Press Room > Press Releases
Contact: Brenda Ratliff, V.P. for Communications
212-869-5300 x568 bratliff@communityp.com
Posted: April 18th, 2008
SPRING VALLEY, NY April 15, 2008 – In a major step forward for the revitalization of downtown Spring Valley, Mayor George O. Darden joined today with co-developers CPC Resources, Inc. and Rockland Housing Action Coalition for the groundbreaking of Spring Valley Senior Apartments.
The $18 million project will feature 53 rental apartments and approximately 11,000 square feet of commercial space. The apartments will be affordable to seniors 55 years and older who earn 50% or less of Rockland County’s median income. The four-story building will have commercial space on the first floor and three floors of rental apartments consisting of 48 one-bedroom units and five two-bedroom units.
The property is located in the heart of downtown Spring Valley fronting North Main Street at the corner of Grove Street. The formerly blighted area is part of the Village’s comprehensive urban renewal plan to revitalize the downtown through the development of new housing and commercial space.
“Spring Valley is on the move. This historic project will rejuvenate our commercial center, upgrade our housing stock and transform our future. This landmark private investment in our Village is a strong vote of confidence in our community --- the best place to live and work in New York," said Mayor Darden.
“Today’s groundbreaking is a milestone event for the revitalization of downtown Spring Valley. CPC Resources is proud to partner with Rockland Housing Action Coalition in developing this much-needed affordable housing for area seniors. We commend Mayor Darden for his vision and leadership and thank the many public and private partners who have provided the financing for this vitally important project,” said Isaac Henderson, Project Manager for CPC Resources.
“I believe our mixed-use development, which allows both retail and rental housing in the Spring Valley downtown area, is the key to creating a strong and vital economy. Strong leadership on both the Village and County level, coupled with dedicated, experienced partners in development and housing related programs and services will ensure this project will be successful,” said Gerri Levy, Executive Director of the Rockland Housing Action Coalition.
Financing for the project is being provided through a combination of private and public funds including: $8.4 million construction loan from JP Morgan Chase; Low Income Housing Tax Credits awarded by the New York State Department of Housing and Community Renewal (DHCR); $9.5 million in equity from Centerline Capital Group; a low interest loan of $1.8 million from DHCR, and $795,000 from the Federal Home Loan Bank’s Affordable Housing Program that is administered by Provident Bank. The Town of Ramapo provided a payment in lieu of taxes.
"The importance of bolstering downtown neighborhoods in our cities with affordable housing has become increasingly clear. In the case of Spring Valley Senior Apartments, RHAC has shown that they concur. On behalf of Governor Paterson, I'd like to congratulate Mayor Darden and all of our partners, especially CPC, for sharing our commitment to housing for our senior citizens," said Deborah VanAmerongen, Commissioner of New York State Department of Housing and Community Renewal.
The Rockland County Office of Community Development Department and the Empire State Development Corporation provided funds to the Village of Spring Valley to help acquire the blighted properties which were officially transferred to the development group in February 2008.
The development of Spring Valley Senior Apartments is the start of a major redevelopment effort that will replace approximately 22 rundown and blighted commercial buildings with new construction. Directly across the site, CPC Resources and the Village plan to develop Spring Valley Family Apartments that will be an affordable family development containing 72 units of affordable family and 11,000 square feet of commercial space. In addition, CPC Resources plans to construct seven for-sale townhouses located behind the senior apartment site. The two sites combined will bring 125 units of affordable housing, 22,000 square feet of commercial space, and seven for-sale townhomes.
CPC Resources, Inc. (CPCR) is the for-profit development subsidiary of The Community Preservation Corporation (CPC), a not-for-profit mortgage lender that finances multi-family affordable housing throughout New York, New Jersey and Connecticut. CPCR has developed and owns more than 7,500 units in New York, while the parent company, CPC, has financed more than $6.9 billion for more than 147,000 units of housing since its founding in 1974.
