Inwood Property Development, Community Preservation Corporation, and New York State Homes and Community Renewal Celebrate Groundbreaking of 48-Unit Affordable Housing Development in The Nassau County Town of Hempstead

Bayview Avenue Apartments Will Help Revitalize the Community and Provide Transit-Oriented, Affordable Homes for Veterans and Seniors in Inwood, Long Island

Inwood, Long Island (June 26, 2024) – Inwood Property Development, The Community Preservation Corporation (CPC), and New York State Homes and Community Renewal (HCR) celebrated the start of construction on the Bayview Avenue Apartments, an affordable housing development that will offer 48 rental apartments for veterans and seniors in the hamlet of Inwood in the town of Hempstead close to the Inwood Station on the Long Island Railroad.

The development will serve households earning up to 80% of the Area Median Income and contain a mix of one, two, and three-bedroom apartments. Amenities include a roof terrace, and parking spaces. The project was initially envisioned by Reverend Isaiah Moultrie and Mrs. Eulah Moultrie. Reverend Moultrie, a former U.S. Marine who served as a Pastor for over 50 years in both Inwood and South Carolina, originally operated a food pantry and a church for more than 20 years on two of the lots the project is being constructed on. The transformation of the development site into a resource of high-quality, affordable housing continues the Moultrie’s tradition of service to the community.  

“We are extremely pleased and thankful to see years of hard work and sacrifice payoff to achieve Reverend and Mrs. Moultrie’s vision to provide quality housing for the Inwood Community. This has been a mission of theirs for the past 50 years and we are thankful to County Executive Blakeman, CPC, HCR, and the Town of Hempstead for their part in bringing this project to fruition,” said Isaiah Moultrie, principal of Inwood Property Development.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Bayview Avenue Apartments is a testament to the Moultrie family’s vision and exemplifies Governor Hochul’s commitment to providing more affordable housing options in every community across the State. Through HCR’s $4 million investment, we are helping bring 48 new apartment units to a region that is in serious need of more housing, especially the types of opportunities that allow veterans and seniors access to health care, supportive services, shopping, and public transit. We thank CPC and all the partners who have made this development a reality.”

“Through the ACCESS program we are working to provide a connection to capital and knowledge to help emerging BIPOC developers like Mr. Moultrie grow their business, while also providing the community with housing that fills their unique needs,” said Lawrence Hammond, Senior Vice President and Director of the ACCESS initiative at CPC. “The work to revitalize this site and make the Bayview Avenue Apartments a reality will create new housing opportunities that are badly needed and will serve as a catalyst for positive momentum in the neighborhood. My sincere thanks HCR, to Nassau County Executive Bruce Blakeman and his office, to the Town of Hempstead IDA, and to all our local officials and stakeholders who have supported this important project.”

Support for the $19 million project includes $11.8 million in both construction financing as well as a SONYMA-insured permanent loan from CPC, a 50-year-old nonprofit multifamily finance company. CPC is providing financing and technical assistance to the developers through its ACCESS program, an initiative that provides financial resources and capacity-building support to real estate entrepreneurs of color; a group that has historically faced barriers to entry in the development industry.

HCR is providing $4.3 million through its Small Building Participation Loan Program which provides gap financing assistance for qualified developers for acquisition, capital costs and related soft costs associated with the preservation and new construction of small rental properties with five to 50 units located outside New York City. The project is also benefiting from a PILOT agreement from the Town of Hempstead Industrial Development Agency. The office of Nassau County Executive Bruce A. Blakeman supported the rezoning of the development site to allow for construction of the project.

The Bayview Avenue Apartments is being developed by Inwood Property Development LLC, whose principal is Isaiah R. Moultrie, Jr.  Mr. Moultrie has over 25 years’ experience in real estate construction, development, ownership, and management, including serving as the developer and general contractor on various smaller multifamily projects in the Long Island and Tri-State area.   

About The Community Preservation Corporation (CPC)

CPC is a nonprofit, multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity and equity within the development industry, and expand investment in the green economy and lessen the impact of climate change. Since its founding, CPC has invested over $14.8 billion to finance the creation and preservation of more than 225,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an equity investor with approximately 4,200 affordable units under ownership. CPC is a carbon-neutral company and maintains AA- S&P rating. Visit CPC at, and on Facebook, Twitter and LinkedIn.

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