State and Local Officials Join Comptroller DiNapoli, CPC, HUD, HCR, Bluestone Developers, and Apollon Group to Celebrate $7.8 Million Rehabilitation of Green Affordable Housing Complex Cow Bay Apartments

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Port Washington, NY

A partnership with the NYS Common Retirement Fund enabled CPC to provide this low-income Long Island complex with a $10.15M fixed-rate loan to help finance energy efficient components.

January 22, 2013

State and local officials joined New York State Comptroller Thomas P. DiNapoli, the U.S. Department of Housing and Urban Development (HUD), CPC, NYS Homes & Community Renewal (HCR), Bluestone Developers, Inc., and Apollon Group to celebrate the completed rehabilitation of Cow Bay Apartments, an 88-unit green affordable housing complex on Long Island’s North Shore.

“Making sound investments is crucial to my job as trustee of the Common Retirement Fund,” said Thomas P. DiNapoli, New York State Comptroller. “In addition, this investment with the Community Preservation Corporation has an added benefit of making affordable and green housing more accessible for low-income families.”

Cow Bay, located at 2 Bay Green Lane in Port Washington, NY, was created in 1971 with financing from HUD. Located in Port Washington, New York, the property consists of seven two-story garden apartment buildings with 10 studio, 21one-bedroom, 22 two-bedroom, 29 three-bedroom, and six four-bedroom apartments.  A new 20-year HAP contract from HUD ensures that theproject remains affordable to residents.

“Thanks to innovative investment from the New York State Common Retirement Fund, CPC was able to provide Cow Bay with a $10.15-million fixed-rate loan, which helped finance a green retrofit to make the complex more energy efficient and guaranteed that low-income residents would continue to have an affordable home for years to come,” said Rafael E. Cestero, President and CEO, The Community Preservation Corporation. “Inventive financing and private-public partnerships are critical to successfully creating and preserving affordable housing developments like Cow Bay, and CPC remains committed to providing safe, affordable, and environmentally-friendly housing throughout the state of New York.”

Financing for the $7.8 million rehabilitation of Cow Bay includes a $10.15 million construction loan from CPC, a not-for-profit mortgage lender, under its Green Financing Initiative. CPC’s construction loan is supported by the New York State Common Retirement Fund, a vital program helping to finance affordable housing throughout New York State. In addition, the project received a $270,000 grant from Nassau County, which was paid when the construction loan converted to permanent financing, as well as a new 20-year HAP contract from HUD, and is insured by The State of New York Mortgage Agency (SONYMA), one of the housing agencies within HCR.

The renovations of Cow Bay Apartments include three new, energy efficient boilers, new roofs, and reinforcement of a retaining wall surrounding the complex. In addition, upgraded window and door insulation and a new laundry room were installed. As part of the Green Financing loan process, CPC performed an energy audit, resulting in substantial modification of the project’s original construction. Bluestone Developers, Inc. developed the project and Apollon Group LLC was the contractor.