Revitalization of Downtown Spring Valley Gets Major Boost with Groundbreaking for New Affordable Senior Apartments
$18 Million Project Being Developed by Partnership of CPC Resources and Rockland Housing Action CoalitionSPRING VALLEY, NY April 15, 2008 – In a major step forward for the revitalization of downtown Spring Valley, Mayor George O. Darden joined today with co-developers CPC Resources, Inc. and Rockland Housing Action Coalition for the groundbreaking of Spring Valley Senior Apartments.
The $18 million project will feature 53 rental apartments and approximately 11,000 square feet of commercial space. The apartments will be affordable to seniors 55 years and older who earn 50% or less of Rockland County’s median income. The four-story building will have commercial space on the first floor and three floors of rental apartments consisting of 48 one-bedroom units and five two-bedroom units.
The property is located in the heart of downtown Spring Valley fronting North Main Street at the corner of Grove Street. The formerly blighted area is part of the Village’s comprehensive urban renewal plan to revitalize the downtown through the development of new housing and commercial space.
“Spring Valley is on the move. This historic project will rejuvenate our commercial center, upgrade our housing stock and transform our future. This landmark private investment in our Village is a strong vote of confidence in our community --- the best place to live and work in New York," said Mayor Darden.
“Today’s groundbreaking is a milestone event for the revitalization of downtown Spring Valley. CPC Resources is proud to partner with Rockland Housing Action Coalition in developing this much-needed affordable housing for area seniors. We commend Mayor Darden for his vision and leadership and thank the many public and private partners who have provided the financing for this vitally important project,” said Isaac Henderson, Project Manager for CPC Resources.
“I believe our mixed-use development, which allows both retail and rental housing in the Spring Valley downtown area, is the key to creating a strong and vital economy. Strong leadership on both the Village and County level, coupled with dedicated, experienced partners in development and housing related programs and services will ensure this project will be successful,” said Gerri Levy, Executive Director of the Rockland Housing Action Coalition.
Financing for the project is being provided through a combination of private and public funds including: $8.4 million construction loan from JP Morgan Chase; Low Income Housing Tax Credits awarded by the New York State Department of Housing and Community Renewal (DHCR); $9.5 million in equity from Centerline Capital Group; a low interest loan of $1.8 million from DHCR, and $795,000 from the Federal Home Loan Bank’s Affordable Housing Program that is administered by Provident Bank. The Town of Ramapo provided a payment in lieu of taxes.
"The importance of bolstering downtown neighborhoods in our cities with affordable housing has become increasingly clear. In the case of Spring Valley Senior Apartments, RHAC has shown that they concur. On behalf of Governor Paterson, I'd like to congratulate Mayor Darden and all of our partners, especially CPC, for sharing our commitment to housing for our senior citizens," said Deborah VanAmerongen, Commissioner of New York State Department of Housing and Community Renewal.
The Rockland County Office of Community Development Department and the Empire State Development Corporation provided funds to the Village of Spring Valley to help acquire the blighted properties which were officially transferred to the development group in February 2008.
The development of Spring Valley Senior Apartments is the start of a major redevelopment effort that will replace approximately 22 rundown and blighted commercial buildings with new construction. Directly across the site, CPC Resources and the Village plan to develop Spring Valley Family Apartments that will be an affordable family development containing 72 units of affordable family and 11,000 square feet of commercial space. In addition, CPC Resources plans to construct seven for-sale townhouses located behind the senior apartment site. The two sites combined will bring 125 units of affordable housing, 22,000 square feet of commercial space, and seven for-sale townhomes.
CPC Resources, Inc. (CPCR) is the for-profit development subsidiary of The Community Preservation Corporation (CPC), a not-for-profit mortgage lender that finances multi-family affordable housing throughout New York, New Jersey and Connecticut. CPCR has developed and owns more than 7,500 units in New York, while the parent company, CPC, has financed more than $6.9 billion for more than 147,000 units of housing since its founding in 1974.
