The apartments will be affordable to seniors 55 years and olderwho earn 50% or less of Rockland County's median income. Thefour-story building, which fronts North Main Street at the corer ofGrove Street, will have commercial space on the first floor andthree floors of rental apartments consisting of 48 one-bedroomunits and five two-bedroom units.

The development, according to CPC officials, is part of thevillage's comprehensive urban renewal plan geared at revitalizingthe downtown district. At a recent groundbreaking ceremony, SpringValley Mayor George Darden said, "Spring Valley is on the move.This historic project will rejuvenate our commercial center,upgrade our housing stock and transform our future. This landmarkprivate investment in our village is a strong vote of confidence inour community."

Financing for the project is being provided through acombination of private and public funds including an $8.4-millionconstruction loan from JP Morgan Chase; Low Income Housing TaxCredits awarded by the New York State Department of Housing andCommunity Renewal; $9.5 million in equity from Centerline CapitalGroup; a low interest loan of $1.8 million from DHCR, and $795,000from the Federal Home Loan Bank's Affordable Housing Program thatis administered by Provident Bank. The Town of Ramapo provided apayment in lieu of taxes.