CDC Granted $100,000 from TD Charitable Foundation for Multifamily Development
CENTEREACH, NY (December 9, 2011) – Governor Andrew Cuomo announced yesterday that Community Development Corporation of Long Island (CDC) and partner Conifer Realty will receive $2,586,743 in funding to support their development workforce rental housing in New Cassel, NY.
The state funding supports the development of a 36-unit infill housing community located at 1000-1036 Prospect Avenue, Westbury, NY, in the hamlet of New Cassel. This development will serve families with a mix of 18 one-bedroom units, 14 two-bedroom units and 4 three-bedroom units within a single, three-story building on Prospect Avenue.
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 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.
“Not only will this development provide much needed rental housing, but it removes the last piece of blight on Prospect Avenue, and will create jobs, all important strategies cited by the Regional Economic Development Council as critical to the future of the island,” said Marianne Garvin, President & CEO of CDC. “We are pleased that the state recognized the importance of this project to the local community and approved our application for funding.”
Local support for this project was extremely high. It was sponsored by the Town of North Hempstead Community Development Agency (CDA), who owned the land and issued the Request for Proposal.Nassau County has been a key stakeholder in the revitalization of New Cassel, including the contribution of $720,000 in HOME funds for this project. The town will also provide a significant reduction in permitting fees and has sold the property site at a price three times lower than its appraised value.
“The award of $2.6 million to build workforce housing in New Cassel is welcome news for residents and the Town,” Supervisor Jon Kaiman said. “The construction of these affordable housing units will go a long way towards helping to keep our first responders in the communities they serve.”
“CDC of Long Island has a track record of bringing quality housing and essential services into the communities they work in,” said Councilwoman Viviana L. Russell, Town of North Hempstead. “We are pleased to have them in partnership with Conifer LLC as part of our continued revitalization of New Cassel.”
In addition, CDC of Long Island was awarded $100,000 from the TD Charitable Foundation’s Housing for Everyone Grant Competition. The funds represent an investment in affordable housing for Long Island and will be used by CDC to set up a pre-development revolving loan fund for multi-family rental housing developments, including New Cassel Apartments.
“We truly appreciate this grant award from the TD Charitable Foundation, which will enable us to build over 200 units of rental housing,” said Marianne Garvin, President & CEO, CDC of Long Island. “Pre-development dollars are always the hardest funds to secure. Once the initial projects are complete and the revolving loan fund gets replenished, CDC will use them again to jump start additional housing. This grant will keep on giving.”
This year’s Housing for Everyone theme was Building for the Future, focusing on three critical areas in affordable housing:
- Energy efficiency, including weatherization initiatives, HVAC improvements, or implementation of alternative or renewable energy sources;
- Capacity building, including the expansion of programmatic efforts or staff development for organizations that provide affordable housing services for low-to-moderate-income individuals or in low-to-moderate-income communities. Infrastructure investment to expand services provided will also be considered;
- And new unit creation, where organizations focus their efforts on the creation of new affordable housing units that benefit low-to-moderate-income individuals or communities.
“Affordable housing is a critical need for families throughout Long Island,” said Chris Giamo, Regional President for TD Bank. “The TD Charitable Foundation is proud to award this grant to Community Development Corporation of Long Island and assist with the development of much-needed affordable, energy-efficient housing in New Cassel and Coram.”
The Housing for Everyone grant competition is one of the TD Charitable Foundation’s most widely known signature programs. The competition invites local non-profit organizations from Maine to Florida to submit proposals outlining their plans and initiatives to support and provide affordable housing initiatives in their communities. Twenty-five organizations throughout TD Bank’s footprint from Maine to Florida were awarded a $100,000 grant for a total grant donation of $2.5 million in 2011.
About the TD Charitable Foundation
The TD Charitable Foundation is the charitable giving arm of TD Bank N.A., which operates as TD Bank, America’s Most Convenient Bank®, and is one of the 15 largest commercial banking organizations in the United States. The Foundation's mission is to serve the individuals, families and businesses in all the communities where TD Bank operates, having made over $67 million in charitable donations since its inception in 2002. The efforts of the Foundation are coordinated locally through TD Bank's community relations departments and are focused on the areas of affordable housing, education and financial literacy, and the environment. More information on the TD Charitable Foundation, including an online grant application, is available at www.TDBank.com.
About TD Bank, America's Most Convenient Bank® TD Bank, America's Most Convenient Bank, is one of the 15 largest commercial banks in the United States, providing customers with a full range of financial products and services at about 1,300 convenient locations from Maine to Florida. On September 30, 2010, The South Financial Group, Inc. was acquired by TD Bank Financial Group, and its subsidiary Carolina First Bank merged with TD Bank. Carolina First Bank will continue to operate under the trade names Carolina First Bank in North and South Carolina and Mercantile Bank in Florida until conversion and rebranding in 2011. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. Carolina First Bank and Mercantile Bank are trade names of TD Bank, N.A. For more information, visit www.tdbank.com. TD Bank, America's Most Convenient Bank, is a member of TD Bank Financial Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America and one of the few banks in the world rated Aaa by Moody's. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com.
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