CPC Resources, Inc. and Rockland Housing Action Coalition recently celebrated the grand opening of the Spring Valley Senior Apartments which is part of the a comprehensive urban renewal plan to revitalize downtown Spring Valley. The $18 million project, which was co-developed by CPC Resources and Rockland Housing Action Coalition, features 53 rental apartments affordable to seniors 55 years and older who earn 50% or less of Rockland County’s median income. The four-story building is comprised of 11,000 square feet of commercial space on the first floor and three floors of rental apartments consisting of 48 one-bedroom units and five two-bedroom units. Approximately half of the units are already occupied. The development is currently renting one-bedroom apartments for $821 per month.
Financing for the Spring Valley Senior Apartments was provided through a combination of private and public funds including: $8.4 million construction loan from JP Morgan Chase; Low Income Housing Tax Credits awarded by the New York State Department of Housing and Community Renewal (DHCR); $9.5 million in equity from Centerline Capital Group; a low interest loan of $1.8 million from DHCR, and $795,000 from the Federal Home Loan Bank’s Affordable Housing Program that is administered by Provident Bank. The Town of Ramapo provided a payment in lieu of taxes. The Rockland County Office of Community Development Department and the Empire State Development Corporation provided funds to the Village of Spring Valley to help acquire the blighted properties which were officially transferred to the development group in February 2008.
“CPC Resources is proud to be a partner in the development of this important project that is creating much-needed affordable senior housing while bringing new vitality to downtown Spring Valley. We look forward to continuing to work with Rockland Housing Action Coalition as we move ahead with the next phase of this comprehensive redevelopment plan,” said Michael Lappin, President of CPC Resources and President and CEO of The Community Preservation Corporation.
Deborah VanAmerongen, Commissioner of New York State Department of Housing and Community Renewal, said, “Congratulations to Mayor Darden and all of our partners, especially the Community Preservation Corporation and the Rockland Housing Action Coalition, for working with DHCR and leading the effort to make this development a reality. The access that seniors at this development will have to support services and local retail will allow them to live independently in the community they call home. Mixed use developments like Spring Valley Senior Apartments that offer both housing and commercial space help make neighborhoods more affordable, livable, and vibrant.”