Friday, 26 October 2012 00:00
Community Development Corporation of Long Island (CDCLI) and partner Conifer Realty, LLC joined with the Long Island Regional Economic Development Council on Oct. 12 to host a groundbreaking ceremony for Cathedral Place Apartments – which was awarded state resources through Governor Andrew M. Cuomo’s Regional Council initiative to build 36 units of rental housing in New Cassel.
“We are proud to be a part of the revitalization of New Cassel through the development of much-needed workforce rental housing,” said Marianne Garvin, president and CEO of CDCLI. “This has been a true collaborative effort between federal, state and local government, private partners and the community.”
“Under Governor Cuomo’s leadership, the regional council has fostered business growth and job creation, but we also prioritized supporting affordable housing projects like Cathedral Place to improve quality of life and ensure Long Island families have a safe roof over their heads,” said Regional Council Co-Chairs Kevin Law and Stuart Rabinowitz.
Cathedral Place Apartments, located at 1000-1036 Prospect Ave., will house families with a mix of 18 one-bedroom units, 14 two-bedroom units and four three-bedroom units within a single, three-story building that will also include community space, a fitness room and onsite management/leasing office. Twenty-two families earning no more than 50 percent of Area Median Income (AMI), approximately $43,000 for a two-person family, up to $53,750 a for four- person family and 14 families earning no more than 60 percent of AMI, approximately $51,600 for two people and up to $64,500 for four people, will have new rental housing as a result of this funding. Rents will be $962 for a one-bedroom, $1,153 for a two-bedroom and $1,327 for a three-bedroom unit.
Due to the collaborative effort of local government and community stakeholders, Prospect Avenue in New Cassel is becoming vibrant commercial and residential center. Cathedral Place Apartments will revitalize the last vacant blighted site on Prospect Avenue and is the culmination of North Hempstead’s decade-long effort to rejuvenate the community.
“Community visioning, where residents decide what their neighborhood will look like and the infrastructure they need has had a major impact on how the Westbury-New Cassel area has been transformed through its multimillion dollar revitalization,” said North Hempstead Supervisor Jon Kaiman. “This affordable income project is part of the ongoing revitalization of this community and a welcome addition to the mix of multiuse structures that makes it an enviable place to live.”
The Long Island Regional Economic Development Council (LIREDC) awarded CDCLI and Conifer Realty $2,586,743 in funding through New York State Homes and Community Renewal to support Cathedral Place. The project was sponsored by the Town of North Hempstead Community Development Agency (CDA), who owned the land and sold it at a price three times lower than its appraised value. Nassau County, a key stakeholder in the revitalization of New Cassel, contributed $720,000 in HOME funds to ensure long term affordability. The Town of North Hempstead has provided a significant reduction in permitting fees for the construction of the project. CDCLI Funding Corporation provided $200,000 of real estate capital from NeighborWorks America as gap financing.
As the lead bank for Cathedral Place, Capital One is providing over $15.7 million in financing through a construction loan and tax credit equity through Redstone Equity Partners. The Community Preservation Corporation (CPC) is providing permanent financing in the amount of $1,450,000. Other funding was provided by TD Charitable Foundation, who awarded CDCLI $100,000 through its Housing for Everyone Grant Competition last year to set up a predevelopment revolving loan fund for this and future multifamily workforce rental housing developments.
“Today’s groundbreaking ceremony represents another major step in the revitalization of New Cassel,” said Senator Jack M. Martins. “Thanks to the vision of the community and the hard work of the Unified New Cassel Community Revitalization Corporation in cooperation with all of our state and local stakeholders, this project has become a reality. The revitalization efforts taking place in New Cassel, with state and local government empowering a local vision, is a model for all.”
Town of North Hempstead Councilwoman Viviana Russell said, “New Cassel’s ongoing revitalization, highlighted recently with the opening of the most ecologically advanced community center in the region, truly is a model for how governments on all levels can collaborate with the private sector and the local community to help improve the quality of life for residents.”
“Here we are after 12 long years, breaking ground on a site that was nurtured from infancy to maturity, even though this was the original planning site for another project where there were many ups and downs, we now have the victory.
“It took a lot of focus, eyes on the goal and galvanizing the community, along with all the various partners, to make this dream a reality. With Unified New Cassel Community Revitalization Corporation as the catalyst and driver of this redevelopment process, it’s quite pleasing to know that the New Cassel community will be the benefactors,” said Bishop Lionel Harvey.