The Community Preservation Corp. closes on $315,000 loan to refinance construction of Devan's Gate II

The Community Preservation Corp. (CPC), working in partnership with county, state and federal agencies, is helping to bring more affordable senior housing to Orange County. CPC, a not-for-profit mortgage lender, closed on a $315,000 permanent loan to refinance the construction of Devan's Gate II, a 24-unit, affordable senior housing complex. The loan was done in conjunction with an $870,000 grant from the NYS Housing Trust Fund, an Orange County HOME Grant of $400,000 and $192,000 grant from the Federal Home Loan Bank. The new complex also benefited from the sale of $2.709 million in Low Income Housing Tax Credits. CPC committed to a Pension Fund permanent loan for the project. The loan will be insured by SONYMA. The four-acre property is located conveniently within one mile of downtown Otisville which offers shopping, restaurants, health care facilities and other services. The one-story complex comprises 20 one-bedroom units, each 755 s/f in size and four two-bedroom units, each 1,050 s/f. The site is adjacent to Devan's Gate I, which is part of the affordable senior housing project built in 2005 and fully occupied. Among the amenities at Devan's Gate II are a community room with a kitchen, laundry facilities and tenant storage as well as an onsite management office. Most of the units are handicap accessible and affordable to tenants earning less than 60% of the area's median income. There are some units reserved for tenants at 30% and 50% of median income. The co-general partners of Horizon Seniors II, Limited Partnership are Rockland Housing Action Coalition Inc. (RHAC) and Horizons Seniors II Associated, LLC, whose principals are John and Jack Stack. The limited partner is Apollo Housing Capital, L.L.C., a subsidiary of RBC Capital Markets, the purchaser of the low-income housing tax credits. The project will be managed by the principals who have years of experience managing affordable housing projects. "CPC is pleased to be part of a public-private partnership that is helping to bring much-needed senior housing to Orange County. We're particularly pleased that the project is fully occupied by low-income seniors," said Sadie McKeown, regional director of CPC's Hudson Valley office which handled the loan.