New York State Homes and Community Renewal Announces Start of Construction for $10 Million Affordable Housing Development in Richmondville

Posted from http://www.nyshcr.org/press/news180531.htm

Richmondville, NY, May 31, 2018 – New York State Homes and Community Renewal today announced the beginning of construction on Candlewood Court, a $10 million, two-phase development to create 40 affordable apartments that will serve as a gateway to Richmondville and help continue its recovery from Hurricane Irene’s flooding and the destruction it caused to the area’s housing stock.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Candlewood Court will deliver affordable housing to a region in critical need while helping New York State’s communities build back stronger and smarter. We are lucky to live in a state where the Governor knows that safe, resilient, affordable housing is essential to guaranteeing the continued expansion of our economy.”

The nearby towns and villages of the Schoharie Valley sustained significant damage during Hurricane Irene; 57 homes were destroyed and 367 severely damaged. The area also sustained damage to infrastructure, commercial and public buildings.
Candlewood Court is built outside the flood plain, safe from future rising waters, in keeping with Governor Andrew M. Cuomo’s pledge to help flood-damaged communities build back stronger, better and smarter. It sits an area east of Richmondville’s center that was rezoned to serve as a gateway that combines housing and services. When complete, Candlewood Court will join a Dollar General store and Radez Elementary School, which are already part of the gateway.

Both phases of the $10 million development are now under construction. The project reflects Governor Andrew M. Cuomo’s commitment to providing all New Yorkers with access to safe, affordable housing through his unprecedented $20 billion, five-year plan to create or preserve more than 100,000 affordable homes and 6,000 with supportive services. The plan is a comprehensive approach to statewide housing issues and includes multifamily and single-family housing, community development, and rent stabilization.

Candlewood Court Groundbreaking
The Candlewood Court development will consist of two 20-unit buildings, each containing 12 one-bedroom, five two-bedroom and three three-bedroom units.  All the apartments will be affordable to moderate-income residents and feature green building practices, including energy efficient appliances, building envelope, mechanical systems, and fixtures. The rental rates per unit type will be $835 for a one-bedroom; $1,005 for a two-bedroom and $1,400 for a three-bedroom. The project is being developed by Housing Visions.

Financing for the almost $10 million Candlewood Court I and II development was delivered primarily through the State’s Small Project Affordable Rental Construction. Created in 2015, SPARC provides financing on small rental projects with between eight and 20 apartments. SPARC is funded from the Governor’s Office of Storm Recovery’s $4.4 billion federal Community Development Block Grant-Disaster Recovery allotment, and can only be used in areas that were impacted by Superstorm Sandy, Hurricane Irene, and/or Tropical Storm Lee. HCR worked with the Community Preservation Corporation (CPC) to identify qualified developers and projects via a competitive Request for Proposals. CPC administers the program under HCR’s guidelines.

Each 20-apartment phase of Candlewood qualified separately under the program.  The two phases combined received a total of $7.5 million from HCR through the SPARC program. CPC is providing two $1 million permanent loans – one per phase – financed through their partnership with the New York State Common Retirement Fund. The construction of Candlewood is being financed by CPC through two $4.6 million construction loans, one per phase.

“We are pleased to be an investment partner with the Community Preservation Corporation on this shared mission to help create 40 affordable apartments in Richmondville, as it continues to recover from the damage left by Hurricane Irene,” said New York State Comptroller Thomas P. DiNapoli, trustee of the New York’s state pension fund. “I welcome this opportunity for a sound investment for our retirement fund that will also help the community rebuild.”

“Hurricane Irene and other severe storms that have impacted our upstate communities have shown us how indispensable our affordable housing stock is,” said Glenn Lunde, Vice President & Mortgage Officer at CPC. “Working with GOSR and HRC to administer the SPARC program is opportunity to lend our unique expertise to help communities recover and rebuild what these storms have taken. My sincere thanks to Housing Visions for their work and partnership, to Governor Cuomo and his teams at HCR and GOSR, and to Comptroller DiNapoli and our funders at the CRF for their commitment to investing in housing opportunities throughout the state.”

Benjamin Lockwood, Vice President, Business Development at Housing Visions said: “Housing Visions is proud to develop Candlewood Court in the Village of Richmondville.  When complete, this development will offer high-quality, energy efficient, apartments at a great value to residents.  The development enhances and expands the housing options available in Schoharie County which was negatively impacted from flooding caused by Tropical Storm Irene.”

Senator James L. Seward said, “Schoharie County continues to rebuild from the devastation of Irene and Lee, and affordable, safe housing is a vital need.  These new apartments will invigorate Richmondville and play a key role in drawing families to our region while boosting economic opportunities.  I congratulate Housing Visions and all of the state and local partners who are collaborating to make Candlewood Court a reality.”
Assemblymember Chris Tague said: “Our community still is rebuilding from tragic Hurricanes Irene and Lee. But our resolve has never been stronger; events like this one exemplify what it means to struggle in the face of adversity. Rebuilding homes and providing affordable housing will provide a much-needed boon to our area and sow the seeds of even more growth and future prosperity.”

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NYS Homes and Community Renewal (HCR) works to create, preserve and improve affordable homes, and to develop vibrant communities. HCR is executing Governor Andrew M. Cuomo’s unprecedented $20 billion, five-year Housing Plan, a far-reaching approach to statewide housing issues, and includes investing in multifamily and single-family housing, furthering community development strategies, and preserving rent stabilization. For more information on HCR, its programs and its initiatives, please visit: http://www.nyshcr.org/

About the Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. To date the company has leveraged approximately $9.7 billion in private and public investment to finance more than 170,660 units of housing. CPC’s work with its partners has helped revitalize countless neighborhoods and provided quality housing for families, senior citizens, and individuals with disabilities. Visit CPC at communityp.com, and on FacebookTwitter  and LinkedIn.

About Housing Visions 
Housing Visions Consultants, Inc. is a 501(c)(3) not-for-profit, and is a subsidiary of Housing Visions Unlimited, Inc., a Community Housing Development Organization and a Neighborhood Preservation Company with extensive affordable housing experience constructing and/or rehabilitating approximately 1,500 affordable residential units in 363 multifamily buildings.  Specializing in creating complex deal structures and accessing a variety of financing sources, HVU and HVC have successfully developed a number of new construction projects and rehabilitated a number of buildings, including some that are eligible to be listed on the National Register and have received NYS preservation awards.

Housing Visions Construction Company, the General Contractor for the Project, has significant construction experience throughout Upstate New York. HVCC is an Accredited Building Performance Company. This designation, awarded by the Building Performance Institute, is for organizations nationwide that have trained and have the skills to focus on home energy performance.

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