Nyack Celebrates Completion Of Affordable Apartment Project

NYACK, NY – A host of community partners held a ribbon cutting Tuesday to celebrate the completion of the Nyack Point Apartments, a 33-unit affordable development project in the village of Nyack.

The LEED Gold rated development at 263 Main Street is already fully leased.

It consists of nine studios, 12 one-bedroom, and 12 two-bedroom units. Nyack Point residents will have access to an extensive 10,000 square foot underground garage, as well as main floor lobby, management office and community room for tenant recreational activities. There is a shared laundry room on the second floor, and a studLEED Gold rated, y lounge on the third floor. All apartments have been modernized and contain walk-in closets and storage space.

“We are thrilled to welcome the residents of Nyack Point to our community,” said Nyack Mayor Don Hammond. “We are proud of our commitment to diversity and inclusion and this new project reflects our community’s values.”

The Rockland Housing Action Coalition and CPC provided a $6.2 million construction loan to finance the Nyack Point Apartments, and a $1.6 million permanent mortgage financed through the company’s funding partnership with the New York State Common Retirement Fund.

“I am so grateful to have partnered with New York State, County of Rockland, Federal Home Loan Bank, the Community Preservation Corporation and all of our funding partners to provide affordable housing in Rockland County. I would especially like to thank Mayor’s Office and the Village of Nyack for all of their help and support. It was an honor to work in a Village that embraces the importance of providing affordable housing for individuals and families of modest means,” said Gerri Levy, executive director of the Rockland Housing Action Coalition.

The partners included the Community Preservation Corporation, Nyack Point Apartments LP, Rockland Housing Action Coalition, the County of Rockland, Federal Home Loan Bank, NYS Housing and Community Renewal, NYS Housing Trust Fund Corporation and First Sterling Financial.

"The state pension fund is pleased to be an investment partner in this project," said New York State Comptroller Thomas P. DiNapoli. "We partner with the Community Preservation Corporation to bring more affordable and quality housing to all parts of New York. This partnership generates a solid investment return for us, helping us build the retirement security of public workers and making our communities stronger.”

For more than four decades, CPC has provided affordable housing financing for communities across New York State.

“As a nonprofit housing finance company, we’re proud to invest in projects like the Nyack Point Apartments that help to meet the unique affordable housing and community development goals of the neighborhoods they serve,” said Mary S. Paden, Senior Vice President & Senior Mortgage Officer at CPC. “My thanks to Gerri Levy and RHAC for their vision and commitment to this project, to comptroller DiNapoli and our funding partners at the State’s Common Retirement Fund, to Commissioner Visnauskas and her team at HCR, and to Mayor Hammond and all of our other partners.”

In addition to CPC’s support, New York State Homes and Community Renewal provided Low Income Housing Tax Credits that will generate $4.7 million in equity, and HCR provided $1.1 million from the Supportive Housing Opportunity Program (formerly Medicaid Redesign Team Program) and $1.9 million from the Housing Trust Fund.

“Delivering affordable homes in the heart of Nyack that are coupled with supportive services will strengthen the local economy and help ensure that all New Yorkers have the opportunity to live in a safe home,” said NYS Homes and Community Renewal Commissioner RuthAnne Visnauskas. “This project perfectly complements the goals of Governor Cuomo’s $20 billion, five-year housing plan, which is delivering more than 100,000 affordable homes across the state over five years.”

Federal Home Loan Bank of New York and NYSERDA also provided a grant awards to ensure the success of the development.

“We see the word inclusivity used often in many different ways but nowhere is it more important than in housing,” said Rockland County Executive Ed Day. “In order for people to have lives of worth, lives of value it’s most important that they have a good roof over their heads. We are very pleased to see that type of inclusivity created here in these beautiful and affordable apartments. The Nyack Point Apartments are a true success story and we look forward to great things.”

PHOTO/ contributed