CPC Provided Construction Loan for Hyenga Lake Senior Housing
SPRING VALLEY, NY (October 12, 2011) – The dream of transforming a once rundown bungalow colony in Nanuet in the Town of Clarkstown into a new community of affordable senior housing became a reality today as representatives from The Community Preservation Corporation (CPC) and Rockland Housing Action Coalition joined with state, county and local officials today to celebrate the completion of Hyenga Lake Senior Housing.
On hand for the ribbon-cutting celebration were: Doug Olcott, Senior Vice President and Director of Lending for CPC's Hudson Valley Region; Mary Paden, Vice President, CPC; Alex Gromack, Clarkstown Town Supervisor; C. Scott Vanderhoef, Rockland County Executive; Assemblyman Kenneth Zebrowski; Honorable Harriet D. Cornell, Chairwoman of the Rockland County Legislature; Gregory Watson, Assistant Commissioner for Regional Affairs, Office of Intergovernmental and Regional Affairs, NYS Housing & Community Renewal (HCR); Mary Ellen Rogulski, Senior Vice President and Senior Lending Officer, Orange County Trust Company; Gerri Levy, Executive Director, Rockland Housing Action Coalition, Inc.; Howard Hellman, Chairman, All Bright Electric; Darryl Seavey, Managing Director Northeast Region, Raymond James Tax Credit Funds, Inc., and Phyllis Reich, Tax Credit Investment Officer, TD Bank.
Located at 3 Hyenga Way (off Pipetown Hill & Pascack Roads in Nanuet), Hyenga Lake Senior Housing is a new 66-unit apartment building available to a population 55 years and older who earn 50% and 60% or less of Rockland County’s median income. 45 units will be at 50% and 21 units including the one two-bedroom unit for use by the building superintendent will be at 60% or less of the county’s median income. The complex includes cable and internet service and energy efficient building materials such as energy star appliances, energy efficient lighting and water conserving fixtures. Rents are between $420 and $900 depending upon the tenant income.
“The completion of Hyenga Lake Senior Housing is a dream come true for seniors in this community. CPC is proud to have played a key role in this project by providing construction loan financing. We are particularly pleased to once again work in collaboration with the Rockland Housing Action Coalition in providing much-needed senior housing in Rockland County,” said Doug Olcott, Senior Vice President of CPC.
The building is situated in a 12.4-acre park-like setting with walking trails, sitting areas, flower gardens and a small pond. The complex also includes a community room with a kitchen, laundry facilities and storage area for tenants. Hyenga Lake Senior Housing is within walking distance to area shopping, restaurants and public transportation and is in close proximity to a supermarket, a health care facility, pharmacy and retail stores.
CPC, a not-for-profit mortgage lender, provided a construction loan of $6,940,000 with Orange County Trust as the Participant and Raymond James Tax Credit Funds, Inc., a subsidiary of Raymond James Financial, provided tax credit equity in the amount of $10,545,195. The investor in the Tax Credits is TD Bank. CPC also provided permanent financing through the NY State Pension Fund, of $2,750,000 which will be insured by SONYMA. New York State Homes and Community Renewal provided a $2.4 million loan from the New York State Housing Trust Fund. The project was co-developed by the Rockland Housing Action Coalition and Howard Hellman and Vincent DeStaso.
Alex Gromack, Supervisor of Town of Clarkstown, said: "There is a crucial need in our community for affordable senior housing, Hyenga Lake will enable our seniors to continue to live in Clarkstown where they have raised their families and contributed to their communities. The Town Board and I commend the stakeholders for this beautiful new senior complex."
Rockland County Executive C. Scott Vanerhoef stated: "The success of this project demonstrates Rockland's commitment to keeping our growing senior population in the county by providing them with affordable, safe housing. It's also proof that public/private partnerships work, and how much they can improve the quality of life for all Rocklanders. We are grateful to CPC, Gerri Levy of RHAC, and to Howard Hellman for working so hard to provide reasonable housing for our seniors so they can continue to make Rockland County their home."
Darryl C. Towns, Commissioner/CEO of New York State Homes and Community Renewal said, “HCR is proud to have worked with CPC and other public and private partners to improve the quality of life for area seniors. By leveraging multiple HCR programs and coordinating with community partners, we are able to offer high quality affordable housing that has a host of amenities and is convenient to the services and recreation seniors want and need.”
Darryl Seavey, Managing Director Northeast Region of Raymond James Tax Credit Funds, Inc., said: "The celebratory opening of the beautiful new Hyenga Lake Senior Housing project reflects the culmination of years of dedicated effort by the development team. The Hyenga Lake project is a fine example of a successful public-private partnership. At the site, tired substandard housing units have been replaced by a magnificent new modern facility that will provide clean, safe affordable housing to community seniors. Congratulations to our partners Gerri Levy and Howard Hellman, and to CPC and the Spring Valley Community on the completion of this terrific project."
Gerri Levy, Executive Director of the Rockland Housing Action Coalition, said: “This is a wonderful day for Rockland’s seniors. Thanks to our ongoing partnership with CPC and local builders and lenders, the Rockland Housing Coalition continues to develop new affordable, rental housing our growing senior population.”
Phyllis Reich, Tax Credit Investment Officer, TD Bank, said: “TD Bank, America's Most Convenient Bank, is proud to provide financial support to Hyenga Lake Senior Housing, and to help increase the availability of affordable housing in the Rockland County area. TD Bank's investment in this worthy project aligns with our overall commitment to supporting the growth and stabilization of our neighborhoods through affordable housing development.”
Howard Hellman, Chairman of All Bright Electric, developer of Hyenga Lake, stated: “We are proud to have helped transform a former bungalow colony into an attractive community of affordable senior housing. We commend everyone who participated in this unique public-private partnership to develop quality housing for our county’s seniors.”
The project architect was Coppola Associates of Newburgh. The firm has designed numerous Hudson Valley housing projects including several funded by CPC. The general contractor was Affordable Housing Concepts, LLC, Keith Libolt , President. Hyenga Lake Senior Housing will be managed by Rockland Housing Action Coalition, which has more than 20 years experience as a community housing development organization.