2004 Section 108 Project Summaries - New York

ARC of Rockland, Inc.
BORROWER: ROCKLAND COUNTY
STATE: NY
COMMITMENT AMOUNT: $941,000
Rockland County will use the Section 108 guaranteed loan funds to assist the Rockland Chapter of ARC to finance the construction of a 4,000 square foot addition to their Prime Time Early Learning Center in New County, NY. This addition will contain a therapeutic swimming pool for adults throughout Rockland County with significant developmentally disabilities whose family income does not exceed the low and moderate-income limit of the County.

Community Outreach Center Town of Ramapo
BORROWER: ROCKLAND COUNTY
STATE: NY
COMMITMENT AMOUNT: $800,000
Rockland County will use the Section 108 guaranteed loan funds to assist the Community Outreach Center, Inc., to finance the construction of a 15,000 square foot community center on a site donated by the Town of Ramapo. The programs in this facility will primarily benefit Ramapo's low-income families, at risk youth, and low income senior citizens.

Courtlandt Corner-Bronx
BORROWER: NEW YORK
STATE: NY
COMMITMENT AMOUNT: $5,010,000
New York will use the Section 108 loan guarantee, in conjunction with a $1,670,000 Brownfields Economic Development Initiative grant, to make a loan and grant to a non-profit developer to redevelop a former gasoline and car repair facility into a mixed development of 29,000 square feet of retail (pharmacy, grocery, home and car insurance, restaurant, and Laundromat) and community day care and medical service space. Other funding for the developer will finance the building's 69 affordable condominium units for families earning less than 80 percent of the area median income, and 11 parking spaces. The retail and community space will provide goods and services to the area's residents, of which 68.8 percent are low- and moderate-income persons.

Dutchess Economic Dev. Loan Fund (City of Beacon)
BORROWER: DUTCHESS COUNTY
STATE: NY
COMMITMENT AMOUNT: $1,500,000
Dutchess County was awarded a Section 108 loan guarantee in the amount of $1,500,000 and an Economic Development Initiative grant in the amount of $600,000 to provide loans to new and existing businesses wishing to carry out economic development activities along the waterfront and Main Street. The project is expected to create 100 jobs.

HeadStart of Rockland, Inc.
BORROWER: ROCKLAND COUNTY
STATE: NY
COMMITMENT AMOUNT: $2,400,000
Rockland County will use the Section 108 guaranteed loan to assist Headstart of Rockland, Inc. to finance site acquisition and construction of a 24,000 square foot children's all day, day care facility in the hill section of the Village of Spring Valley. The facility will benefit low and moderate income families in the Village.

Hamilton Hills Neighborhood Swimming Complex
BORROWER: SCHENECTADY
STATE: NY
COMMITMENT AMOUNT: $1,000,000
Schenectady will use the Section 108 guaranteed loan to finance construction of the Hamilton Hill Neighborhood Swimming Pool. This public facility will primarily benefit the residents of Hamilton Hill, an area where more than 51 percent of the residents are low- and moderate-income persons.

Lake and Exchange Streets Revitalization
BORROWER: GENEVA
STATE: NY
COMMITMENT AMOUNT: $2,000,000
Geneva will use the Section 108 guaranteed loan, in conjunction with a $500,000 Brownfields Economic Development Initiative grant, to finance the site preparation, including remediation, demolition and clearance of deteriorating structures and installation of public utilities as part of the city's activities to eliminate blight and bring economic revitalization to an eight acre site in its downtown. The redevelopment of the site will include a 60-room mid scale hotel, a new park along a creek, relocation of a popular diner within the project area, renovation of an historic structure (formerly, a gas station) for reuse as a bus station, and the development of a new train station and roadway enhancements.

n-Valley Technology Corp.
BORROWER: YONKERS
STATE: NY
COMMITMENT AMOUNT: $3,000,000
Yonkers will use Section 108 guaranteed loan funds, in conjunction with its $1,000,000 Brownfields Economic Development Initiative (BEDI) grant, for additional financing to complete the renovation of a building in the Nepperhan Valley for start-up businesses, office and retail space known as the n-Valley Technology Center project. The project is being undertaken on behalf of the City by an independent not-for-profit corporation, n-Valley Technology Center (NVTC). The activity will benefit low- and moderate-income persons through the creation of 410 jobs.

The Noah Hotel Project
BORROWER: KINGSTON
STATE: NY
COMMITMENT AMOUNT: $1,914,000
Kingston will use the Section 108 guaranteed loan to provide financing to assist the for profit Hudson Valley Development, LLC, to construct the Noah Hotel, a 50 room boutique hotel, with a 16,500 square feet ballroom, restaurant, meeting room, gallery and commercial retail space. This project, which will create an estimated 117 new jobs, is part of the city's economic development plan to redevelop its water front area.

Village of Kaser Drainage Facility
BORROWER: ROCKLAND COUNTY
STATE: NY
COMMITMENT AMOUNT: $790,000
Rockland County will use Section 108 funds to assist the Village of Kaser with the construction of a new drainage facility to alleviate flooding in the Village. Guaranteed loan funding will alleviate flooding in the Village that causes damage to residential properties, the community school, and playground. The service area that will benefit is primarily residential, and the low- and moderate-income population is slightly above 90 percent.