HUD Helps Preserve Long Island Affordable Housing
Acting Regional Administrator Mirza Orriols was joined by New York State Comptroller Thomas P. DiNapoli, The Community Preservation Corporation (CPC), New York State Homes and Community Renewal (HCR), Bluestone Developers, Inc., and Apollon Group today to celebrate the rehabilitation of Cow Bay Apartments, an 88-unit green affordable housing complex on Long Island's North Shore.
"HUD is proud to be part of this wonderful public-private partnership and congratulates CPC, HCR, SONYMA, Bluestone Developers, Inc., and the Apollon Group for preserving Cow Bay Apartments as an affordable housing resource for the residents of Long Island," said Orriols. "HUD has no greater mission than improving people's lives and strengthening neighborhoods, and I'm pleased that the rehabilitation of this development does both."
Cow Bay, located at 2 Bay Green Lane in Port Washington, NY, was created in 1971 with financing from HUD. Located in Port Washington, New York, the property consists of seven two-story garden apartment buildings with 10 studio, 21 one-bedroom, 22 two-bedroom, 29 three-bedroom, and six four-bedroom apartments. A new 20-year HAP contract from HUD ensures that the project remains affordable to residents.
"Making sound investments is crucial to my job as trustee of the Common Retirement Fund," said Thomas P. DiNapoli, New York State Comptroller. "In addition, this investment with the Community Preservation Corporation has an added benefit of making affordable and green housing more accessible for low-income families."
Financing for the $7.8 million rehabilitation of Cow Bay includes a $10.15 million construction loan from CPC, a not-for-profit mortgage lender, under its Green Financing Initiative. CPC's construction loan is supported by the New York State Common Retirement Fund, a vital program helping to finance affordable housing throughout New York State. In addition, the project received a $270,000 grant from Nassau County, which was paid when the construction loan converted to permanent financing, as well as a new 20-year HAP contract from HUD, and is insured by The State of New York Mortgage Agency (SONYMA), one of the housing agencies within HCR.
"Thanks to innovative investment from the New York State Common Retirement Fund, CPC was able to provide Cow Bay with a $10.15-million fixed-rate loan, which helped finance a green retrofit to make the complex more energy efficient and guaranteed that low-income residents would continue to have an affordable home for years to come," said Rafael E. Cestero, President and CEO, The Community Preservation Corporation. "Inventive financing and private-public partnerships are critical to successfully creating and preserving affordable housing developments like Cow Bay, and CPC remains committed to providing safe, affordable, and environmentally-friendly housing throughout the state of New York."
The renovations of Cow Bay Apartments include three new, energy efficient boilers, new roofs, and reinforcement of a retaining wall surrounding the complex. In addition, upgraded window and door insulation and a new laundry room were installed. As part of the Green Financing loan process, CPC performed an energy audit, resulting in substantial modification of the project's original construction. Bluestone Developers, Inc. developed the project and Apollon Group LLC was the contractor.
|Content Archived: May 22, 2014|