Hudson Valley Property Group Buys Two Affordable Housing Communities in Spring Valley, New York

SPRING VALLEY, N.Y. — Hudson Valley Property Group has purchased two affordable housing communities totaling 220 units in Spring Valley, about 35 miles north of New York City. The properties include the 144-unit Lakeview Village and the 76-unit Highview Apartments. The new ownership plans to invest in capital upgrades to preserve affordability; all apartments will subsequently be restricted to tenants earning 60 percent or less of the area median income (AMI). Renovations will include energy-efficient upgrades such as Energy Star-rated appliances, high-efficiency heating and cooling systems and LED bulbs; updated bathrooms and new flooring; ventilation upgrades; and other cosmetic improvements. Plans are also in place for common spaces to receive green building and cosmetic upgrades.