CPC, Rockland Housing Action Coalition, Nyack Point Apartments LP, New York State HCR and Partners Open the Doors on Downtown Nyack Affordable Housing Development

Partners celebrate the opening of the fully-leased 33-unit Nyack Point Apartments supportive housing development with ribbon cutting event

Nyack, NY, April 27, 2018 – The Community Preservation Corporation (CPC), Nyack Point Apartments LP, Rockland Housing Action Coalition (RHAC), NYS Homes and Community Renewal (HCR), the County of Rockland, Federal Home Loan Bank, NYS Housing Trust Fund Corporation, First Sterling Financial and community partners held a ribbon cutting this morning to celebrate the opening of the 33-unit Nyack Point Apartments, an affordable housing development located at 263 Main Street in Nyack, New York.

The fully-leased Nyack Point Apartments consists of 9 studio, 12 one-bedroom, and 12 two-bedroom apartments. Nine units at Nyack Point are reserved for individuals with special needs. Nyack Point residents will have access to a 10,000 square foot underground garage, as well as main floor lobby, management office and recreational community room. Additional amenities include a shared laundry room on the second floor and a study lounge on the third floor. All apartments have been modernized and contain walk-in closets and storage space.

“We are thrilled to welcome the residents of Nyack Point to our community,” said Nyack Mayor Don Hammond. “We are proud of our commitment to diversity and inclusion and this new project reflects our community’s values.”

“I am so grateful to have partnered with New York State, County of Rockland, Federal Home Loan Bank, the Community Preservation Corporation and all of our funding partners to provide affordable housing in Rockland County. I would especially like to thank Mayor’s Office and the Village of Nyack for all of their help and support. It was an honor to work in a Village that embraces the importance of providing affordable housing for individuals and families of modest means,” said Gerri Levy, executive director of the Rockland Housing Action Coalition.

“As a nonprofit housing finance company, we’re proud to invest in projects like the Nyack Point Apartments that help to meet the unique affordable housing and community development goals of the neighborhoods they serve,” said Mary S. Paden, Senior Vice President & Senior Mortgage Officer at CPC. “My thanks to Gerri Levy and RHAC for their vision and commitment to this project, to comptroller DiNapoli and our funding partners at the State’s Common Retirement Fund, to Commissioner Visnauskas and her team at HCR, and to Mayor Hammond and all of our other partners.”

"The state pension fund is pleased to be an investment partner in this project," said New York State Comptroller Thomas P. DiNapoli. "We partner with the Community Preservation Corporation to bring more affordable and quality housing to all parts of New York. This partnership generates a solid investment return for us, helping us build the retirement security of public workers and making our communities stronger.”

“Delivering affordable homes in the heart of Nyack that are coupled with supportive services will strengthen the local economy and help ensure that all New Yorkers have the opportunity to live in a safe home,” said NYS Homes and Community Renewal Commissioner RuthAnne Visnauskas. “This project perfectly complements the goals of Governor Cuomo’s $20 billion, five-year housing plan, which is delivering more than 100,000 affordable homes across the state over five years.”

“We see the word inclusivity used often in many different ways but nowhere is it more important than in housing,” said Rockland County Executive Ed Day. “In order for people to have lives of worth, lives of value it’s most important that they have a good roof over their heads. We are very pleased to see that type of inclusivity created here in these beautiful and affordable apartments. The Nyack Point Apartments are a true success story and we look forward to great things.”

Nyack Point Apartments is located in downtown Nyack, within half a mile distance to the hospital, shopping mall, super markets, restaurants, public schools and open community space. Nyack Point Apartments, a NYSERDA partner, is an energy efficient building, and has earned its LEED Gold rating established by the U.S. Green Building Council as an energy efficient building.

For more than four decades, CPC has provided affordable housing financing for communities across New York State. Together with the Rockland Housing Action Coalition, CPC provided a $6.2 million construction loan to finance the Nyack Point Apartments, and a $1.6 million permanent mortgage financed through a funding partnership with the New York State Common Retirement Fund. In addition to CPC’s support, New York State Homes and Community Renewal provided $476,000 in Low Income Housing Tax Credits that will generate $4.7 million in equity, and HCR provided $1.1 million from the Supportive Housing Opportunity Program (formerly Medicaid Redesign Team Program) and $1.9 million from the Housing Trust Fund. Federal Home Loan Bank of New York and NYSERDA also provided a grant awards to ensure the success of the development.

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About The Community Preservation Corporation (CPC)

Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. We provide innovative capital solutions, fresh thinking and a collaborative approach to the often complex challenges that owners and developers of multifamily housing face. To date, CPC has leveraged approximately $9.7 billion in private and public investment to finance more than 170,660 units of affordable housing. Our work with our partners has helped revitalize countless neighborhoods throughout New York, and provided quality housing for families, senior citizens, and individuals with disabilities. Follow us at communityp.com, and on Facebook, Twitter  and LinkedIn.