Community Capital New York celebrated the ground breaking of the $27 million second phase of the redevelopment of the city’s Cottage Place Gardens housing project in southwest Yonkers yesterday. The new 62,000 square foot energy efficient building will be located at 188 Warburton Avenue and contain 51 affordable rental apartments.
The Community Builders, Inc. received a $400,000 loan from Community Capital New York’s Predevelopment Housing Loan Fund for the design and engineering of 188 Warburton Avenue. The new building will replace two deteriorating buildings in the Cottage Place Gardens public housing project. 188 Warburton Avenue is expected to generate 100 construction jobs.
Joseph Shuldiner, executive director of the Municipal Housing Authority, said the Cottage Place Gardens project is part of the city’s ongoing redevelopment of the Ashburton Avenue corridor. “With this project, we have 227 new units of housing and $100 million in construction,” Shuldiner said in a press release.
Yonkers Mayor Mike Spano at the groundbreaking ceremony said the city and its federal, state, private and community partners are “building a stronger, a more sustainable community for residents.”
“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 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 has been financing affordable housing in Yonkers for over 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. We believe that affordable housing creates stronger communities and we are delighted to be able to continue to provide TCB with predevelopment funds towards the next phase of the Cottage Place Gardens redevelopment, in which TCB will construct 72 new townhomes for a mixed-income population of families.”
TCB’s CEO Bart Mitchell agrees: “We are committed to the Yonkers neighborhoods and proud to partner with Community Capital in this newest investment to transform the Cottage Place Gardens Housing Project into vibrant and environmentally sustainable mixed-income housing. The 188 Warburton development will be a platform of opportunity for residents, as well as a driver of revitalization for the broader neighborhood.”
“We are extremely pleased to have this support from Community Capital for our project with TCB,” noted Joseph Shuldiner. “This funding will support the continued redevelopment of this important Yonkers community.”
About Community Capital New York: A not-for-profit microfinance lender, Community Capital empowers poor, underserved, hardworking people to become stakeholders in a more inclusive economy through a combination of education and innovative financing. Community Capital serves as an economic catalyst in creating vibrant, diverse and prosperous communities.
Over the last 25 years, Community Capital has leveraged investments of more than $362 million in Westchester and surrounding counties and helped bring $10 million in tax revenues to our region on an annual basis. Community Capital’s loans have also helped create more than 3,000 jobs and supported the creation or preservation of 2,300 affordable homes.
About The Community Builders, Inc.
The Community Builders, Inc. (TCB) is one of America’s leading nonprofit real estate developers and owners. 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.