Nyack, NY, January 9, 2018 – The Community Preservation Corporation (CPC), Rockland Housing Action Coalition (RHAC), Nyack Point Apartments LP, and partners including the County of Rockland, Federal Home Loan Bank, NYS Housing and Community Renewal, NYS Housing Trust Fund Corporation and First Sterling Financial announced today the completion of the construction of Nyack Point Apartments, consisting of 33 modern and affordable rental units in the Village of Nyack.
Gerri Levy, the executive director of the Rockland Housing Action Coalition is overjoyed about the success of the housing complex, “I am so grateful to have partnered with New York State, County of Rockland, Federal Home Loan Bank, Community Preservation Corporation and all of our other funders to provide affordable housing in Rockland County. I would especially like to thank Mayor Laird-White and the Village of Nyack for all of their help and support. It was an honor to work in a Village that totally embraces the importance of providing affordable housing for individuals and families of modest means.”
“Nyack Point speaks to the power of what can be accomplished when we share a common mission and work together to address the unique needs of the community. In addition to high quality affordable housing, Nyack Point provides an opportunity for New Yorkers with special needs to live with dignity in a safe and supportive environment,” said Mary S. Paden, Senior Vice President & Senior Mortgage Officer at CPC. “My sincere thanks to Gerri Levy and her team at RHAC, Mayor Laird-White for her support, to HCR, and to Comptroller DiNapoli and our partners at the State’s Common Retirement Fund.”
“Securing a stable, long-term investment return for the more than one million members, retirees and beneficiaries of the state pension fund is my priority as trustee. Our partnership with the Community Preservation Corporation is a proven win-win that provides solid investment opportunities, while helping improve housing and revitalize communities around New York. We’re pleased to be part of this latest initiative in Nyack,” said New York State Comptroller Thomas P. DiNapoli, trustee of the New York state pension fund.
HCR Commissioner RuthAnne Visnauskas said, “HCR is pleased to bring 33 affordable and supportive homes to downtown Nyack. Nyack Point Apartments delivers on Governor Cuomo’s commitment to creating affordable housing opportunities in New York’s urban centers and to provide resources to help residents with special needs live independently. This development is fostering a thriving and healthy community for all.”
“I am pleased that the County partnered with the Rockland Housing Action Coalition to provide much needed affordable housing in the Village of Nyack,” said Rockland County Executive Ed Day. “This new energy efficient building, consisting of 33 units, has enabled many hard working Rockland residents to rent modern apartments in a vibrant downtown area. Nyack Point Apartments is a true success story because it proves that public/private partnerships can work to create affordable housing. We need to continue this affordable housing trend to ensure all Rockland residents have the opportunity to live in safe, quality homes.”
Jennifer Laird White, Mayor of Nyack said, “This is exactly the kind of project that happens when you combine a municipal commitment to affordable housing and an organization like Rockland Housing Action Coalition. A gorgeous sustainable low income building with attractive apartments that has brought new residents into our diverse and desirable downtown, to live, to work and to support our businesses. We could not be more proud of what Gerri Levy and her team have created and we urge other municipalities to look to Nyack to understand the powerful positive impact encouraging economic diversity has on your community.”
Nyack Point Apartments is located in the Village of Nyack downtown business district, within one half mile of a hospital, shopping mall, supermarkets, restaurants, public schools and open space. The development consists of 30,000 square feet divided into 9 studios, 12 one-bedroom, and 12 two-bedroom units. There is an additional 10,000 square feet of parking under the building. The main floor features a lobby, management office and community room for tenant recreational activities. The second story contains a laundry room and the third floor offers an internet/study room. Each modern apartment has ample storage with walk-in closets.
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.
CPC has a long history of serving communities throughout New York State as a nonprofit housing finance company. CPC partnered with the Rockland Housing Action Coalition to finance Nyack Point Apartments by providing a $6.2 million construction loan and a $1.6 million permanent mortgage financed through the company’s funding partnership with the New York State Common Retirement Fund. New York State Homes and Community Renewal provided $476,000 in Low Income Housing Tax Credits that will generate $4.7 million in equity. HCR also 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.