like Spring Valley Senior Apartments that offer both housing and commercial space help make neighborhoods more affordable, livable, and vibrant.”
“The success of this project demonstrates this administration’s commitment to keeping our seniors in Rockland by providing affordable, safe housing for our elderly residents. It’s also proof that public/private partnerships work, and how much they can improve the quality of life for all Rocklanders,” said Rockland County Executive C. Scott Vanderhoef.
“I am pleased that the Town of Ramapo was able to provide assistance to this worthwhile project which will provide needed housing to seniors and be the conduit of downtown revitalization in Spring Valley,” said Town Supervisor Christopher P. St. Lawrence
“CPC Resources is proud to be a partner in the development of this important project that is creating much-needed affordable senior housing while bringing new vitality to downtown Spring Valley. We look forward to continuing to work with Rockland Housing Action Coalition as we move ahead with the next phase of this comprehensive redevelopment plan,” said Michael Lappin, President of CPC Resources and President and CEO of The Community Preservation Corporation.
“Over the past 16 years, we have made important strides in providing cost-effective housing for income eligible families and active adults in Rockland County. This new project is an outstanding example of the kind of successful partnerships that we have created with local builders and lending institutions,” said Gerri Levy, Executive Director of the Rockland Housing Action Coalition.
Financing for the Spring Valley Senior Apartments was provided through a combination of private and public funds including: $8.4 million construction loan from JP Morgan Chase; Low Income Housing Tax Credits awarded by the New York State Department of Housing and Community Renewal (DHCR); $9.5 million in equity from Centerline Capital Group; a low interest loan of $1.8 million from DHCR, and $795,000 from the Federal Home Loan Bank’s Affordable Housing Program that is administered by Provident Bank. The Town of Ramapo provided a payment in lieu of taxes.
The Rockland County Office of Community Development Department and the Empire State Development Corporation provided funds to the Village of Spring Valley to help acquire the blighted properties which were officially transferred to the development group in February 2008.
The completion of Spring Valley Senior Apartments is the first phase of a comprehensive redevelopment plan for downtown Spring Valley. Directly across from the site, CPC Resources and the Village plan to develop another affordable rental complex called Spring Valley Family Apartments. It will feature 72 units of affordable family and 11,000 square feet of commercial space. In addition, CPC Resources plans to construct seven for-sale townhouses located behind Spring Valley Senior Apartments. The two sites combined will total 125 units of affordable housing, 22,000 square feet of commercial space, and seven for-sale townhomes.
CPC Resources, Inc. (CPCR) is the for-profit development subsidiary of The Community Preservation Corporation (CPC), a not-for-profit mortgage lender that has financed more than $7 billion of affordable housing since its founding in 1974. CPCR has developed or rehabilitated more than 13,000 units throughout New York State, including Parkchester Apartments in the Bronx, representing an investment of over $600 million in affordable housing.
Contact: Brenda Ratliff, V.P. for Communications
212-869-5300 x568 bratliff (at) communityp (dot) com
