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Low Rent for High Risk Work

New construction on South Broadway in Nyack includes below-market rents for some of Nyack’s firefighters.

The historic Tappan Zee Playhouse, vacant since the 1970s, was demolished to make way for the three-story building which includes ten new affordable rental apartments for volunteer firemen.

The units are reserved for tenants earning up to 80 percent of the AMI. The building, located at  will get at 20 South Broadway, includes a 5,000-squarefoot Wig Wam food market, the largest food market in the village.

KeyBank provided developer Sapounas, Inc., with $2.8 million in construction and permanent financing for the housing portion. A $717,000 low interest U.S. Small Business Administration 7(a) loan and a $100,000 express line of credit will finance the Wig Wam. Other financing includes $550,000 in soft HOME financing from Rockland County and an $800,000 Rockland County Sec. 108 low-interest subordinate loan.

Source: HousingFinance.com

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