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Homes and Community Renewal

New York State Homes and Community Renewal, Wilder Balter Partners Dedicate $17.2 Million Hemlock Ridge Development in Sullivan County

Hemlock Ridge Apartments

60 New, Modern Units to Remain Affordable in Mitchell-Lama Program for 40 Years 

New York State Homes and Community Renewal (HCR) joined Wilder Balter Partners, community
leaders and residents to mark the dedication of Hemlock Ridge Apartments, 60 energy-efficient units of affordable housing in the Sullivan County hamlet of Livingston Manor.

HCR Commissioner RuthAnne Visnauskas said, “Congratulations to Wilder Balter and all our partners who devoted their expertise on behalf of the 60 households who call Hemlock Ridge their home. This development delivers on one of Governor Cuomo’s priorities: to re-invest in our existing Mitchell Lama housing stock, to provide vital affordable housing for people in the community that they love and to ensure that affordability for the next 40 years.”

The nine townhouse-type buildings are at 20 Valley View Lane (formerly 27 Arts Boulevard), the site of the former School Street Gardens which were built in 1974 and having reached the end of their useful life, were demolished in favor new construction. The development, consisting of one-, two- and three-bedroom apartments, is on a 9.3-acre parcel that is within walking distance of schools, municipal offices, a public library and retail stores.

The total development cost for the project is about $17.2 million. The project was financed by HCR as well as other partners. HCR’s Housing Finance Agency provided a $7.3 million Mitchell Lama subsidy loan; $595,885 allocation of Low Income Housing Tax Credits, the sale of which will leverage about $5.7 million of private investor equity and a $973,500 Federal Homes Loan Bank of New York loan. As part of the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program, the project has received Project Based Section 8 vouchers for 30 households.

Robert H. Wilder, Jr., Chairman of Wilder Balter Partners said, “We’ve been a member of the Livingston Manor community for over 20 years and we’re proud that with Governor Cuomo’s support, funding and other resources were made available to re-develop Hemlock Ridge with attractive, energy-efficient and modern homes for the area’s residents. The leadership and staff at New York State Homes and Community Renewal’s Housing Finance Agency has been an integral part in ensuring that Hemlock Ridge has been a terrific success.”

About New York State Homes and Community Renewal
NYS Homes and Community Renewal’s (HCR) housing and community development agencies work to create, preserve and improve affordable homes and vibrant communities, in keeping with Governor Andrew M. Cuomo’s vision of a more inclusive, affordable, sustainable, and resilient New York. In 2016, HCR set a record for the third year in a row, financing the creation or preservation of more than 17,000 affordable homes and apartments, creating nearly 2,000 homeownership opportunities for first-time homebuyers, and was once again the #1 affordable housing bond issuer in the nation with $2.8 billion issued. For more information on HCR agencies, programs and initiatives, please visit: http://www.nyshcr.org/

 

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