.

$7.8 Million Rehabilitation of Cow Bay Apartments Complete

The complex features 88 green, affordable housing units.

Residents at Cow Bay Apartments just off of Harbor Road have reason to celebrate. The 88-unit complex was recently rehabilitated and retrofitted with energy efficient upgrades, making it green affordable housing that features new windows, doors, washers, dryers and more.

Officials held a ribbon cutting there on Tuesday, with representatives from state and local government, civic associations, residents and well wishers.

Resident Beulah Powell, who opened her apartment for tours, said she was happy to see everyone.

“I’m very pleased and happy with my apartment,” Powell said. “It’s a big improvement, and I really love it.”

Located at 2 Bay Green Lane, Cow Bay Apartments was built in 1971 with financing from the U.S. Department of Housing and Urban Development (HUD). The complex comprises seven two-story garden apartment buildings with 10 studio, 21 one-bedroom, 22 two-bedroom, 29 three-bedroom, and six four-bedroom apartments.  

The effort was a collaborative one, with support from New York State Comptroller Thomas P. DiNapoli, HUD, The Community Preservation Corporation (CPC), New York State Homes and Community Renewal, Bluestone Developers, Inc., and Apollon Group.

“Making sound investments is crucial to my job as trustee of the Common Retirement Fund,” said Thomas P. DiNapoli, New York State Comptroller. “In addition, this investment with the Community Preservation Corporation has an added benefit of making affordable and green housing more accessible for low-income families.”

“Thanks to innovative investment from the New York State Common Retirement Fund, CPC was able to provide Cow Bay with a $10.15-million fixed-rate loan, which helped finance a green retrofit to make the complex more energy efficient and guaranteed that low-income residents would continue to have an affordable home for years to come,” said Rafael E. Cestero, president and chief executive of The Community Preservation Corporation, a nonprofit mortgage lender.

CPC’s construction loan is supported by the New York State Common Retirement Fund, which helps finance affordable housing in New York State. In addition, the project received a $270,000 grant from Nassau County, which was paid when the construction loan converted to permanent financing, as well as a new 20-year HAP contract from HUD, and is insured by The State of New York Mortgage Agency, one of the housing agencies within HCR. 

George Fakiris, of Apollon pledged $700,000 to back the required letter of credit in an effort to facilitate the closing of the mortgage.

Standing at the podium, North Hempstead Supervisor Jon Kaiman commented that just one day earlier he had proposed a new plan to restore parkland at nearby Harbor Homes. At Tuesday’s Cow Bay Apartment ribbon-cutting, he praised “preserving the environment and promoting public-private partnerships.”

Brian G. Staley, Sr., chairman of Cow Bay HDFC, called described the complex as “the new and improved Cow Bay,"  and hoped "that these updates will allow residents to live here affordably and sustainably for years to come.” 

For more on the complex, watch the video for Staley's insights on how the community worked together. 

Diane M. Pape October 24, 2012 at 03:12 PM
How can a struggling family get an apartment here? Near foreclosure and a step away from a homeless shelter this would be a nice place to live.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »