For those 55 and over living on fixed incomes, the completion of the 66-unit Hyenga Lake senior housing in Nanuet means clean, affordable housing.
“It is a dream come true for seniors in this community. CPC is proud to have played a key role in this project by providing construction loan financing. We are particularly pleased to once again work in collaboration with the Rockland Housing Action Coalition in providing much-needed senior housing in this county,” said Doug Olcott, senior vice president of the Community Preservation Corp.
CPC is a not-for-profit mortgage lender that finances residential multifamily development throughout New York. Since its founding in 1974, it has invested more than $7.9 billion in over 143,000 units of housing.
The building, on a12.4-acre park-like setting with walking trails, sitting areas, flower gardens and a small pond, includes a community room with a kitchen, laundry facilities and storage area for tenants. The Hyenga Lake complex is within walking distance to area shopping, restaurants and public transportation and is in close proximity to a supermarket, a health care facility, pharmacy and retail stores.
CPC provided a construction loan of $6,940,000, with Orange County Trust as the Participant and Raymond James Tax Credit Funds, Inc., a subsidiary of Raymond James Financial, provided tax credit equity in the amount of $10,545,195. The investor in the Tax Credits is TD Bank. CPC also provided permanent financing through the New York State Pension Fund, of  which $2,750,000 will be insured by SONYMA. New York State Homes and Community Renewal provided a $2.4 million loan from the New York State Housing Trust Fund.
