8A — August 10 - 23, 2018 — §1031 Exchange — Financial Digest — M id A tlantic

Real Estate Journal


1031 E xchange

Construction begins on $10 million Affordable Housing Development in Richmondville HCR works with CPC to identify qualified developers and projects R

12 one-bedroom, five two-bed- room and three three-bedroom units. All the apartments will be affordable to moderate- income residents and feature green building practices, includ- ing energy efficient appliances, building envelope, mechanical systems, and fixtures. 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. SPARC provides financing on small rental proj- ects with between eight and 20 apartments. SPARC is funded from the Governor’s Office of Storm Recovery’s $4.4 billion federal Community Develop- ment Block Grant-Disaster Recovery allotment, and can only be used in areas that were impacted by SuperstormSandy, Hurricane Irene, and/or Tropi- cal Storm Lee. HCR worked with the Community Preser- vation 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 sepa- rately 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 mil- lion permanent loans – one per phase – financed through their partnership with the New York State Common Retire- ment Fund. The construction of Candlewood is being financed by CPC through two $4.6 mil- lion construction loans, one per phase. “Hurricane Irene and other severe storms that have im- pacted our upstate communities have shown us how indispens- able our affordable housing stock is,” said Glenn Lunde , VP& mortgage officer at CPC. “Working with GOSR and HRC to administer the SPARC pro- gram is opportunity to lend our unique expertise to help communities recover and re- build 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 opportu- nities throughout the state.” 

ICHMONDVILLE , NY — New York State Homes and Commu- nity Renewal announced the beginning of construction on Candlewood Court, a $10 mil- lion, two-phase development to create 40 affordable apart- ments 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 Commis- sioner RuthAnne Visnauskas said, “Candlewood Court will deliver affordable housing to

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. When complete, Candlewood Court will join a Candlewood Court rendering

a region in critical need while helping New York State’s com- munities build back stronger and smarter. We are lucky to live in a state where the Gov- ernor knows that safe, resilient, affordable housing is essential to guaranteeing the continued expansion of our economy.”

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 Candlewood Court devel- opment will consist of two 20- unit buildings, each containing


“With CPC’s lending expertise I’m not just buying a building, I’m revitalizing the block.”

UNCOMMON EXPERTISE. UNMATCHED IMPACT. communityp.com I 646.822.9356

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