Real Estate Journal — February 22 - March 14, 2019 — 3A


M id A tlantic

M id A tlantic R eal E state J ournal

Second Phase of CDS Housing Azalea Village Comm. $21.6M affordable housing development opens for seniors N

To VP and Head of Agency Production Community Preservation Corp. promotes Deegan

NEW YORK, NY — CPC Mortgage Company LLC’s Timothy Deegan has been

CPC Mortgage Company LLC is a subsidiary of The Community Preservation Corporation (CPC), a leading nonprofit multifamily finance company. Prior to joining CPC in January 2018 as VP of FHA Lending & Originations, Deegan was the senior direc- tor of Operations and Capi- tal Markets at Cosmopolitan Capital Funding LLC where he oversaw the company’s NYC operations and specialized in structuring and analyzing complex capital transactions of all asset classes. Deegan also served as director of Capital Markets at Llenrock Group LLC. 

nity who need it and deserve it most. Our vision and inte- grated stewardship at CDS Housing will provide some of the most vulnerable com- munity members in Webster with the life opportunities and self-empowerment to live more fulfilling and independent lives. Residents of this new commu- nity will have the independence they seek, and the support, access and peace of mind they deserve." CPC mortgage officer Miriam Zinter said, "Our senior citizen population is one of the fastest growing, but

also one of the most vulner- able. For low-income seniors living on fixed incomes, the ever-increasing cost of rent and other costs of living, can create real hardships. Azalea Village Apartments will provide our community's seniors with safe, affordable housing where they will have access to the services that will allow them to live with dignity. My thanks to CDS Monarch for their partnership and good work, to Commission- er Visnauskas and her team at HCR, and to Comptroller Di- Napoli and the New York State Common Retirement Fund." 

EW YORK, NY — Governor Andrew M. Cuomo announced the completion of the new 96-apart- ment Azalea Village Phase Two, a $21.6 million afford- able housing development for seniors in the Town of Webster. All tenants in the CDS Hous- ing Azalea Village develop- ment can take advantage of services at the adjacent Wolf Life Transitions Center, which provides recreation, training, employment and volunteer opportunities, and an indoor therapy pool. "Quality and affordable hous- ing is critical to the health and well-being of every New Yorker, especially our seniors," Governor Cuomo said. "This new development will not only provide a vibrant and sup- portive community for older adults, it will also serve as a smart investment in the area that moves the local economy and the Finger Lakes forward." "Investing in affordable hous- ing is an essential part of our plan to strengthen the social safety net across New York," said Lieutenant Governor Kathy Hochul. "Thanks to an unprecedented commitment of resources, more seniors in the Finger Lakes Region will have access to high-quality housing options." The 96 new apartments are split between two identical two-story elevator buildings. Eligible tenants are seniors 55 years or older, and 16 of the apartments are set aside for frail elderly people. In addition to the programs offered by the multi-use Wolf Life Transitions Center, project amenities in- clude Energy Star central AC, dishwashers, a computer lab, and outdoor garden space. HCR Commissioner Ruth- Anne Visnauskas said, "Azalea Village Phase Two delivers high-quality homes near the town center in tandem with great recreational, volunteer, and employment training op- portunities. The entire Azalea Village development, and the people who call it home, is contributing new energy to the Webster community and help- ing propel the Finger Lakes economy forward." Sankar Sewnauth , presi- dent and CEO of CDS Life Transitions , CDS Housing's parent company said, "Azalea Village is more than housing, it's a home and an opportunity for the people of this commu-

promoted to vice president a n d h e a d o f a g e n c y production. In his new role, Deegan will oversee p r oduc t i on a c r o s s t h e

Timothy Deegan

company’s FHA, Freddie Mac, and Fannie Mae lend- ing platforms, and will work with originations staff and borrowers to provide techni- cal assistance and ensure deal execution.

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