The Community Preservation Corporation (CPC) and Rockland Housing Action Coalition recently held a ceremony to celebrate the groundbreaking for Hyenga Lake Senior Housing, a new affordable senior housing project in the Village of
Spring Valley. Village of Spring Valley, a 12.4 acre property,will be created by the demolition of a bungalow colony that will make room for the 66-unit apartment building. The one bedroom apartments, which are projected to rent for $420 – $900 per month, depending upon the income level of seniors 62 years and older who earn 30, 50 and 60% or less of Rockland County’s median income.
CPC, a not-for-profit mortgage lender, is providing a construction loan of $6,940,000 with Orange County Trust as the Participant and $10.5 million in tax credit equity from Raymond James Financial. CPC will also provide permanent financing through the NY State Pension Fund, of $2,750,000 which will be insured by SONYMA. The New York State Division of Housing and Community Renewal is providing a $2.4 million grant from the New York State Housing Trust Fund. The project is being co-developed by the Rockland Housing Action Coalition and Howard Hellman and Vincent DeStaso and was designed by Coppola Associates of Newburgh.
“CPC is pleased to provide construction loan financing for this much-needed, affordable senior housing in Rockland County. This is also the start of another collaborative senior housing undertaking between CPC and the Rockland Housing Action Coalition,” said Mary Brennan, Senior Vice President of CPC.