2005 Section 108 Project Summary - New York

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Economic Development

County Draperies Project
BORROWER: MIDDLETOWN
STATE: NY
SECTION 108 LOAN GUARANTEE AMOUNT: $668,000

Lowell will use its Section 108 Guaranteed Loan to make a loan to Carsar Realty Corporation in order to assist in financing renovation of the County Draperies, Inc. building, a manufacturer of draperies, bedspreads, and related items for the hospitality, governmental, cruise ship, commercial, and health care industries. County Draperies, Inc. will renovate a 68,590 sq. ft. building on 10.8 acres as part of a $1.67 million project that will expand the building and consolidate its existing manufacturing functions in one location that is around the corner from its existing location in Middletown. Carsar Realty will lease the premises to the City of Middletown’s Industrial Development Agency (IDA) and the IDA will then sublease the property back to Carsar Realty, which will sub-sublease it to County Draperies, the manufacturing company that will create the jobs anticipated for this project. The project will benefit low- and moderate-income persons through the creation of 23 new full-time jobs.

Public Facilities

Head Start Park-Village of Spring Valley
BORROWER: ROCKLAND COUNTY
STATE: NY
SECTION 108 LOAN GUARANTEE AMOUNT: $1,704,000

Rockland County will use this Section 108 Guaranteed Loan to provide financial assistance to assist Camp Venture, Inc., a non-profit, developmental disabilities Corporation, with the acquisition and renovation of an existing building in the Town of Orangetown. A 6,300 square foot building will be used by Camp Venture as a Day Treatment Program for forty adults with severe developmental disabilities as defined by the National Census Bureau standards. The New York State Office of Mental Retardation and Developmental Disabilities will certify Camp Venture’s program.

Rockland County’s assistance to Camp Venture is an activity that directly benefits severely disabled persons that are generally presumed to be low and moderate income persons under the Community Development Block Grant program.