September 28, 2017
Officials and Partners Cut Ribbon for 90 New Affordable Apartments in Copiague
Copiague, N.Y. (September 28, 2017) – New York State Homes and Community Renewal (HCR), the Governor’s Office of Storm Recovery (GOSR), Community Development Corporation of Long Island (CDCLI), and Conifer Realty, LLC today celebrated the completion of 90 new apartments on Railroad Avenue in Copiague. Located on Railroad Avenue in the Downtown Copiague Zoning District, the new development is a focal point in the town’s efforts to rebound from Superstorm Sandy by creating a vibrant transit-oriented downtown containing a mix of housing types, retail, office and other uses that contribute to a sense of community.
Copiague Commons is two state-of-the-art 45-unit apartment buildings containing one- and two-bedroom apartments, a community room, fitness center, onsite parking, and many other amenities. The rents are affordable to families with a varying of incomes up to a maximum of 100 percent of the area median. For a family of three, that translates into an income range of up to $60,000 for many units and up to nearly $100,000 for the remainder.
RuthAnne Visnauskas, Commissioner of New York State Homes and Community Renewal said, “Ninety new affordable rental apartments in Copiague will make a vast difference for this community. While construction was underway, this development provided jobs and an enormous psychological boost to the community. And now it is contributing directly to diversifying the housing stock, improving the lives of the people who call Copiague Commons home and bringing fresh life and activity to Downtown Copiague. Thank you to our many partners in the public, nonprofit and private sectors who have made this critical investment possible and particularly to our Governor whose vision of enabling communities to rebuild better and stronger and smarter than before drove this project from a concept to reality.”
Lisa Bova-Hiatt, Executive Director of the Governor’s Office of Storm Recovery, said: “GOSR was charged by Governor Cuomo to provide resources; support and expertise to advance his mission of helping storm-damaged communities rebuild, recover and rebound. Superstorm Sandy damaged more than a quarter of Copiague’s housing stock – a loss that could not be overcome without a concerted state-led and community supported effort. The new Copiague Commons development provides 90 units of state-of-the-art affordable, resilient housing in an area identified in the NY Rising community plan as an opportune location to build storm-safe housing.”
Gwen O’Shea, President and CEO of CDCLI said: “Without the support of Suffolk County, the Town of Babylon, and New York State, we wouldn’t be here today to celebrate this wonderful development. We know the need for housing like this is enormous on Long Island. The Long Island Index’s Multifamily Housing Study brings to light the 57% of renters on Long Island that pay more than 30% of their income toward rent. That includes 32% who pay more than 50% of their income toward rent. That’s not sustainable. Projects like this start to chip away at that financial instability. CDCLI is proud to partner with Conifer on projects like this. It demonstrates our dedication to increasing the supply of high quality rental living that is affordable to hard working families, seniors and those with disabilities.”
Town Supervisor Richard Schaffer explained the innovative new zoning that was implemented in the community through a visioning process with the residents, and said “I am delighted to be here today to see this development, the first of many planned improvements in Copiague, come to fruition. I know that it will lead the way toward more investment, more business, and a thriving downtown. Babylon’s IDA, Planning Department and Office of Downtown Revitalization all worked closely with CDCLI and Conifer, and we look forward to continuing this good work.”
The project is the centerpiece of a smart growth, transit-oriented housing development, and is the first proposal to have been approved under the Town of Babylon’s innovative new Copiague Downtown Zoning Code.
The buildings are accessed from the street or parking lot by a central courtyard which includes a decorative seating area. The entire courtyard is in sight of the management and security offices in the ground floor of the west building.
Suffolk County Executive, Steve Bellone said “Suffolk County is proud to have assisted in financing this new development project that is significant to attracting and retaining young professionals to our region. With a growing innovation hub and close proximity to our vibrant downtowns, we are making the critical investments necessary to sustain long-term growth.”
