State, County and Local Officials Join with CPC and Developer to Celebrate Completion of Red Hook Commons

CPC Provided $8 Million in Construction Loans for Project Featuring 96 Affordable Senior Apartments

RED HOOK, NY June 3, 2008 – State, county and local officials joined today with representatives from The Community Preservation Corporation (CPC) and the project developers to celebrate the completion of Red Hook Commons, a new affordably priced apartment complex for area seniors.

Located on Route 9 in the Village of Red Hook, Red Hook Commons features a total of 96 apartments in two phases. Phase I, which is completely rented, includes 48 one-bedroom apartments for seniors 62 years of age or older and household incomes between 30 and 60 percent of the county median income. Monthly rents range from $308 to $645. The recently completed Phase II has 48 one-bedroom apartments for seniors 55 years and older. Monthly rents for Phase II range from $286 to $663.

Red Hook Commons, which is being developed by Kearney Realty Group and Hudson River Housing, features bright and airy apartments with oak hardwood floors. Each apartment is installed with an emergency call button, providing seniors with 24-hour security assistance. Each phase of Red Hook Commons also has a community recreation room where senior residents can gather for activities and social time.

CPC, a not-for-profit mortgage lender that finances residential multi-family development throughout New York, New Jersey and Connecticut, provided $8 million in two construction loans for the project.

Permanent financing for the project is being provided by $1,895,000 from CPC loans; a $2,770,000 from New York State Housing Trust Fund loans; $933,000 from Dutchess County Home Funds and an allocation of Low Income Housing Tax Credits from the New York State Division of Housing and Community Renewal. The sale of the tax credits generated $11.7 million in private equity from Alliant Capital.

“CPC is pleased to have provided the construction and permanent financing for this important new project, which is providing much-needed affordable quality housing for area seniors. Thanks to projects such as Red Hook Commons, seniors are able to continue to reside in the communities where they have lived for so many years. We are proud to have participated in the public-private partnership that has created this successful new development,” said Sadie McKeown, Regional Director of CPC’s Hudson Valley office.

“We would like to thank everyone involved in this project who made Red Hook Commons a reality”, said project developer Ken Kearney of Kearney Realty Group. “It’s truly the best example of a collaborative effort between all the players in the private and public sectors including CPC, the Village of Red Hook, Dutchess County and New York State. Their shared commitment to quality affordable housing will make a difference in the lives of area seniors.”

Deborah VanAmerongen, Commissioner of the New York State Division of Housing & Community Renewal (DHCR) said, "Energy efficient appliances and light fixtures, access to services seniors need, and affordable rents make Red Hook Commons a top-notch development. DHCR is proud to have been a partner in this effort to provide attractive and environmentally responsible homes for Red Hook seniors."

Red Hook Mayor Dave Cohen stated, “For me, this is personally one of the best things that has ever occurred in Red Hook because our seniors in need will benefit from this affordable housing, a cause I have long championed.”

Dutchess County Executive William R. Steinhaus said, “This is truly a project to be proud of. Many levels of government – town, village, county and state – worked together to make this project a reality. Red Hook Commons is a wonderful example of what we can achieve with collaboration and partnership.”

Red Hook Commons was built on former county-owned property. The county worked closely with New York State Department of Environmental Conservation (DEC) and its Environmental Restoration Program to remediate the “brownfield” property and make it available to the Village for senior housing. County Executive Steinhaus also directed $295,000 to the Town and Village of Red Hook from Dutchess County’s Community Development Block Grant (CDBG) program to use on the remediation portion of the project.

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 150,000 units of housing.