SPRING VALLEY, N.Y. — Hudson Valley Property Group (HVPG) has acquired two affordable housing communities in the New York City suburb of Spring Valley $25.8 million.
The properties include the 114-unit Lakeview Village, which is reserved for seniors, and the 76-unit Highview Apartments, which is reserved for families.
Affordability restrictions at the property were set to expire in 2022. With Low-Income Housing Tax Credits (LIHTC), HVPG will acquire the properties, complete renovation upgrades and keep rents affordable for the long term. All apartments will be income-restricted to tenants earning 60 percent of the area median income (AMI) or less.
The properties are scheduled for $44 million in renovations that will modernize the two communities.
Combined, the two properties feature 16 studio, 151 one-bedroom, 32 two-bedroom and 21 three- to five-bedroom units.
HVPG plans to offer various recreational and educational programs based on resident needs. These may include wellness programs, financial education seminars and seasonal celebrations.
Support for the acquisition came from the U.S. Department of Housing and Urban Development, the Rockland Housing Authority, the Village of Spring Valley and the Town of Clarkstown. Red Stone was the lender. The law firms of Nelson Mullins Riley & Scarborough and Nixon Peabody represented HVPG in the transaction. SVN Affordable | Levental Realty was the exclusive listing broker.