Suburban N.Y. Affordable Apartments Completed
- Nov 02, 2012
Spring Valley, N.Y.—Spring Valley Family Apartments, a mixed-use development featuring 55 units of affordable housing and 6,500 square feet of ground floor commercial space in downtown Spring Valley, has been completed. The town is in suburban Rockland County, near the border with New Jersey.
The property consists of 15 one-bedroom, 34 two-bedroom and six three-bedroom rental apartments, and is affordable to families earning 60 percent below the Rockland County 2012 area median income of $103,100. The development features such amenities as dishwashers and wall-to-wall carpeting, and the building has on-site parking and a 1,000-square-foot community room.
As per usual for affordable housing, paying for the development was a complex task. Financing for Spring Valley Family Housing is being provided through a public-private partnership, which includes $8.4 million in tax-exempt bonds and $3.2 million in low-interest subsidy from New York State Homes and Community Renewal. The project also benefitted from $4.6 million in tax credit equity from PNC Bank, a $1.7 million loan from the Village of Spring Valley, real estate tax abatement from the Town of Ramapo, funds from Rockland County’s Office of Community Development, and funds from the Empire State Development’s Restore New York program. Tax-exempt bonds were serviced and credit enhanced by JP Morgan Chase during construction of the project.
Spring Valley Family Housing joins Spring Valley Senior Housing, a 53-unit senior affordable housing complex, and Four Corners Spring Valley, the commercial space on the ground floor of the senior housing complex, as part of the village’s Main Street Urban Renewal Plan. The goal of the plan is to revitalize the downtown district by replacing blighted buildings along Main Street with new construction mixed-use commercial and residential buildings.
Each of the three phases is being developed by a partnership between CPC Resources Inc., the Rockland Housing Action Coalition, and the Village of Spring Valley. Magnusson Architecture and Planning is the project architect for each phase, while Sisca Northeast served as the general contractor for the housing projects.