SPRING VALLEY, NY – The dream of transforming a once rundown bungalow colony in Nanuet in the Town of Clarkstown into a new community of affordable senior housing became a reality today as representatives from The Community Preservation Corporation (CPC) and Rockland Housing Action Coalition joined with state, county and local officials Wednesday to celebrate the completion of Hyenga Lake Senior Housing.
Located at 3 Hyenga Way (off Pipetown Hill & Pascack Roads in Nanuet), Hyenga Lake Senior Housing is a new 66-unit apartment building available to a population 55 years and older who earn 50 percent and 60 percent or less of Rockland County’s median income. 45 units will be at 50 percent and 21 units including the one two-bedroom unit for use by the building superintendent will be at 60 percent or less of the county’s median income. The complex includes cable and internet service and energy efficient building materials such as energy star appliances, energy efficient lighting and water conserving fixtures. Rents are between $420 and $900 depending upon the tenant income.
“The completion of Hyenga Lake Senior Housing is a dream come true for seniors in this community. CPC is proud to have played a key role in this project by providing construction loan financing. We are particularly pleased to once again work in collaboration with the Rockland Housing Action Coalition in providing much-needed senior housing in Rockland County,” said Doug Olcott, Senior Vice President of CPC.
On hand for the ribbon-cutting celebration were: Olcott; Mary Paden, Vice President, CPC; Alex Gromack, Clarkstown Town Supervisor; C. Scott Vanderhoef, Rockland County Executive; Assemblyman Kenneth Zebrowski; Honorable Harriet D. Cornell, Chairwoman of the Rockland County Legislature; Gregory Watson, Assistant Commissioner for Regional Affairs, Office of Intergovernmental and Regional Affairs, NYS Housing & Community Renewal (HCR); Mary Ellen Rogulski, Senior Vice President and Senior Lending Officer, Orange County Trust Company; Gerri Levy, Executive Director, Rockland Housing Action Coalition, Inc.; Howard Hellman, Chairman, All Bright Electric; Darryl Seavey, Managing Director Northeast Region, Raymond James Tax Credit Funds, Inc., and Phyllis Reich, Tax Credit Investment Officer, TD Bank.
The building is situated in a 12.4-acre park-like setting with walking trails, sitting areas, flower gardens and a small pond. The complex also includes a community room with a kitchen, laundry facilities and storage area for tenants. Hyenga Lake Senior Housing is within walking distance to area shopping, restaurants and public transportation and is in close proximity to a supermarket, a health care facility, pharmacy and retail stores.
CPC, a not-for-profit mortgage lender, provided a construction loan of $6,940,000 with Orange County Trust as the Participant and Raymond James Tax Credit Funds, Inc., a subsidiary of Raymond James Financial, provided tax credit equity in the amount of $10,545,195. The investor in the Tax Credits is TD Bank. CPC also provided permanent financing through the NY State Pension Fund, of $2,750,000 which will be insured by SONYMA. New York State Homes and Community Renewal provided a $2.4 million loan from the New York State Housing Trust Fund. The project was co-developed by the Rockland Housing Action Coalition and Howard Hellman and Vincent DeStaso.
Howard Hellman, Chairman of All Bright Electric, developer of Hyenga Lake, stated, “We are proud to have helped transform a former bungalow colony into an attractive community of affordable senior housing. We commend everyone who participated in this unique public-private partnership to develop quality housing for our county’s seniors.”
The project architect was Coppola Associates of Newburgh. The firm has designed numerous Hudson Valley housing projects including several funded by CPC. The general contractor was Affordable Housing Concepts, LLC, Keith Libolt, President. Hyenga Lake Senior Housing will be managed by Rockland Housing Action Coalition, which has more than 20 years experience as a community housing development organization. The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York. Since its founding in 1974, CPC has invested more than $7.9 billion in over 143,000 units of housing.