Zion Court Apartments Features 28 Newly Renovated Apartments for Individuals and Families
Mount Vernon, NY, October 17, 2013 – The Greater Centennial Community Development Corporation (GCCDC) along with Community Preservation Corporation (CPC), Red Stone Equity Partners, The New York Comptroller’s office, New York Homes and Community Renewal, and residents today celebrated the completion of Zion Court, a newly renovated 28-unit apartment complex for hardworking families with low and very-low incomes. The project was developed by GCCDC, a nonprofit development arm of the Greater Centennial A.M.E. Zion Church, which has been providing community services to the residents of Mt. Vernon since 1896.
“CPC is committed to revitalizing communities like Mt. Vernon where housing needs stem from the high cost of living, aging housing stock and infrastructure,” noted Doug Olcott, Senior Vice President and Hudson Valley Regional Director, The Community Preservation Corporation. “Though the need for decent affordable housing in Mt. Vernon continues to be great, thanks to the Greater Centennial Community Development Corporation, Red Stone Equity Partners, New York State Common Retirement Fund, and New York Homes and Community Renewal, 28 families now have quality, stable homes to call their own.”
“All of us at Greater Centennial, both the church and the non-profit, see our roles as showing God’s love in tangible ways. We are honored to be used by God to be a catalyst for government funding, private backing, and community energy to bring about this project of affordable housing so that these families can live with dignity,” said Rev. Julius Walls, Jr., President of GCCDC.
Located at 116-120 West 1st Street, Mount Vernon, Zion Court consists of four one-bedroom and 24 two-bedroom apartments, inclusive of one super’s unit. These units are available to low and very-low income households with six two-bedroom apartments reserved for Section 8 tenants at 30% of Area Median Income (AMI), and the rest at 40% and 50% AMI. The rent for the one-bedroom units is $760 and will range from $909 to $1,144 per month for the two-bedroom units. In addition, nine off-street parking spaces, four of which are for the handicapped, will be available for tenants. The property is close to a grocery store, farmers market, library, and Mt. Vernon Hospital, as well as a public school and a Metro-North commuter rail station.
"The rehabilitation of this long empty property will not only provide families with homes but will help breathe new life into a once vibrant area of West First Street," said Mayor Ernest D. Davis. "When people have homes they can be proud of, that pride is reflected in how they keep and treat their neighborhoods. The Community Preservation Corporation and its partners are helping to improve lives and a neighborhood."
CPC provided $5.7 million in a construction-to-permanent loan, which was taken out by the NYS Pension Funds. The permanent loan, which Orange County Trust is a participant in, has a 30 year fixed rate with a 30 year amortization and 100% SONYMA insurance. Red Stone Equity Partners, LLC also provided tax credit equity with TD Bank as the investor to facilitate the affordable housing development.
"This loan for Zion Court Apartments will make a difference in the lives of some Mount Vernon families and will help keep the New York State Common Retirement Fund strong," said New York State Comptroller Thomas P. DiNapoli. “By working with the Community Preservation Corporation, the Fund has created more than 15,000 affordable housing options across the state while providing risk-adjusted returns for the Fund. Affordable housing investments are a win for the Fund and a win for New York's families.”
Darryl C. Towns, Commissioner/CEO of HCR said, “Governor Cuomo’s Regional Economic Development Councils are focusing on projects like Zion Court across the State because of the many benefits they bring to communities. Zion Court will make it possible for working families to live in affordable homes in close proximity to schools, mass transportation, a hospital, and other conveniences. This is the type of development that adds to the quality of life in communities and spurs growth. Congratulations to CPC and to all the people who will call Zion Court home."
“Housing is one of the most important things needed for our community to prosper,” said Assemblyman Gary J. Pretlow. “I commend the Greater Centennial Community Development Corporation and all other entities involved that worked together for this single mission to provide decent, safe and affordable housing to those most in need.”
"Orange County Trust Company is honored to have played a role in financing this groundbreaking initiative," said Mary Ellen Rogulski, Senior Vice President and Senior Lending Officer of Orange County Trust Company. "This project is representative of our overall mission and focus on community advancement projects, and we will continue to play an active role in preserving and revitalizing the communities we serve."
"Red Stone Equity Partners was pleased to work with our investor partner, TD Bank, to provide tax credit equity to support the development of Zion Court," said Richard Roberts, Director of Business Development and Head of Northeast Acquisitions for Red Stone Equity Partners. Roberts continued, "Over the last two years, Red Stone has significantly expanded our commitment to communities in Southern
Westchester, New York City and Long Island--areas in great need of affordable housing. Zion Court is a great achievement and we thank our partners on this transaction for the opportunity to participate."
Contact: Eric Bederman, VP/Communications
212-895-5300, ext. 482 [email protected]