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SPRING VALLEY, NY-Construction has begun on a new mixed-use project here being developed by a partnership of CPC Resources and the Rockland Housing Action Coalition. The $18-million Spring Valley Apartments project will feature 53 rental apartments and approximately 11,000 sf of commercial space.

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

The development, according to CPC officials, is part of the village’s comprehensive urban renewal plan geared at revitalizing the downtown district. At a recent groundbreaking ceremony, Spring Valley 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 landmark private investment in our village is a strong vote of confidence in our community.”

Financing for the project is being provided through a combination of private and public funds including an $8.4-million construction loan from JP Morgan Chase; Low Income Housing Tax Credits awarded by the New York State Department of Housing and Community Renewal; $9.5 million in equity from Centerline Capital Group; a low interest loan of $1.8 million from DHCR, and $795,000 from the Federal Home Loan Bank’s Affordable Housing Program that is administered by Provident Bank. The Town of Ramapo provided a payment in lieu of taxes.

The Rockland County Office of Community Development Department and the Empire State Development Corp. provided funding to the village to help acquire the blighted properties, which were officially transferred to the development group this past February.

The development of Spring Valley Senior Apartments is the start of a major redevelopment effort that will replace approximately 22 rundown and blighted commercial buildings in the downtown district. Directly across from the project site, CPC Resources and the village plan to develop Spring Valley Family Apartments, an affordable family development containing 72 units and 11,000 sf of commercial space. In addition, CPC Resources plans to construct seven for-sale townhouses located behind the senior apartment site.

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