The New York State Affordable Housing Corporation (AHC), which is a subsidiary of the NYS Housing Finance Agency, has approved a $1.44 million grant to the Ramapo Local Development Corporation (RLDC) to help finance the construction of an affordable housing development in the Town of Ramapo in Rockland County.  The RLDC is presently spearheading an innovative initiative to build an affordable work-force housing project known as Ramapo Commons in the Town of Ramapo.

The AHC grant will help finance the construction of 36 condominium units located in three buildings in a 48-unit complex on Elm Street in the Village of Spring Valley, which is located in the Town of Ramapo.  This project is Phase I of a three-phase plan to eventually build 132 units in 11 buildings on the eight-acre site.  The 36 condominium units include 27 four-bedroom units and 9 three-bedroom units.

“There is a dire need to construct quality residential units in the Town of Ramapo that will enable families with limited income to achieve the dream of home ownership,” said RLDC President Christopher P. St. Lawrence, who also serves as the Supervisor of the Town of Ramapo.  “The Ramapo Commons project is going to benefit families who otherwise might not be able to afford to purchase a home in Ramapo, and I am especially grateful to Governor Paterson and the New York State Affordable Housing Corporation for their trust in this project and for providing us with financial assistance to help us achieve our goal of affordable housing.”

“This financing will create new homes in Rockland County and promote affordable homeownership in the state,” said Brian E. Lawlor, AHC President and CEO.  “Our actions demonstrate Governor David A. Paterson’s commitment to providing affordable housing even in these difficult economic times.”

The RLDC was formed to assist the Town of Ramapo in the development of affordable housing; to foster the creation, retention and expansion of jobs and economic opportunities for the benefit of the local economy; and to promote smart growth and green development within the Town.  The RLDC’s mission and objective include lessening the burdens of government by undertaking and promoting urban redevelopment initiatives in the Town of Ramapo that include real estate acquisition, development and management, real estate project finance, and other community-based economic development activities permissible under the New York State Not-For-Profit Corporation Law.

“Through the Ramapo Commons project, the Ramapo Local Development Corporation and the Town of Ramapo have demonstrated a commitment to creating much-needed housing units for middle-income families,” said RLDC Executive Director Aaron Troodler.  “This grant from the New York State Affordable Housing Corporation will help us fulfill our commitment to maintain the affordable nature of this project by keeping costs down, while at the same time constructing a development that people will be proud to call their home.”

(YWN Desk – NYC)