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QUEENSBURY--Queensbury residents have 128 new moderately-priced apartments thanks to a $6.7 million investment by the New York State Common Retirement Fund and its partner, the Community Preservation Corporation.
The Common Retirement Fund is financing a permanent loan of $6.7 million for the project, according to state comptroller Alan G. Hevesi. The fund's permanent loan will replace a $6.7 million construction loan provided by the Community Preservation Corporation (CPC), a not-for-profit mortgage lender. Since 1992, the Retirement Fund has committed more than $400 million to CPC for affordable housing projects throughout New York State.
"CPC's partnership with the Common Retirement Fund has been critical to our ability to develop affordable housing in upstate New York," said Michael D. Lappin, president and CEO of CPC. "We plan to continue to expand our ability to lend in the rural, urban and suburban areas of upstate to provide vitally needed quality affordable housing for New York State's low-, moderate- and middle-income families."
Developer Richard Schermerhorn, Jr. and Beth Schermerhorn, who have built several other projects in Queensbury with the State Pension Fund and the Community Preservation Corporation (CPC), recently completed construction of Northbrook Apartments at 3 Dove Way. The 128 units are spread among 16 two-story buildings, and each unit features two bedrooms and 1 full bathroom. Rents for these garden style apartments range from $647 to $665. Each apartment has either a patio or balcony. By building in Queensbury, the Schermerhorns are taking advantage of the town's proximity to Glens Falls and the greater Albany area. Its location makes it an easy to commute to the capital, and it is an excellent location for working families.
The New York State Common Retirement Fund is the pension fund for employees of New York State and most local governments. With about $128 billion in total assets, it is the second largest public pension fund in the United States. Comptroller Hevesi is the Fund's sole trustee and as such, oversees its investments including the partnership with the Community Preservation Corporation.
The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multi-family development throughout New York and New Jersey. Since its founding in 1974, CPC has invested more than $4.5 billion in more than 114,000 units of housing in New York and New Jersey. 11-21-05
© 2005 North
Country Gazette
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