CPC, Occupations Inc. & OPWDD Break Ground on Oak Ridge Apartments; Affordable Complex Funded by HCR’s Leveraged Loan Program

New York Real Estate Journal

July 30, 2013

Middletown, NY New York State Homes & Community Renewal (HCR), the New York State Office for People With Developmental Disabilities (OPWDD), Occupations, Inc., and Warwick Properties, Inc., celebrated the construction of Oak Ridge Apartments. The 78-unit apartment complex will offer affordable workforce apartments, including 15 for people with developmental disabilities.  Oak Ridge Apartments is the first affordable housing apartment complex in the State of New York funded under HCR’s Leveraged Loan Program with OPWDD, part of Governor Andrew Cuomo’s efforts to increase access to supportive housing in the New York.

Darryl Towns, commissioner/CEO of HCR said, “Oak Ridge Apartments will stand as a model of partnerships and the effective use of investments to help people live in the communities where they work, and to help those with developmental disabilities live independently. Governor Cuomo is dedicated to increasing the State’s commitment to supportive housing. HCR’s collaboration with OPWDD onthis development is a prime example. By using our resources in the smartest, most efficient ways possible, we are able to build safe, affordable, energy efficient homes with the services people need. Thank you to Warwick Properties, Occupations Inc., CPC, and everyone who came together to make Oak Ridge a reality.”

Courtney Burke, commissioner of OPWDD said, “OPWDD is pleased to be a partner in this innovative project with HCR, Occupations, Inc., and Warwick Properties. It embodies all of the components of Governor Cuomo’s Medicaid Redesign Supportive Housing Development program and helps OPWDD fulfill our mission of helping people with developmental disabilities live richer lives by providing affordable, accessible, and integrated housing opportunities.”

Jonah Mandelbaum, President of Warwick Properties said, “Warwick Properties is proud to be part of this special collaboration, a creative and a unique partnership utilizing public and private equity investments with the support of local Town, County and two State government offices, Department of Homes and Community Renewal and OPWDD, providing much needed housing support for people with developmental disabilities and their families.

James B. DeStefano, President of Occupations System of Care said, “We are honored to be a part of this special collaborative effort between, local government, county government, and two state offices , with private equity funding to provide these apartments for residents with special needs in our community. Under the leadership and funding of the New York State Homes and Community Renewal, with construction financing and supports from the Office for People with Developmental Disabilities, fifteen apartments will be designated for people with developmental disabilities, and sixty three will be for work force and special needs. We are grateful to all our partners for this innovative model to support people with special needs to achieve greater independence.”

Amy Anderson-Winchell, Chief Executive Officer of Occupations System of Care said, “Occupations is honored to be working with Jonah Mandelbaum of Warwick Properties, the New York State Office for People with Developmental Disabilities, and New York State Homes and Community Renewal on the Oak Ridge Apartments affordable housing project. In addition to the much needed beautiful, accessible, and affordable apartments, this project will support people with intellectual and developmental disabilities to choose to live in their own apartments with the supports they need. This opportunity supports Occupations to further our mission to support people with disabilities to live meaningful lives of their choice fully integrated in our community.”

“At CPC, we believe that providing stable, supportive homes for vulnerable populations is an essential aspect of building strong, collaborative communities,” said Doug Olcott, Senior Vice President and Hudson Valley Regional Director, The Community Preservation Corporation. “We are proud to provide a $8 million construction loan and a $2.6 million NYS Pension Fund permanent loan for the development of Oak Ridge Apartments. In collaboration with the OWPDD, Occupations Inc., and long-time partner Jonah Mandelbaum, we will be bringing 78 much-needed units of housing to the workforce and special needs population of Middletown.”

Dominick Buffa, Senior Vice President of Acquisitions for First Sterling Corporation said, “First Sterling is proud of its commitment to affordable housing throughout the United States. It is particularly proud of its investment in Oak Ridge Apartments, where Jonah Mandelbaum and Occupations Inc. were able to work with HCR, OPWDD, SONYMA and CPC to build into the plan the ability to serve a wide variety of people and families in need in this community. We are proud to have played a role in such a noble and worthwhile effort.”

Oak Ridge Apartment complex, managed by Devon Management, will offer one, two and several three bedroom apartments with rents based upon the income level of those who will qualify. Warwick Properties and Devon Management is a highly respected builder and management group for senior citizen housing with over 25 years experience. Occupations, Inc., a not-for-profit organization, provides a variety of services to children, families and adults in eight counties in the Hudson Valley for 50 years.

Financing includes an annual allocation of $1.4 million in Low Income Housing Tax Credits from HCR, which leveraged a Community Preservation Corporation loan and OPWDD funding.  OPWDD’s funding will support services for 15 apartments.