Agency financing affordable homes

Real Estate Weekly,  August 22, 2007  

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Construction will begin on 107 low-and moderate-income housing units in the Town of Wanda in Orange County as a result of the sale of $12.1 million in bonds by the New York State Housing Finance Agency (HFA).

The bonds will finance Horizons at Wawayanda, which will consist of six garden-style rental apartment buildings located near the intersection of Route 6 and Route 17M. Said Priscilla Almodovar, president and chief executive officer of HFA. "The project will create much-needed affordable rental housing for families that is conveniently located near mass transit and retail shopping." The project is being developed by Regan Development Corporation of Ardsley, N.Y., a specialist in "workforce housing"which involves building quality housing for working people and their households. "We are excited to partner with the HFA. Orange County and the Town of Wawayanda to create this important workforce housing for residents at rents they can afford," said Larry Regan, president of Regan Development. "As Orange County grows, it is crucial that we provide high quality housing for local employees so we can keep the strength of our communities together."

All of the units in Horizons at Wawayanda will be reserved for households at or below 80% of the Area Median Income for the Poughkeepsie-Newburgh-Middletown area, where the AMI is $76,400.

Of the 107 units, 95 will be set aside for households with incomes at or below 60% of AMI and three units will be reserved for households with incomes at or below 50% of AMI. One unit will be set aside for the superintendent.

The total cost of the project is estimated to be $23.85 million. The underwriter was Banc of America. The bond counsel was Hawkins Delafield & Wood LLP.

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning