RUPCO Joins With NYS & Local Officials, CPC & HCR in Woodstock to Celebrate the Grand Opening of New Energy Efficient Affordable Housing Complex for Families & Seniors

Newly Constructed Woodstock Commons, Offers 53 State-of-the-Art Units and Is Eligible for LEED Gold Certification

Woodstock, NY, May 3, 2013 – Rural Ulster Preservation Company (RUPCO), The Community Preservation Corporation (CPC), New York State Homes and Community Renewal (NYS HCR), Federal Home Loan Bank of New York, Neighborworks, Enterprise Community Partners, Raymond James Tax Credit Funds, Walden Savings, Orange County Trust, Riverside Bank, residents, and elected officials gathered today to celebrate the grand opening of Woodstock Commons, a newly constructed 53-unit senior and family affordable housing community located at 103 Mill Hill Road in Woodstock, New York. This project is one of the first projects in New York State registered in the LEED Neighborhood Development Pilot Program and is eligible for gold level certification in the US Green Building Council Program.

Woodstock Commons, a 12-building, affordable housing apartment complex, is owned and managed by RUPCO, a local developer which currently manages 371 units in Ulster County. It comprises 32 townhouse-style family apartments in eight two-story walkup buildings; 20 senior apartments in two single-story buildings and one two-story elevator building; and a two-bedroom unit for the superintendent. The non-smoking development features several energy efficient components, which include brand new geothermal heating and cooling systems.  Woodstock Commons also offers an array of on-site amenities such as laundry facilities and on-site parking.  This is Woodstock’s first affordable housing development in more than 30 years.

“It’s an understatement to say that the homes at Woodstock Commons would not be possible without an incredible array of board members, staff, professional consultants, colleagues, elected and  appointed officials, funders, lenders, supporters and residents,” said RUPCO CEO Kevin O’Connor. “Each of them played a role or otherwise engaged in a difficult process that produced the outstanding results we have now.  The list of people and organizations to which RUPCO is indebted is long indeed and I hope to be able to express my overwhelming feeling of gratitude to many at the ribbon cutting ceremony.”

“Woodstock Commons is an excellent example of how by providing safe, stable, affordable energy efficient homes, we can ultimately create a community that is greater than the sum of its parts,” said Doug Olcott, Senior Vice President and Hudson Valley Regional Director, The Community Preservation Corporation. “In that spirit, I would like to thank all of the partners, both public and private, that came together to make the Woodstock Commons community a reality. The New York State Pension Fund, HCR, SONYMA, and FHLB were so instrumental in bringing this project to fruition, as were the local banks that helped to provide financing, and of course, RUPCO, who did an incredible job developing this project.”

Darryl C. Towns, Commissioner/CEO of New York State Homes and Community renewal; (HCR) said: “Woodstock Commons offers the best of Governor Andrew Cuomo’s vision of developing affordable housing that perfectly suits the needs of a diverse community while at the same time being beautiful and environmentally sustainable.   While the state was the lead funder on this project, we could not have accomplished it without project partners at RUPCO and CPC, to whom we offer our warmest congratulations.

“We are especially proud and grateful that the Woodstock Commons has decided to honor one of HCR’s own, Leslie Adler, who served as architect overseeing this project at HCR. Leslie passed in 2008, but her work lives on in the projects she designed and the programs she influenced. I am sure that her family and colleagues are touched that the roads through this new campus carry Leslie’s name.”

The financing of Woodstock Commons was made possible through the collaboration of both public entities and private partners. CPC provided an $8 million first mortgage construction loan with Walden Savings, Orange County Trust, Riverside Bank, as the participants.  New York State Homes & Community Renewal provided $11.5 million in Low Income Housing Tax Credits, syndicated by Raymond James Tax Credit Funds and a $1.88 million NYS Housing Trust Fund (HTF) grant. The New York State Pension Fund will provide a $750,000 30-year fixed rate mortgage loan with 100% SONYMA insurance. Additional subsidies include $11.5 million in Low Income Housing Tax Credits, syndicated by Raymond James Tax Credit Funds; a $1.88 million NYS Housing Trust Fund (HTF) grant; a $520,000 Federal Home Loan Bank (FHLB) grant; a $300,000 grant from Neighborworks; a $50,000 grant from Enterprise Community Partners; and a $265,000 Infrastructure Development Demonstration Program (IDDP) from HTF.

“In building Woodstock Commons, RUPCO and The Community Preservation Corporation have created much-needed homes for seniors and families in Ulster County,” said Alfred A. DelliBovi, President, Federal Home Loan Bank of New York. “At the Federal Home Loan Bank of New York, we know the importance of a stable home, and we were proud to partner with our member, Ulster Savings Bank, to help bring affordable housing to Woodstock.”

“This development will not only bring affordable housing to Woodstock, it will help seniors and families to live a greener and healthier lifestyle,” said Shola Olatoye, Vice President and New York Market Leader, Enterprise Community Partners.  “We would like to thank CPC, HCR, RUPCO and all of the public and private partners that worked to complete Woodstock Commons.  We are proud to have contributed an Enterprise Green Communities grant to such a wonderful project.”

“Raymond James Tax Credit Funds, Inc. is proud to be the equity capital partner in the Woodstock Commons project.  RUPCO has clearly done a meticulous job in the design and development of Woodstock Commons.  The state of the art energy efficient units and the inter-generational housing concepts demonstrate the sophisticated forward thinking of Kevin O’Conner and the RUPCO team.  Woodstock Commons is an asset to the community and will provide quality affordable housing for Woodstock residents for years to come.  Raymond James would like to congratulate along with RUPCO all the partners who made this project a reality, especially The Community Preservation Corporation and TD Bank, both of whom worked with Raymond James on project financing,” said Darryl Seavey, Managing Director Northeast Region, Raymond James Tax Credit Funds, Inc.

All of the apartments at Woodstock Common are affordable to households 60% of Area Median Income (AMI) or less.  The 24 one-bedroom apartments, available to seniors aged 55 and older, have monthly rents ranging from $325 – $650.  Monthly rents for the 17 two-bedroom family units range from $655 – $780 and monthly rents for the three-bedroom units range from $765 – $890.  Eight of the units will also receive project-based Section 8 Certificates through the NYS HCR. The building is 100% occupied.

“In these uncertain economic times with pages and pages of new articles saying banks are not lending money or only lend you money when you don’t need it, this was a great community project with local community banks joining forces for a great project! Thank you to CPC for allowing our bank to be part of this exciting project and I hope RUPCO keeps up the great work in the communities they serve and we look forward to participating in additional projects in the very near future!” said Bruce Ambrose, Vice President Commercial Lender, Walden Savings Bank.

“Riverside Bank greatly appreciated the opportunity to participate with CPC, Orange County Trust, and Walden Savings Bank in the construction financing for RUPCO’s Woodstock Commons project. The benefits of this project helped fill a significant need by households in this local community.  Riverside Bank thanks CPC and RUPCO for allowing us to assist with this project,” said John Davies, President and CEO of Riverside Bank.

Contact: Eric Bederman, VP/Communications
212-895-5300, ext. 482 [email protected]