Dignitaries cutting ribbon at Buttermilk Falls Townhomes were, left to right
Susan Cummings – Ulster County Legislator
Chuck Snyder – RUPCO Director of Real Estate
Rev. Raymond Younger – Ellenville Village Board
Ed Jennings – Supervisor, Town of Warwarsing
Jeff Kaplan – Mayor of Ellenville
NYS Senator John Bonacic
NYS DHCR Commissioner Deborah VanAmerongen
RUPCO Executive Director Kevin O’Connor
Assemblyman Kevin Cahill
Congressman Maurice Hinchey
Ulster County Executive Mike Hein
Ulster County Comptroller Elliott Auerbach
Community Preservation Corporation Rep Mary Paden
RUPCO Board President Tom Collins

Ellenville, NY -- 8/31/2009 — After nearly five years of planning, designing, and building, many of Ulster County’s elected and appointed officials joined New York State Division of Housing and Community Renewal Commissioner Deborah Van Amerongen as she cut the ribbon on 15 brand new townhomes in Ellenville Monday morning.  Congressman Maurice Hinchey, State Senator John Bonacic, State Assemblyman Kevin Cahill, and Ulster County Executive Michael Hein were among those celebrating with Community Preservation Company’s Mary Paden and the Rural Ulster Preservation Company (RUPCO) officials, who constructed the affordable townhomes will now actively seek to sell the units to people earning either 80% of 100% of Ulster County’s median area income.

Ellenville Mayor Jeff Kaplan and Warwarsing Supervisor Ed Jennings were also on hand for the event where the Rev. Raymond Younger an Ellenville trustee, offered a benediction. They lauded the $3.4 million project, constructed on an infill site adjacent to one of the community’s park areas.  RUPCO Executive Director Kevin O’Connor was optimistic that units would sell quickly noting federal and state tax rebate programs that could return $15,000 or more to buyers who close on their properties before the end of November.  O’Connor indicated that his NeighborWorks® HomeOwnership Center would assist first time home buyers with training classes and in some cases, with grants to assist with down payment and closing costs.

“Now is a good time to buy,” said O’Connor “and we’ve actually had five serious inquiries already.”  The director said that in addition to being affordable to purchase, the units will also be affordable to maintain.   “In this complex, we built New York ENERGY STAR® Homes. The cooling systems here will be 30% more efficient than what is required in New York’s new and stringent building codes and our heating systems will be 60% more efficient.  We are really proud of the sustainability work we’ve done here and think it bodes well for the people who will live here and for the community as a whole.”

O’Connor indicated that the townhomes opened Monday were the culmination of a major effort in Ellenville that included two separate Main Street rehabilitation grants, a Park Circle revitalization program and a rehab program in the Kosser Place portion of the community.  “Our staff, partners and funders have invested over $4 million in Ellenville.  Today, we get to celebrate that work and invite the world to come and see what a great community this is.”

The Community Preservation Corporation (CPC), a not-for-profit mortgage lender, provided a $2.48 million construction loan for the project as well as a $150,000 grant to help write down the purchase price of the homes. “We are very pleased to continue our partnership with the state to help provide much-needed affordable housing opportunities for residents in the Hudson Valley,” said Douglas L. Olcott, Vice President of CPC’s Hudson Valley Office in Hawthorne.

The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $7 billion in more than 150,000 units of housing.

As a leading agency in housing and community development, RUPCO advocates for and creates housing choice in the Hudson Valley region. A broad approach toward mission and vision, allows RUPCO to leverage federal, state and local grants along with rents, fees, private support and sponsorships to achieve community goals. Through its NeighborWorks® HomeOwnership Center, its Rental Assistance Department and its Property Management unit, RUPCO does more than just put a roof overhead for thousands of county residents each month. More information on RUPCO and all of its programs is available at www.rupco.org or by calling 845-331-2140.

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