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Community Development Corporation of LI Celebrates Opening of Affordable Housing in New Cassel

LongIsland.com

As part of large scale redevelopment efforts, Community Development Corporation of Long Island, Conifer Realty, LLC and the Long Island Regional Economic Development Council Tuesday unveiled a 36-unit affordable housing complex at a ribbon cutting ...

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As part of large scale redevelopment efforts, Community Development Corporation of Long Island, Conifer Realty, LLC and the Long Island Regional Economic Development Council Tuesday unveiled a 36-unit affordable housing complex at a ribbon cutting ceremony in New Cassel.

Cathedral Place apartments, a three-story building located on Prospect Avenue in Westbury, consists of 18 one-bedroom units, 14 two-bedroom units and 4 three-bedroom units. The complex also offers residents a community space, a fitness room and an onsite management/leasing office. Rents will be $962 for a one-bedroom, $1,153 for a two-bedroom and $1,327 for a three-bedroom unit. A lottery for residency was held in August.

As part of Gov. Andrew Cuomo’s statewide economic development initiative, the housing project was awarded $2.586 million from the Long Island Regional Economic Development Council, and represents a decade of work by the Town of North Hempstead and its Community Development Agency on the large scale redevelopment of Prospect Avenue.

“Cathedral Place Apartments was a priority for the Long Island Regional Economic Development Council because affordable housing leads to better quality of life and a stronger community. Under Governor Cuomo’s leadership we are helping to drive economic activity in Long Island communities, increase access to quality affordable housing, and bring partners together at every level. Cathedral Place will serve as a model for community investment and will serve residents and the people of New Cassel well, for years to come,” said LIREDC co-chairs, Stuart Rabinowitz, president of Hofstra University and Kevin Law, president and CEO of the Long Island Association.

Nassau County, a key stakeholder in the revitalization of New Cassel, contributed $720,000 in federal HOME funds to ensure long term affordability.

New York State Homes and Community Renewal awarded CDCLI and Conifer Realty 9% tax credits and $1,370,000 in loan funds from the NYS Housing Trust Fund in support of the Cathedral Place project.

Other partners in the project include TD Charitable Foundation, NeighborWorks® America, Capital One Bank, Community Preservation Corporation, Redstone Equity Partners and National Grid.

“Long Island has a dramatic need for multifamily rental homes that are affordable to families and seniors. We are grateful to the governmental, business, and non-profit partners who all worked together to meet this need. Every one of these remarkable partners played a critical role that lead to our cutting a ribbon today,” said Marianne Garvin, president and CEO of CDCLI.

“The Cathedral Place housing development is a prime example of what we can do when we all work together,” said Assemblyman Charles Lavine. “The dire need for affordable, multifamily rental homes in this area resulted in a public private partnership that had the determination and commitment to make this project a reality, as well as the vision to rejuvenate Prospect Avenue in New Cassel.”

Nassau County Executive Ed Mangano said his administration is proud to partner with the CDCLI to make new affordable residences available young people, families and seniors living in Nassau County and that, together with his economic development team, he will assist the private sector in creating more than 1,000 additional new residences in Nassau County, making it “a better place to live, work and raise a family.”

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[Source: Community Development Corporation of Long Island]

Photo Courtesy of Community Development Corporation of Long Island.