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Homes and Community Renewal

HCR Celebrates Artspace Patchogue

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Marian Zucker, HCR's President of Finance and Development said Artspace Patchogue is a shining example of what we can achieve when we bring a variety of resources to the table and partner with local communities.

Artspace Projects, recently held a Grand Opening celebration at Artspace Patchogue Lofts and Marian Zucker, HCR's President of Finance and Development, was on hand to help cut the ribbon on this innovative and creative development at 20 Terry Street in downtown Patchogue.

Artspace Patchogue contains 45 units of affordable living and work space for artists and their families, and is the new home of the already-popular C2 Fine Art Gallery.

HCR leveraged multiple resources for the development, including $11.71 million Housing Finance Agency tax-exempt bonds, an annual allocation of $712,841 in 4% Federal Low-Income Housing Tax Credits, a $610,000 allocation of State Low-Income Housing Tax Credits, and a $1.575 million loan from the NYS Housing Trust Fund Homes for Working Families.

The development also received a $660,000 Suffolk County HOME Loan, a Suffolk County Acquisition and Infrastructure Loan of nearly $1.95 million, a $150,000 loan from the Village of Patchogue, a $250,000 philanthropic loan, and a 30-year payment in lieu of taxes agreement with the Village of Patchogue.

The five-story 60,000 square foot building features 12-foot ceilings, large windows, and open floor plans.

At the ribbon-cutting, Marian Zucker said: "On behalf of Governor Andrew Cuomo and HCR Commissioner Darryl Towns, I want to underscore how much New York State values this development and what it will bring to Patchogue. HCR has worked with Artspace before, and we know it offers the best of what the state government can do when working with non-profit partners. This loft development, where artists will both live and work, will be cornerstone of the vibrant creative community growing in Suffolk County. New York State HCR is also proud to continue to support the ground-breaking efforts of the Village of Patchogue to imaginatively revitalize this community."

Zucker also noted that the project creates synergy between all the components that make communities great places to live and to work, a development tenet that is a central pillar of Governor Cuomo's new Regional Economic Development Councils, which have also kicked off this summer.

HCR also helped finance the Artspace Buffalo Artists Lofts, which opened in 2008. The development consists of 60 units of affordable living and workspace for artists and their families - 36 units in the five-story historic Buffalo Electric Vehicle Company building on Main Street, plus 24 units in six new fourplexes on vacant land immediately behind it.

Artspace Projects Inc., a nonprofit that creates and preserves affordable space for artists and arts organizations, supporting the continued professional growth of artists and enhancing the cultural and economic vitality of surrounding communities.

See related article in New York Times:

Last Updated: 08/22/2011