What was once the site of a crumbling bungalow colony will soon be home to a 66-unit apartment complex in the town of Clarkstown, due to a private/public partnership initiative.
The bungalow colony was a remnant of Rockland”™s former summer home community before the Tappan Zee Bridge and New York State Thruway extended suburbia west of the Hudson. It had fallen into disrepair for several years before being bought by co-developers Howard Hellman and Vincent DeStaso, who made repairs to the property to make it livable for tenants while they sought approval to build a housing complex on the site.
Hellman and DeStaso got approvals and permits in order, demolishing the sagging bungalows and formally breaking ground June 23 on the 12-acre site to make way for new senior housing on Route 59 in Spring Valley. For residents on fixed incomes, age 62 and over, rents will vary from $420 to $900 a month, depending on the tenant”™s income level at the new Hyenga Lake Senior Housing complex when it is completed.
“This is tremendous for the county,” said Clarkstown supervisor Alex Gromack, who said there are four other affordable senior rental apartment complexes in the county with a very long waiting list. “When Hyenga Lake is completed,” said Gromack, “it will help shorten that list for our seniors waiting for an affordable place to live.”
The mortgage lender, nonprofit Community Preservation Corp. (CPC), provided the construction loan of $6,940,000 with Orange County Trust as the participant; an additional $10.5 million in tax credit equity comes from Raymond Jones Financial.
CPC will provide permanent financing through the New York State Pension Fund amounting to $2.75 million, insured by SONYMA. The state Division of Housing and Community Renewal is providing a $2.4 million grant from the state”™s Housing Trust Fund.
Expected to be completed within 18 months, the apartments are within walking distance to shopping, restaurant and transportation. The new Hyenga Lake senior complex will be managed by Rockland Housing Action Coalition once it is ready for tenants.
