CPC Resources and Rockland Housing Action to dev. $18m project

Downtown Spring Valley, mayor George Darden joined with co-developers CPC Resources, Inc. and Rockland Housing Action Coalition for the groundbreaking of Spring Valley Senior Apartments. The $18 million project will feature 53 rental apartments and 11,000 s/f of commercial space. The apartments will be affordable to seniors 55 years and older who earn 50% or less of Rockland County's median income. The four-story building will have commercial space on the first floor and three floors of rental apartments consisting of 48 one-bedroom units and five two-bedroom units. The property is located in the downtown area fronting North Main St. at the corner of Grove St. Financing for the project is being provided through a combination of private and public funds including: $8.4 million construction loan from JP Morgan Chase, Low Income Housing Tax Credits awarded by the NYS Department of Housing and Community Renewal (DHCR), $9.5 million in equity from Centerline Capital Group, a low interest loan of $1.8 million from DHCR, and $795,000 from the Federal Home Loan Bank's Affordable Housing Program that is administered by Provident Bank. The town of Ramapo provided a payment in lieu of taxes. The Rockland County Office of Community Development Department and the Empire State Development Corp. provided funds to the village to help acquire the blighted properties which were officially transferred to the development group in February. The development is the start of a major redevelopment effort that will replace 22 rundown and blighted commercial buildings with new construction. Directly across the site, CPC Resources and the village plan to develop Spring Valley Family Apartments that will be an affordable family development containing 72 units of affordable family and 11,000 s/f of commercial space. In addition, CPC Resources plans to construct seven for-sale townhouses located behind the senior apartment site. The two sites combined will bring 125 units of affordable housing, 22,000 s/f of commercial space, and seven for-sale townhomes.