Public Private Partnership of Over $2.5 Million

Hempstead, N.Y. - Nassau County Executive Tom Suozzi today joined the Long Island Housing Partnership and a private developer (Hempstead LLC and 20 Wendall LLC) in announcing a successful private/public partnership, Cedar Valley Cooperatives in the Village of Hempstead. Cedar Valley’s 130 units of studio, one and two-bedroom apartments have been completely renovated and each unit is being sold at affordable prices. Nassau County has allocated $500,000 in homeownership assistance for 20 eligible applicants which LIHP is administering.

“Cedar Valley is where opportunity and value meet,” stated the County Executive. “This is a very attractive product at affordable prices; a model for Workforce, Next Generation housing in Nassau County and for public/private partnership. All of these apartments have attractive financing put into place and they are selling quickly at prices significantly less than similar Coop units in adjoining neighborhoods.”

Total renovation costs to both common areas and the apartment units is almost $2,000,000, and includes new hallways, lobby, elevator upgrades, landscaping, rehab of the balconies, parking lot and boiler work, among other items. Each unit has been upgraded with completely renovated kitchens and baths, yet they are sill affordable, reflecting true Next Generation Housing. Studios are $70-80,000; 1 bedroom unites range from $90,000 to $120,000 and two bedroom units are $140,000 to $160,000. As of March 17th there have been 16 closed sales and 16 signed contracts.

“Cedar Valley is an example where government, private and not-for-profit sectors meet to provide housing opportunities in Nassau County,” stated Peter Elkowitz, President and CEO of the Long Island Housing Partnership.

Public Private Partnership of Over $2.5 Million With $500,000 in Homeownership Assistance for Work Force Housing in Nassau County