Celebrate Grand Opening of 94 Units of Affordable Rental Housing with Partners
Community Development Corporation of Long Island (CDC) and Conifer Realty LLC hosted a ribbon cutting ceremony at Twin Oaks in Hempstead, NY to celebrate the grand opening of 94 units of completely rehabilitated affordable rental housing .
The Ribbon Cutting commemorates the comprehensive rehabilitation and adaptive reuse of two buildings that formerly provided graduate student housing. Many partners came together to make this community possible, including Nassau County, New York State Homes and Community Renewal, NeighborWorks® America, First Sterling and JP Morgan Chase.
“Today is truly a celebration of the remarkable transformation of this once-vacant property into a state-of-the-art apartment complex providing rental housing to 94 families,” said Marianne Garvin, President & CEO, CDC.
“I am very proud to have Nassau County play such an important role in this project,” said Nassau County Executive Ed Mangano. “With this public-private partnership, we have provided an opportunity for 94 families to receive affordable rental housing.”
Twin Oaks features 36 one-bedroom and 58 two-bedroom rental apartments, with rents ranging from $940 - $1,361. The buildings have been rehabilitated to New York State Green standards and include an exercise room, computer lab, community room and on-site laundry facility.
Darryl C. Towns, Commissioner/CEO of New York State Homes and Community Renewal said, “The Twin Oaks development is a solid example of state-of-the–art adaptive reuse. These buildings demonstrate what we can achieve when we come together to transform vacant property into quality affordable and sustainable homes that bring activity and vibrancy to communities like Hempstead. Governor Cuomo knows that we need to break down silos in order to spur development that will create jobs and strengthen neighborhoods. Thank you to Conifer, CDC of Long Island, and all of our partners for making it possible for HCR to leverage numerous programs—from bond financing, to tax credits, to Weatherization— that will help bring Twin Oaks to life for the 90 residents who will it home.”
The total development cost of the project is $29,069,497 and are comprised of the following: Permanent financing sources include $2,500,000 in NYS Housing Trust Fund, $3,400,000 in NYS Housing Finance Agency Subsidy Loans, $9,742,841 in tax credit equity provided from First Sterling for as of right 4% Federal Low-Income Housing Tax Credits, $3,275,777 in tax credit equity from State Low Income Housing Credits, $5,990,000 in proceeds from tax exempt bonds under the New Issue Bond Program administered by NYS Housing Finance Agency, $1,000,000 in HOME funds from Nassau County, $500,000 in funds from CDCLI Funding Corporation, $441,800 in funds from the Weatherization Assistance Program, $357,649 in deferred interest from the NYS Housing Finance Agency Subsidy Loan, $1,834,430 in developer equity, and a $27,000 grant from National Grid. JPMorgan Chase provided a construction period Letter of Credit.
Construction was administered by Conifer-LeChase Construction, who worked with local advocacy group ABBA (Able Bodied Believers Association) to provide jobs to local disadvantaged youth and ex-offenders. As a result, over 10 jobs were created for this group. This program was so successful that some of the participants were able to join unions and sustain long-term employment opportunities.
“Twin Oaks Apartments is a shining example of ‘Greatness from Many!’” said Timothy D. Fournier, President & CEO, Conifer Realty, LLC. “Conifer is exceptionally pleased to have partnered with CDC of Long Island, the Village, County, State and many other helping hands to provide this state-of-the-art, affordable, workforce housing to 94 families in the Village of Hempstead.”