CPC Provides $8M for New Construction of 53 Affordable Housing Units in Woodstock

Computer Simulated Photo of Woodstock Commons
by Creative Visuals, Inc.

CPC continues to fund much-needed affordable housing in the Hudson Valley region with an $8M loan for the new construction of a 53-unit apartment complex on a 28-acre parcel of land in Woodstock, NY.

Upon completion, Woodstock Commons will include eight two-story walk-up buildings with 32 townhouse-style family apartments, three additional buildings with 20 senior units, and a community building with a two-bedroom superintendent's apartment.  Amenities will include on-site parking and laundry facilities.

The borrower is Rural Ulster Preservation Company (RUPCO), a non-profit housing and development company.  RUPCO has developed seven projects with 111 units in the area over the past 25 years, including two recently completed CPC-financed projects, Ellenville Townhouses and a project at 97 Clinton Street in Kingston. 

Low Income Housing Tax Credits and a Housing Trust Fund (HTF) permanent loan from the NYS Homes and Community Renewal have been awarded to the borrower who has additionally received a $300,000 Neighborworks grant and a $50,000 grant from Enterprise Foundation.  In addition, the borrower has received an HTF Infrastructure Grant of $265,000 and a $520,000 Federal Home Loan Bank grant which will fund the project's costs upon completion.  CPC's construction loan will be taken out by a 30-year fixed SONYMA insured NYS Pension Fund Permanent Loan, the HTF permanent loan and a portion of the post-construction tax credit equity pay-in. 

Monthly rents for the one-bedroom units are in three income tiers affordable to households at 30%, 50%, and 60% of the area median income (AMI).  The two- and three-bedroom units are in two income tiers affordable to households at 50% and 60% AMI. 

RUPCO, which currently manages over 100 units including a 40-unit senior housing tax credit project, will self-manage Woodstock Commons once completed. 

To finance your project in the Hudson Valley region, please contact Doug Olcott at (914) 747-2570.