YONKERS, N.Y. -- Community Capital New York, Inc. provided $400,000 through its Predevelopment Housing Loan Fund (PDL) to support the redevelopment of the Cottage Place Gardens Housing Project by The Community Builders, Inc. (TCB).
The 188 Warburton project is one of several redevelopment phases undertaken by TCB and the Municipal Housing Authority for the City Yonkers to transform the Ashburton Avenue and Warburton-Ravine neighborhoods by supplanting two deteriorating buildings at the Cottage Place Gardens public housing site with diverse, sustainable, LEED-certified affordable residential buildings for families.
Warburton will provide 51 apartments affordable to families earning 30 percent to 60 percent of average median income.
TCB is one of the nation’s largest and most accomplished non-profit affordable housing developers. “This funding represents the positive momentum occurring right now in Yonkers as we revitalize our neighborhoods and improve the lives of the residents who live here,” said Mayor Mike Spano. “I want to extend our thanks to Community Capital New York for its support in providing quality, affordable housing for Yonkers residents to this deserving area that we hope will be designated a Choice Neighborhood by HUD.” Community Capital New York’s PDL provides seed money for affordable housing development in the lower Hudson Valley, Fairfield County and the Bronx and is used by developers to pay for expenses incurred before breaking ground, and very often before a project has received municipal approvals and financing commitments.
“Community Capital New York has been financing affordable housing in Yonkers for more than 25 years and we are pleased to be supporting the City’s urban renewal strategy and The Community Builders in the revitalization of Ashburton Avenue and the Warburton-Ravine neighborhoods,” said Community Capital’s Executive Director Kim Jacobs. “These new, modern and beautiful affordable buildings will transform the lives of current Cottage Place Gardens residents just as they will be transformational for the city as a whole."
Click here to sign up for Daily Voice's free daily emails and news alerts.