“Building mixed-income communities in Westchester would not be possible without partners like Community Capital New York. We are thankful for their support of this project and prior work in Yonkers.” – Lauren Hauck, Development Project Manager at The Community Builders
We are proud to be part of a multi-year project team dedicated to redesigning Cottage Place Gardens, an outdated, low-income public housing complex. The Community Builders, a leading nonprofit affordable housing developer, has been at the helm of the partnership, including the City of Yonkers and many other government agencies.
Together, the goal is to create new, modern homes in a beautiful community setting that will serve Yonkers residents with a mix of incomes as low as 30% of area median income up to market rate.
In 2014, we helped launch the process with a $500,000 pre-development loan to The Community Builders to complete the feasibility studies needed to secure $27 million in construction and permanent financing.
We extended an additional $800,000 Pre-Development Loan two years later to help launch phase five of this fantastic redevelopment now branded as “The Ridgeway.” Upon full completion, the project will provide 500 units of housing for Yonkers residents.