Community Access and Alembic Development Company Break Ground on a $37 Million, 105...

Community Access and Alembic Development Company Break Ground on a $37
Million, 105 Unit Project of Affordable Housing in the Bronx

Precedent-Setting Partnerships with State Agencies Represents a Model for
Integrating People with Disabilities into Affordable Housing in New York State

NEW YORK, June 24 /PRNewswire-USNewswire/ -- Commissioner Deborah VanAmerongen
of the NYS Division of Housing and Community Renewal (DHCR); Priscilla
Almodovar, President and Chief Executive Officer of NYS Housing Finance Agency
(HFA); Michael Newman, Director, Bureau of Housing Development, OMH; Gloribel
M. Cruz, Vice President, Affordable Housing Finance, HSBC Bank USA, N.A.; Bill
Traylor, President, Richman Housing Resources, LLC; and Diane Louard-Michel,
Director, NY Program, Corporation for Supportive Housing (CSH), joined
Community Access and its partner, Alembic Development Company to break ground
on a $37 million project that will create 105 units of affordable housing on
Cedar Avenue, in the Morris Heights section of the Bronx.

The intricate financial package for the project includes funding from multiple
public and private sources, including DHCR, NYS Office of Mental Health (OMH),
as well as the sale of $26.9 million in bonds by HFA. The project is also
financed by the sale of low-income housing tax credits syndicated by Richman
Housing Resources, LLC. HSBC Bank USA, N.A. provided the letter of credit and
the Corporation for Supportive Housing provided a pre-development loan.

As the first housing development in NYS to blend OMH and HFA funds, Cedar
Avenue will establish a precedent for integrated, affordable housing in New
York State. Of the 105 apartments, 55 will be available to individuals
recovering from mental illness, and 50 units will be available to households
earning less than 60% of the area median income.

Steve Coe, the CEO of Community Access said, "when individuals with
psychiatric disabilities live in the same building as families from the
community, a shift occurs; the stigma associated with mental illness is
lifted, and everyone begins to view each other as neighbors."

"We are proud to work with Community Access and our partners in government to
make this development a reality," said Priscilla Almodovar, President and
Chief Executive Officer of the New York State Housing Finance Agency. "The
Paterson Administration puts a priority on including supportive housing within
the projects we finance. By setting aside 55 units for residents with special
needs, Cedar Avenue will provide permanent housing and help improve the lives
of dozens of New Yorkers who need extra support."

Deborah VanAmerongen, Commissioner of DHCR said, "I want to thank Community
Access for partnering with DHCR and other state agencies on what is certain to
serve as a model for the future. This development will stand as another
example of Governor Paterson's commitment to increasing access to affordable
and supportive housing for people with disabilities and for working families
across the state."

OMH Commissioner Hogan stated, "Community Access, HFA and our other partners
are creating a win-win for individuals living with mental illness as well as
low-income families from the neighborhood."

The Cedar Avenue development will be built on 88,000 square feet and will
feature a variety of services and amenities, including:

-- 40 2-bedroom units; 5 1-bedroom units; 60 studios
-- 24/7 front desk service
-- Security cameras in all interior and exterior public areas
-- Library and computer center with free high-speed WiFi Internet access
-- 28 parking spaces
-- Community room
-- On-site support staff
-- Backyard with play area for children

Peter L. Woll Architect P.C. was tapped to design the building, while HLS
Builders Corporation was selected as the contractor.

Community Access assists people transitioning from hospitals and institutions
to independent living through supportive housing, advocacy and employment
programs. Community Access owns and operates 13 buildings in Manhattan, the
Bronx and Brooklyn, as well as 60 scattered site apartments, and has created
more than 850 units of affordable housing for low-income families and mentally
ill individuals since it was founded in 1974.

Founded in 2004, Alembic Development Company plans, finances, and builds
affordable and special needs housing and community facilities in collaboration
with nonprofit organizations and residents.

SOURCE Community Access

Lenore Neier of Community Access, +1-212-780-1400, X 7791