Partnership Opens $10M Affordable Community in NY

Built on the site of a former fabric store in Rockland County, N.Y., Nyack Point Apartments features 33 units. The building is LEED certified to the Gold level.

The site of the Nyack Point Apartments
The site of the Nyack Point Apartments

Community Preservation Corp. (CPC), Rockland Housing Action Coalition (RHAC) and its partners have completed the construction of Nyack Point Apartments in the village of Nyack, N.Y., following a $10 million investment. Built on the site of a former fabric store in Rockland County, N.Y., the 30,000-square-foot asset consists of 33 affordable rental units and is already fully occupied.

Located at 263 Main St., the three-story community property provides easy access to interstates 87 and 287. Nyack Point Apartments is within half a mile of a hospital, shopping mall, supermarket, restaurants and public schools. The development consists of nine studios, 12 one- and 12 two-bedroom units. There is an additional 10,000 square feet of parking under the building. Nyack Point Apartments includes:

  • a lobby
  • management office
  • community room
  • laundry room
  • internet/study room

Nyack Point Apartments is an energy efficient building and LEED certified to the Gold level. According to RHAC’s website, rents range from $442 to $720 for a one-bedroom apartment and from $520 to $895 for a two-bedroom unit.

“In addition to high quality affordable housing, Nyack Point provides an opportunity for New Yorkers with special needs to live with dignity in a safe and supportive environment,” said CPC Senior Vice President & Senior Mortgage Officer Mary Paden, in a prepared statement.  

Complex financing

CPC partnered with the RHAC to finance this project by providing a $6.2 million construction loan and a $1.6 million permanent mortgage, financed through the company’s funding partnership with the New York State Common Retirement Fund. New York State Homes and Community Renewal (HCR) provided $476,000 in Low Income Housing Tax Credits, which will generate $4.7 million in equity. HCR also provided $1.1 million from the Supportive Housing Opportunity Program and $1.9 million from the Housing Trust Fund. Federal Home Loan Bank of New York and NYSERDA also provided grant awards to ensure the success of the development.

In collaboration with Home Leasing, CPC opened last year Charlotte Square at the East End, a market-rate building in Rochester, N.Y.

Image via Google Maps