Town of Ramapo

January 4, 2012
Supervisor St. Lawrence Repays Provident Bank More Than $5 Million After Building Successful Affordable Housing Project
 

Supervisor St Lawrence with $5m check for Provident

 

Ramapo Supervisor Christopher P. St. Lawrence, who also serves as President of the Ramapo Local Development Corporation (RLDC), announced that the RLDC paid Provident Bank more than $5 million last month towards repayment of a construction loan for building the Ramapo Commons housing development.

 

The Ramapo Local Development Corporation, which was formed by the Ramapo Town Board to serve as a supporting organization for the Town of Ramapo and to act in furtherance of the Town's mission in the areas of affordable housing and economic development, is spearheading an innovative initiative to construct a new affordable work-force housing development on an 8-acre site on Elm Street in Ramapo.

 

Presently, there are four buildings (a total of 48 condominium units) that were constructed as part of Phase 1 of the 3-phase plan.  When the project is completed, there will be a total of 132 housing units in 11 buildings.

 

The RLDC obtained $13.5 million in financing from the Montebello-based Provident Bank in order to fund the construction of Phase 1 of the Ramapo Commons project. Last month, the RLDC repaid $5,282,000 of the construction loan.  Supervisor St. Lawrence said he anticipates that the balance of the construction loan will be completely repaid over the next months.

 

"There is a tremendous need to construct quality residential housing in the Town of Ramapo that will enable families to achieve the dream of home ownership, and we are very proud that we have addressed that need," said Supervisor St. Lawrence.  "I am especially grateful to Provident Bank for partnering with the Ramapo Local Development Corporation to help develop the Ramapo Commons project, and I am extremely proud of the fact that we were able to repay the bank more than $5 million in just one month.  By continuing to work with Provident Bank, we will be able to further our mission of providing housing opportunities. The Ramapo Local Development Corporation used no taxpayer or town funds to repay this loan."