71 Affordable Housing Units for Seniors, Homeless, and Disabled Veterans
Poughkeepsie, NY – October 16, 2013 – (RealEstateRama) — The Community Preservation Corporation (CPC), The Kearney Realty & Development Group, New York State Homes and Community Renewal (HCR), elected officials, and residents today celebrated the completion of Poughkeepsie Commons, a newly constructed 71-unit apartment complex for seniors, homeless, and disabled veterans.
“Poughkeepsie Commons helps answer a profound need for veterans housing in our region,” said Poughkeepsie Commons’ developer Sean Kearney of the Kearney Realty & Development Group. “In addition to providing much needed affordable housing for the most vulnerable veterans, Poughkeepsie Commons will provide access to counseling, transportation and other supportive services. This unique project would not have been possible without cooperation and partnership on many levels, particularly from our financial partners at CPC, City of Poughkeepsie Mayor John Tkayzik, Dutchess County Executive Marcus Molinaro, and U.S. Senator Kirsten Gillibrand.”
“CPC’s mission is to support projects like Poughkeepsie Commons that meet a critical gap in the housing market and help the most vulnerable and at risk residents to finally get the quality, stable housing they deserve,” noted Doug Olcott, Senior Vice President and Hudson Valley Regional Director of The Community Preservation Corporation. “Our work is not possible without visionary developers like Ken Kearny that recognize the need for affordable housing, and innovative financial partners like the NYS Pension Funds and NYS Homes and Community Renewal who enable us to finance these crucial projects. CPC remains committed to strengthening the City of Poughkeepsie through the continued development of affordable housing.”
Located on 130 Hudson Avenue, in the northeastern corner of the City of Poughkeepsie, the two, three-story elevator buildings are a safe haven for seniors, homeless, and disabled veterans with incomes up to 60% of the area median income level. Poughkeepsie Commons will include amenities such as a community room for the County Office of Aging to provide hot meals and other services, laundry facilities, and on-site parking. The property is also convenient to shopping, major road arteries, and the Metro North Train Station.
“As our Veterans return to our community from their service and our senior population grows and ages, it is vital that we provide affordable housing which meets their unique needs. We are pleased to partner again with New York State, the City of Poughkeepsie and the Community Preservation Corporation to provide the resources to bring this project to fruition,” said Marcus Molinaro, Dutchess County Executive.
Poughkeepsie Commons was made possible through the extensive partnerships with housing officials both in Poughkeepsie City and New York State. CPC provided a $7 million construction loan with Provident Bank as a 90% participant. CPC’s construction loan was taken out by a NY State Pension Fund permanent loan with a 30-year fixed rate mortgage and 100% SONYMA insurance. HCR allocated $12.29 million in Low Income Housing Tax Credits and Raymond James Tax Credit Funds, Inc., is providing tax credit equity. Additionally, the City of Poughkeepsie financed $745,000 in HOME funds for the project.
Darryl C. Towns, Commissioner/CEO of HCR said, “Poughkeepsie Commons is a wonderful example of partners coming together at every level–public and private–to meet a community’s needs. Under Governor Andrew Cuomo’s leadership we are seeing more and more initiatives that provide not only safe, affordable homes for New Yorkers, but also easy access to all a community has to offer. HCR is pleased to have played a role in Poughkeepsie Commons and I am confident residents will enjoy these apartments and their amenities for years to come.”
“Poughkeepsie Commons increases affordable housing options for seniors and veterans and provides risk-adjusted returns for the New York State Common Retirement Fund,” said New York State Comptroller Thomas P. DiNapoli. “Investing in affordable housing allows the Fund to diversify our portfolio, while strengthening New York’s communities. It’s a win for the retirement system’s more than one million members, retirees and beneficiaries, and it’s a win for Poughkeepsie.”
“Poughkeepsie Commons represents one of the finest examples of how public and private organizations can collaborate to do the highest good for the community. The results are 71 attractive, highly functioning, affordable housing units that are designed for people that deserve our respect and our support,” noted Assemblyman Frank Skartados.
“Kearney Development is among the premier developers of affordable housing in the Hudson Valley and Raymond James Tax Credit Funds, Inc. is proud to be the equity capital partner in the recently completed Poughkeepsie Commons project. Poughkeepsie Commons is an extraordinarily well designed project that will provide affordable high quality housing opportunities for area residents for many years. Poughkeepsie Commons is an asset to the community and will provide affordable housing to deserving members of the community including seniors and disabled veterans. Raymond James would like to congratulate Ken and Shawn Kearney and all of the project partners who made this project a reality, especially The Community Preservation Corporation and TD Bank, both of whom worked with Raymond James on project financing,” said Darryl Seavey, Managing Director Northeast Region, Raymond James Tax Credit Funds, Inc.
Since the early nineties, CPC has been investing in Poughkeepsie with over 70 loans closed and a total of nearly $45 million in financing over 1,200 affordable housing units.
Contact: Lisa Aldape, AVP of Communications
212-869-5300, ext. 632