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Mid-Hudson REDC and The Community Builders, Inc. Break Ground at Schoolhouse Terrace at Croton Heights in Yonkers

$62.9 Million Development Brings Housing, Jobs to Area
(September 16, 2013)

Mid-Hudson REDC and The Community Builders, Inc. Break Ground at Schoolhouse Terrace at Croton Heights in Yonkers

The Mid-Hudson Regional Economic Development Council (MHREDC) and The Community Builders, Inc. (TCB) today announced the start of construction at Schoolhouse Terrace at Croten Heights in the City of Yonkers. The 121-unit mixed-income housing development is breaking ground on the strength of a $29.6 million in award received as part of Governor Andrew M. Cuomo’s Regional Council initiative. Schoolhouse Terrace at Croton Heights will transform the site of the blighted and long-abandoned Public School 6, which was demolished as part of this project. Schoolhouse Terrace at Croton Heights will offer apartments for seniors and families of all incomes and has the potential to create more than 350 construction jobs and five permanent jobs with a total project cost of $62.9 million.

“This is truly a transformational project and the MHREDC is proud to be a strong partner in the redevelopment of this longtime vacant site in the Yonkers community,” said MHREDC Co-chairs Dennis Murray, President of Marist College and Leonard S. Schleifer, MD, PhD, President & CEO, Regeneron Pharmaceuticals, Inc. “Schoolhouse Terrace was awarded more funding than any other project in our region during the first round of the regional council process. It will help ensure that seniors and families of all incomes in our area have access to quality and affordable housing for years to come, while providing a significant economic impact for our community.”

“Governor Andrew Cuomo's Mid-Hudson Regional Economic Development Council is working with The Community Builders and local partners to replace a long-abandoned property with an attractive, high-quality development that will provide affordable homes and spur economic activity,” said Darryl C. Towns, Commissioner/CEO of New York State Homes and Community Renewal (HCR). “This is an important revitalization project that will help Yonkers thrive. Congratulations to TCB, Mayor Spano, the Mid-Hudson Regional Economic Development Council, HUD, and all of our state and private partners on reaching this milestone today.”

Schoolhouse Terrace at Croton Heights will feature a 70-unit building for families earning less than 30 percent of the area median income (AMI) to less than 60 percent of AMI. A second building on the site will have 50 units for seniors earning less than 50 percent of AMI. The new buildings will sit atop two underground parking garages with 134 spaces to accommodate resident needs. An additional 2,400 square feet of community space are also included in the development. The development will meet both U.S. Green Building Council LEED® and NYSERDA Multifamily Performance Program standards.

“The Community Builders is proud to transform the old Public School 6 site into beautiful mixed-income housing,” said Bart Mitchell, president and CEO of The Community Builders, Inc. “The Schoolhouse Terrace at Croton Heights development will be a platform for opportunity for residents and a terrific addition to the neighborhood.”

Yonkers Mayor Mike Spano said, “Today we are transforming what stood for years as a symbol of neglect and deterioration into a symbol of hope and new opportunity, providing quality, environmentally sustainable, affordable housing for Yonkers families, seniors and newcomers to our city.”

In 2011, Governor Cuomo redefined the State’s approach to economic development by establishing 10 Regional Economic Development Councils (REDC) across the State. The REDC and Consolidated Funding Application (CFA) process have transformed economic development in New York State, creating a statewide framework for bottom-up regional economic growth. As part of the first round process, Schoolhouse Terrace was awarded $29.6 million from New York State Homes and Community Renewal, the largest award in the Mid-Hudson Region.

Additional funding partners include the City of Yonkers, TCB, MHACY, RBC Capital Markets, M&T Bank, The Bank of New York Mellon, Federal Home Loan Bank of New York, New York State Energy Research Development Authority (NYSERDA), New York State Department of Environmental Conservation, and the U.S. Department of Housing and Urban Development (HUD).

“HUD is proud to be part of a local vision that seeks to transform an untapped and neglected area into a mixed-income development rich with hope and opportunity,” said Acting Regional Administrator Mirza Orriols. “We are also pleased to be part of a very unique public-private partnership that was passionate about creating safe and affordable housing. Collaboration, cooperation and strong partnerships are the essence of vibrant communities, and that’s why I would like to congratulate all of our partners for their commitment and contribution in bringing to fruition Schoolhouse Terrace at Croton Heights.”

About The Community Builders, Inc.
The Community Builders, Inc. (TCB) is the leading nonprofit developer of mixed-income housing in the United States. Our mission is to build and sustain strong communities where people of all incomes can achieve their full potential. We realize our mission by developing, financing and operating high-quality housing and implementing neighborhood self-help initiatives to drive economic opportunity for our residents. Since 1964, we have constructed or preserved over 320 affordable and mixed-income housing developments and secured over $2.5 billion in project financing from public and private sources. Today, we own or manage more than 10,000 apartments in 14 states and Washington, D.C. We are headquartered in Boston with regional hubs in Chicago and Washington.

About the Regional Councils
The Regional Economic Development Council initiative is a key component of Governor Andrew M. Cuomo’s transformative approach to State investment and economic development. The Councils are public-private partnerships composed of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. As a result of the first two rounds of awards, $1.5 billion in resources have been awarded to support more than 1,400 regionally significant economic development and community revitalization projects that are creating or helping to retain an estimated 75,000 jobs across the Empire State and generating investments to grow the economy.