"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We are proud to be part of a multi-year project team dedicated to redesigning Cottage Place Gardens, an outdated, low-income public housing complex.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 that includes the City of Yonkers and many other government agencies, to create new, modern homes in a beautiful community setting that will serve Yonkers residents with a mix of incomes as low as 30 percent of area median income up to market rate.
"We got the ball rolling in 2014 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," says Elissa Bard, Community Capital's Vice President of Housing. Two years later, we extended an additional $800,000 pre-development loan 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.