SPRING VALLEY, NY - Over 50 new affordable senior citizen apartments and 11,500 square feet of commercial space are going to be built n Main Street in the Village of Spring Valley. "Spring Valley is making history once again," Mayor George Darden said. "Our ambitious urban renewal program will revitalize our downtown with modern affordable housing, attractive new shopping and state of the art recreation. Our village is becoming an even better place to visit, work and raise a family."
The 53 units will be built on the west side of Main Street between Grove Street and the IRC Center. The project will cost approximately $18 million in direct construction costs.
Title to the property, previously acquired by Spring Valley through condemnation proceedings, was transferred to Site 3 Housing Development Fund Corp., a collaborative entity between CPC and the Rockland Housing Action Coalition.
Residency in the rentals will be limited to individuals 55 years of age or older earning 50 percent or less of the US Department of Housing and Urban Development Rockland County median income at the time of the construction of the units.
Construction is expected to be completed toward the end of 2009. The leasing process will begin when the construction is nearly finished.
The tax incentive and funding package required the involvement of a variety of public and private agencies, including the New York State Department of Housing and Community Renewal, JP Morgan Chase, Provident Bank and the Federal Home Loan Bank. The Town of Ramapo approved a required payment-in-lieu of taxes agreement and the Rockland County Sewer District No. 1 waived impact fees.
Source: MidHudsonNews.com