Tim Fournier, President and CEO of Conifer Realty, LLC, said “This development is another in the continued successful collaboration of CDCLI and Conifer which, together, has already produced close to 700 affordable apartment homes on Long Island. Conifer could not accomplish what it has on Long Island without the unwavering support of CDCLI. Copiague Commons, a $33 Million project represents the culmination of over 5 years of work in the Copiague community. This development received over 500 applications for 90 sustainable and storm resilient apartment homes, proving that the need for affordable housing is rising and a partnership like ours will continue to provide housing where that need is greatest. I’d also like to thank NYSHCR, Suffolk County, Town of Babylon, Red Stone Equity Partners, Citi Bank, Capital One, BHC Architects, and Conifer-LeChase Construction, all of whom were instrumental in the success of this development. Copiague Commons is a true testament to the saying, “greatness from many.” It was with these superior public-private partnerships and collaborative team efforts that we are able to open 90 brand new, state-of-the-art homes today!”
Sharon Fattoruso, President of the Copiague Chamber of Commerce, said “I would like to thank Conifer and CDCLI for developing this beautiful complex in our Copiague Community. We the Chamber look forward to the ongoing development of the downtown area with the hope that it will bring new business and help the existing business district thrive!”
The total development cost of the project is $33,563,857. Permanent financing sources include $9,140,000 in tax-exempt bonds issued by New York State Housing Finance Agency and purchased by Citibank, N.A., $1,947,000 in Middle Income Housing Program funds from New York State Housing Finance Agency, $8,750,000 in CDBG-Disaster Recovery funds from the Governor’s Office of Storm Recovery, $1,800,000 in subordinate loan proceeds from Citibank, N.A., $750,000 from the Suffolk County Workforce Housing Infrastructure Program, $350,000 from CDCLI Funding Corporation, and $7,205,532 in low-income housing tax credit equity provided by Capital One, National Association and syndicated by Red Stone Equity Partners. New York State Housing Finance Agency provided an additional $7,975,000 construction period loan funded by Citibank, N.A. Copiague Commons also received the support of the Town of Babylon Industrial Development Agency which provided significant benefits to the Project.
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About NYS Homes and Community Renewal
NYS Homes and Community Renewal’s (HCR) housing and community development agencies work to create, preserve and improve affordable homes and vibrant communities, in keeping with Governor Andrew M. Cuomo’s vision of a more inclusive, affordable, sustainable, and resilient New York. In 2016, HCR set a record for the third year in a row, financing the creation or preservation of more than 17,000 affordable homes and apartments, creating nearly 2,000 homeownership opportunities for first-time homebuyers, and was once again the #1 affordable housing bond issuer in the nation with $2.8 billion issued. HCR is moving forward with the Governor’s $20 billion 100,000 affordable housing plan with the release of $2.5 billion in capital in the 2018 Budget. For more information on HCR agencies, programs and initiatives, please visit: hcr.ny.gov
About the Governor’s Office of Storm Recovery (GOSR)
Established in June 2013, GOSR coordinates statewide recovery efforts for Superstorm Sandy, Hurricane Irene and Tropical Storm Lee. Through its NY Rising Housing Recovery, Small Business, Community Reconstruction and Infrastructure programs, GOSR invests more than $4.5 billion made available through the U.S. Department of Housing & Urban Development’s (HUD) CDBG-DR Program to better prepare New York for future extreme weather events. More information about GOSR and its programs is available online at http://stormrecovery.ny.gov/
About Community Development Corporation of Long Island
Community Development Corporation of Long Island (CDCLI) invests its resources, talents, and knowledge in the people of Long Island, helping them to achieve their dreams of an affordable home in a vibrant community. Since its inception 48 years ago, CDCLI has assisted more than 200,000 Long Islanders and invested $1.3 billion into the communities in which they live. CDCLI is a chartered member of the NeighborWorks network, a group of more than 245 nonprofit organizations across the United States that work to provide affordable housing opportunities for low- and moderate-income people. For more information, please visit www.cdcli.org . Like CDCLI on Facebook at www.facebook.com/cdcoflongisland and follow CDCLI on Twitter @cdclongisland.
About Conifer Realty, LLC
Conifer is a nationally ranked, full-service real estate company specializing in the development, construction, management and ownership of high-quality, affordable housing communities. Since its inception in 1975, Conifer has grown considerably – currently owning and managing over 14,500 multifamily units representing 225+ apartment communities in New York, New Jersey, Pennsylvania, Maryland and Ohio. In addition, the Company consistently maintains a pipeline of over 30 unique projects in various stages of the development process. For more information, please visit www.coniferllc.com, like us on Facebook at www.facebook.com/coniferrealty and follow us on Twitter @ConiferRealty.