NEW YORK, NY – May 7, 2009 – (RealEstateRama) — The board of the State of New York Mortgage Agency (SONYMA) today approved a commitment to insure a $14.25 million mortgage for a 132-unit rental housing development in the Town of Halfmoon, Saratoga County.“Our insurance will help create new housing for middle-class families in the Capital region,” said Priscilla Almodovar, SONYMA President and Chief Executive Officer. “It will also enable The Community Preservation Corporation to sell its mortgage to the state’s Common Retirement Fund, creating additional resources to finance affordable housing. Our action today reinforces Governor David A. Paterson’s goal of improving the quality of life for all New Yorkers.”
With the approval, SONYMA’s Mortgage Insurance Fund will provide insurance for the mortgage for Halfmoon Heritage I Phase I, a 132-unit market-rate housing project nearing completion in southeastern Saratoga County. The development consists of 12 11-unit two-story buildings on Fellows Road in a growing section of Saratoga County, located 15 miles north of Albany.
The developer, Bruce Tanski, secured the mortgage from the Community Preservation Corporation. The mortgage represents permanent financing that replaces a construction loan taken out by the developer to build the project. The developer also plans to build another 44 units as Phase II of the project.
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SONYMA’s Mortgage Insurance Fund was created in 1979 to provide insurance on multifamily mortgage loans for affordable housing made by commercial and public lenders and mortgage pool and primary insurance for single-family mortgages purchased by SONYMA.
Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
