Sterling National Bank, the principal subsidiary of Sterling Bancorp (NYSE: STL), announced today that it has provided a credit facility totaling $25.2 million to Newburgh CORe Neighborhood Revitalization, an affordable housing initiative in Newburgh, NY. The credit facility includes an $11.2 million construction loan and a direct equity acquisition of the Low Income Housing Tax Credits, Federal Historic Tax Credits and NYS Historic Tax Credits for $14 million. The deal closed on February 28, 2017.
Newburgh CORe Neighborhood Revitalization is historic rehabilitation and renovation of 45 mixed-income affordable rental apartments clustered across 15 buildings within a four-block area, a qualified low-income census tract in the City of Newburgh. The project will provide permanent affordable housing for homeless individuals, middle-income families, artists, veterans and seniors with modest means. Twelve of the units will be designated with preference to households involved in artistic and literary endeavors.
"We are committed to reinvesting in our local communities, and proud to provide financing for this important project in Newburgh, which will play an important role in revitalizing a neighborhood in need," said Vincent Maine, Senior Managing Director of Community Development at Sterling.
Read the full press release on our Investor Relations website.