CPC helps finance apartments that provide independent living.

The Community Preservation Corporation (CPC), a non-profit affordable housing lender, in partnership with Concern for Independent Living, Inc., the developer, joined state and local agencies to celebrate the grand opening of Pollack Gardens, a custom designed 50-unit studio apartment complex exclusively for persons recovering from psychiatric disabilities.

To help build the project located at 191 Main Street (Montauk Highway/27A), CPC provided the developer with a $5.6 million loan. CPC also provided a permanent loan of $5.2 million to retire the construction financing at the time of completion.

Additional construction financing included a $1.67 million loan offered by the New York State Office of Mental Health, and tax credits of $2.8 million syndicated by Enterprise Social Investment Corporation. Additional lenders include the Federal Home Loan Bank, Astoria Federal Savings Bank, Suffolk County, and the Town of Islip.

Over the past six years CPC has invested more than $45.45 million on Long Island and a statewide total of $62.3 million in construction and mortgage loans to independent, community-based developers who build or restore small scale residences for people with psychiatric and physical disabilities. CPC has financed 21 projects on Long Island, serving 322 persons with disabilities.

Five state agencies worked together to bring this project to completion--the New York State Office of Mental Health, New York State Division of Housing and Community Renewal, Commission on Quality Care, New York State Housing Finance Agency and the Department of Health.

Chris Betts, vice president and regional director of CPC's Albany office, said, "The coalition between CPC, Concern for Independent Living, New York State, Enterprise and the lending community transformed a blighted, poorly run adult home into quality housing representing one potential solution to the longstanding problem New York State faces regarding housing for people with mental illness."

Betts added, "Long Island projects account for more than half of CPC's statewide special needs total. And on Long Island, as in the rest of the state, CPC's borrowers are not experienced developers. They are on-site special needs service providers who are trained by CPC to become experienced developers as well."

Pollack Gardens comprises an extensively rehabilitated 17,000-square-foot building originally constructed in 1973 and used as a 64-bed group home. New construction was added to complete the 25,000-square-foot property, which also includes a kitchen and bathroom in each rental unit, and a congregate kitchen, exercise room, computer room and lounges. This project is one of three in Suffolk County where Concern is converting large, overcrowded adult homes into high quality housing units.

Deborah VanAmerongen, commissioner New York State Division of Housing and Community renewal, said, "Pollack Gardens is a shining example of what government can accomplish when it engages with the private sector to address an intractable problem. Because of the leadership of Concern for Independent Living, the support of CPC, and the commitment of no less than five state agencies, the residents of Pollack Gardens will have a chance to move toward recovery in the most integrated setting possible. I am gratified that DHCR's allocation of Low Income Housing Credit helped bring $2.8 million to the table, and proud of the important role we played in this effort."

Robin Krajewski, director of the Long Island Field Office for the New York State Office of Mental Health said, "I congratulate Ralph Fasano, Director, and the staff of Concern for Independent Living, for having the vision and drive to make Pollack Gardens what it is today. We are all committed to providing safe, decent and affordable housing for those with mental illness."