Spring Valley Apartments Remain Affordable in Modernization Plan


PRINTEMPS VALLEY – Two former village residents plan to redevelop two of the village’s housing complexes and keep the 220 units affordable for seniors and other low-income tenants.

The Hudson Valley Real Estate Group paid $ 25.7 million for Village with lake view on Memorial Park Drive and the HighView Apartments at 105 Fred Hecht Drive in the Hill section of the village, according to the company.

Backed by possible federal tax credits, the award is part of a $ 44 million redevelopment that the company says includes apartment renovations, exterior building repairs, additional security systems and the preserving the affordability of the 144-unit senior citizen complex in Lakeview Village and the 76 family units in Highview.

Multi-million dollar renovations are planned for Lakeview Village Apartments in Spring Valley.  Wednesday 13 October 2021.

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Group directors, former Spring Valley residents Jason Bordainick, 40, and Andrew Cavaluzzi, 41, say the redevelopment will modernize the resorts and improve the quality of life for residents.

Bordainick is CEO of the group and co-founder with Cavaluzzi. Bordainick’s father, Izzy, is the former principal of North Rockland High School and district staff chief. Cavaluzzi’s father Robert taught English at Spring Valley High School and his mother taught Spanish at college.

“Preserving quality affordable housing is an extremely important way to protect our most vulnerable populations,” said Bordainick. “Once our renovations are completed, residents will have a clean, bright and safe space where they can feel at home with services designed to meet their needs. “

Jason Bordainick, right, and Andrew Cavaluzzi, left, both raised in Spring Valley, have formed a company that renovates homes and keeps rents affordable.  Their company purchased 220 units from Lakeview Apartments and HighView Apartments in Spring Valley.

Cavaluzzi said the budget allocates $ 50,000 per apartment. Planned work includes new flooring, light fixtures, kitchen appliances, lighting and a functional laundry room. He said the upgrade includes masonry work on the buildings, changing the color to blood red.

“The idea and the goal is to create places where people feel really good in their lives,” Cavaluzzi said. “We want people to feel comfortable, safe and proud of where they live.”

Brenda Lubin, 20, said she hopes the promises will be kept. She said renovated apartments and improved security would be welcome, along with keeping rents affordable.

“The idea is good, especially with the economy we live in,” said Lubin, wearing an East Ramapo Titans shirt and sitting in her car in the parking lot. She coaches modified women’s volleyball.

“It will be good to see a little change,” she said. “Many families have low incomes and work. Rents must be affordable.

Transform Spring Valley

Bordainick and Cavaluzzi started the business after being inspired by the housing inefficiencies they observed in their community, especially for low-income families, according to a company statement announcing the plans.

Over the past decade, they have preserved more than 8,200 affordable housing units in New York City and surrounding areas, the statement said.

Multi-million dollar renovations are planned for Lakeview Village Apartments in Spring Valley.  Wednesday 13 October 2021.

Spring Valley is home to many rental apartment complexes across the diverse 2½ square mile community. Several have been purchased and redeveloped, such as some along Union Road.

Some of the resorts include the 146-room Gesner Apartments across from Union Road on Maple Avenue, while the 178-room units Hickory House on Main Street has shareholders. The main street is lined with apartments above stores as well as a housing complex on Maple Avenue from the village’s urban renewal project.

Along with the redevelopment of housing on the Hill Section with HighView Apartments on Bethune Boulevard, village neighborhoods and some rental complexes have shifted from predominantly working-class tenants and people of color to Hasidic Jewish families.

Reorganization of the federal tax credit fund

The Hudson Valley Property Group statement said affordability restrictions on Lakeview and HighView were due to expire in 2022 when Cavaluzzi said renovations were to begin.

Multi-million dollar renovations are planned for High View Apartments in Spring Valley.  Wednesday 13 October 2021.

Financing of the redevelopment: Housing tax credits for low-income people

The company is working to secure funding from a federal government grant program – the Housing tax credits for low-income people – for the renovation. All apartment rents will be limited to the income of tenants earning 60% of the region’s median income or less.

The low-income housing tax credit program, created by the Tax Reform Act of 1986, is the federal government‘s primary policy tool for the development of affordable rental housing. The Hudson Valley Property Group, in its statement, said it acquired 2,863 apartments through tax credits.

Tax credits are given to developers to offset the cost of building rental housing in exchange for agreeing to reserve a fraction of the limited rental housing for low-income households.

Developers can claim the tax credits in equal amounts over 10 years once a property is completed and available for rent. The program is estimated to cost the government an average of $ 10.9 billion per year.

Anthony Cavaluzzi, co-founder of Hudson Valley Property Group pictured at High View Apartments in Spring Valley on Wednesday October 13, 2021.

Renovation plans for the two complexes

The 220 units at the two developments include 16 studios, 151 one-bedroom apartments, 32 two-bedroom apartments, and 21 three- to five-bedroom apartments.

Cavaluzzi said work on the two complexes will proceed simultaneously, with completion within 12 to 15 months. He estimated that each apartment will take around two weeks. A hospitality suite will be available during working hours for tenants.

The renovations will also include energy efficient upgrades such as Energy Star qualified appliances, high efficiency heating and cooling systems and LED bulbs, according to the company.

The renovations will provide updated bathrooms and new flooring; ventilation improvements; and other cosmetic improvements. Plans call for common areas to receive green building and cosmetic upgrades and for security cameras to be installed in all properties.

Bordainick and Cavaluzzi said that depending on the needs of tenants, there could be recreational, educational, wellness programs, financial education seminars and seasonal celebrations.

Multi-million dollar renovations are planned for Lakeview Village Apartments in Spring Valley.  Wednesday 13 October 2021.

The group will have a private company to oversee the management of the property, including security, general and preventive maintenance and emergency repairs, financial reporting and tenant recertification.

Cavaluzzi said the resorts are their first venture in Rockland. He said that the fact that they grew up in Spring Valley and attended local schools makes the projects very special.

Steve Lieberman covers government, breaking news, courts, police and investigations. Contact him at [email protected] Twitter: @lohudlegal. Read more articles and biography. Our local coverage is only possible with the support of our readers.

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