CPC, Antioch Homes HDFC, HCR, Westchester County, Town of Bedford and Blue Mountain HDFC Celebrate Ribbon Cutting of New Affordable Housing in Bedford Hills, NY

Antioch Homes development creates 12 new affordable apartments for low-income residents in renovated former church and two new modular buildings

Bedford Hills, NY, November 9, 2017 – The Antioch Homes Housing Development Fund Corp. (Antioch Homes HDFC) and partners gathered today for a ribbon cutting ceremony to celebrate the completion of the Antioch Homes project, a three-building, 12-unit affordable housing project for low-income residents in the Bedford Hills neighborhood of Westchester County.  The project consists of the renovation of a former church at 175 Railroad Avenue and the construction of two new modular buildings located at 165 Railroad Avenue and 147 Railroad Avenue. Partners include the Community Preservation Corporation (CPC), New York State Homes & Community Renewal (HCR), Westchester County, the Town of Bedford, Blue Mountain Housing Development Fund Corp. (Blue Mountain HDFC) and the Antioch Baptist Church.  Antioch Homes HDFC is an independent non-profit corporation created to develop and operate the affordable housing project.

“The Antioch Homes Board of Directors is pleased as we make the transition from the construction phase to actually providing affordable rental housing to families.  While the project has taken almost two and a half years from start to completion, the project will provide affordable housing to families for many years to come,” said Marion Blount, President, Antioch Homes HDFC.

“I’m excited to join our partners in celebrating completion of Antioch Homes and the 12 new affordable apartments that will serve the community of Bedford Hills,” said Mary Paden, Senior Vice President & Mortgage Officer, the Community Preservation Corporation. “At CPC it’s our mission to bring our years of expertise in housing finance and community development to help our borrowers make their vision a reality. My thanks to Antioch Baptist Church, Blue Mountain HDFC, Comptroller DiNapoli and the CRF, HCR, Westchester County, and the Town of Bedford for their hard work and commitment to bringing new affordable housing to the community.”

“This is a great example of what can be accomplished through the dedication of public-private partnerships when we all work together with a common goal of serving the community. We’re proud to have played a role in helping to finance this project, and we look forward to seeing the Antioch Homes serve the affordable housing needs of the community for years to come,” said Tom McGrath, Board of Directors, Blue Mountain HDFC.

To finance the construction of Antioch Homes, CPC provided a $1.3 million construction loan and SONYMA-insured $875,000 permanent mortgage financed through the company’s funding partnership with the New York State Common Retirement Fund. Blue Mountain HDFC and the Town of Bedford also provided an $85,000 loan. In addition, the project received financing through a $460,000 Westchester County Land Acquisition Grant, a $1.8 million Westchester County Fair and Affordable Housing Grant, a $42,000 in CDBG funding from Westchester County, and $421,000 in CDBG funding from New York State Homes and Community Renewal was applied to the construction costs of the church.

“The County is pleased to have been able to provide funding that preserves the church building, while creating housing units that will mean more new apartments in Bedford,” said Kevin Plunkett, Deputy County Executive, Westchester County.

“We are pleased to be an investment partner with the Community Preservation Corporation to help increase the availability of affordable housing in New York’s local communities,” said New York State Comptroller Thomas P. DiNapoli, trustee of the New York state pension fund. “This is a win-win for the state pension fund. We are making a sound investment and enhancing the Bedford Hills neighborhood.”

NYS Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “The creation of affordable housing is key to building fair and equitable communities. We are pleased to be part of this collaboration that will give 12 Westchester families an attractive and affordable place to call home. This is the latest example of Governor Cuomo’s efforts to expand housing opportunities for all New Yorkers.”

For nearly seventy-five years, 175 Railroad stood as the Antioch Baptist Church, built by community members at the turn of the twentieth century. In 1929, the congregation purchased the neighboring vacant cottage, 165 Railroad to convert into its parsonage. More than three decades later, in 1965, they acquired 147 Railroad, which became a warehouse and youth center. The Church eventually outgrew their space at 175 Railroad Avenue, and purchased a former United Methodist Church and moved into what became its current home in 1976.

In 2015, The Church began working in partnership with the Town of Bedford, Blue Mountain Development, and Westchester County to reposition the property in order to develop the site as affordable housing.  In 2017, the Church sold the property to Westchester County and the County transitioned the property to Antioch Homes HDFC to develop and operate the affordable housing. The former church building at 175 Railroad Avenue was renovated into a residential building with 4 affordable rental units. The buildings at 165 and 147 Railroad Avenue were both demolished, paving the way for the construction of two new modular buildings. 165 Railroad Avenue is now a three-family residence, and 147 Railroad Avenue is now a five-family residence.

The 12 new affordable apartments at Antioch Homes consist of eight one-bedroom units, and four two-bedroom units. Each rental apartment includes a high-efficiency heat pump system, in-unit air conditioning, low-flow toilets, sinks, and showerheads. All appliances are Energy Star rated, and all outdoor lighting is LED. The development is located less than one-half mile from Bedford Hills Elementary, the Bedford Hills Public Library, and other neighborhood amenities. Antioch Homes provides easy access to the Saw Mill River Parkway and is minutes from the Bedford Hills Metro North train station.

For local nonprofits and faith-based organizations, the opportunity to use resources like underused land and buildings to develop affordable housing is another way to further their mission of serving those most in need and providing new opportunity and hope to the community. However, they often face unique challenges when it comes to navigating the complexities of financing a community development project. CPC’s years of lending experience and deep public-private partnerships allows them to guide borrowers, who may not have the technical expertise of a professional development company, through the financing and development processes to help make their vision a reality.

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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.