Saratoga.com logo
Saratoga.com logo
  • Places to Stay
  • Things To Do
  • Food & Drink
  • Events
  • Businesses
  • Travel Guides
Saratoga Business Journal
  • Home
  • New Businesses
  • Business News
  • Business Reports
  • Business Briefs
  • Business Registrations
  • Personnel Briefs
  • Contact Us
Home  »  Business News  »  Ohio-Based Firm Gets State Funding To Help Build Affordable Housing In Malta
Business NewsConstruction

Ohio-Based Firm Gets State Funding To Help Build Affordable Housing In Malta

Posted onMay 6, 2014

By R.J. DeLuke

An apartment complex project is in the
works that is aimed at affordable housing
intended for people in the Saratoga County
work force who are having trouble finding
affordable housing.

The project is planned for property off
Route 50 in the town of Ballston, a few
miles from Luther Forest Technology Park.
Officials for Cleveland-based NRP — a developer,
builder and property management
company — said it will consist of 52 units
of workforce housing.

Earlier this year, Gov. Andrew M. Cuomo
announced over $95 million in awards for
shovel-ready projects to build affordable
housing across the state. Among them, $3.3
million was awarded to the NRP Group for
the project.

The low-interest loans and tax credits will build and preserve nearly 2,100 units of affordable housing and are expected to leverage more than $435 million in grants, loans and private resources across the state, according to the governor’s office.

Chris Dirr, vice president of development working out of NRP’s Buffalo office, said the state money is “an allocation of tax credits” from the housing and Community Renewal agency. NRP sells those credits to investors “who will provide equity (for the project) in exchange for tax credits.

“That will allow us to borrow less, which allows us to agree to limit our rents,” Dirr said.

According to the state, it will provide opportunities for households with incomes up to 60 percent of area median income.

“By removing barriers, streamlining the application process for communities and combining private and public resources, these projects can begin right away, creating jobs and providing the affordable housing New Yorkers deserve,” Cuomo said in April.

“All of the growth in Saratoga County is great,” said Dirr, “But a lot of people are being priced out of the county for housing. This project makes it more affordable.”

It will be a combination of one-bedroom and two-bedroom apartments, most of them the former. In the complex will be a community room with a kitchenette for people to host functions and there will also be a picnic area.

Dirr said the company hopes to start the project between October of this year and March of next year. The weather could be a determining factor.

“It’s real challenge if you want to take on a project in the fall” because of potentially harsh weather, he said. Once started, it will take 12 months to complete. All 52 units will be built.

“We have confidence in the depth of the market. These 52 units will not go far in addressing the need and demand” for affordable housing, said Dirr. “But it will help.”

The company is also working on the second phase of a 146-unit housing project in the town of Moreau. That project involves a total of 186 units, but aimed at a different demographic. It consists of townhouses with either two or four bedrooms.

It is located off Sisson Road, between Harrison Avenue and Bluebird Road. Some 80 units comprised the first phase, which is complete and fully occupied, Dirr said. It also included a clubhouse for the residents.

The second phase is 64 more units. Work is in progress and Dirr estimated it should be completed by April of 2015.

Previous Article Study: Scaffold Law Endangers Workers, Drives Up Project Costs In New York State
Next Article Development Company Awaits Approval For 214-Unit Apartment Project In Malta
Subscribe to Our Newsletter
View the Latest Virtual Edition

Categories

  • 50-Plus
  • Banking
  • Banking / Asset Managment
  • Building Trades
  • Business Briefs
  • Business News
  • Business Registrations
  • Business Reports
  • Commercial / Residential Real Estate
  • Community Services
  • Construction
  • Construction Planning
  • Corporate Tax / Business Planning
  • Cyber / Tech
  • Dining Guide
  • Economic Development
  • Economic Outlook 2016
  • Economic Outlook 2017
  • Economic Outlook 2018
  • Economic Outlook 2019
  • Economic Outlook 2020
  • Education/ Training/ Personal Development
  • Entrepreneurial Women
  • Entrepreneurship
  • Environment / Development
  • Financial Planning / Investments
  • Fitness / Nutrition
  • Health / Community Services
  • Health & Fitness
  • Health & Wellness
  • Healthcare
  • Holiday Guide
  • Holiday Shopping
  • Home / Energy
  • Home / Insurance
  • Home & Real Esate
  • Insurance / Employee Benefits
  • Insurance / Medical Services
  • Legal / Accounting
  • Meet The Chef
  • New Businesses
  • Non-Profit
  • Office / Computer / New Media
  • Office / HR / Employment
  • Office/ Technology/ E-Commerce
  • Outlook 2021
  • Personnel Briefs
  • Retirement Planning
  • Senior Living / Retirement
  • Summer Construction
  • Uncategorized
  • Wellness
  • Women In Business
  • Workplace / Security / Legal
  • Year-End Tax Planning

Archives

  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
Connect With Us

Follow, like and subscribe to Saratoga.com on social media

Account Sign In Submit An Event
Saratoga.com logo
  • Home
  • Places To Stay
  • Things To Do
  • Food & Drink
  • Events
  • Real Estate
  • Businesses
  • Guides
  • Contact Us
  • Blogs
  • Sweepstakes
  • Advertising
Visit Saratoga.com For Everything Saratoga
Full-Service Internet Marketing: Search Engine Optimization, Website Design and Development by Mannix Marketing, Inc.
Mannix Marketing, Inc. is headquartered near Saratoga Springs in Glens Falls, New York
Saratoga.com All Rights Reserved © 2021
Disclaimer & Privacy Policy / Terms of Use / Copyright Policies

We strive to insure accuracy on Saratoga.com however accuracy cannot be guaranteed. Information is subject to change.
Please alert us if there is any inaccurate information here.

Having trouble using this site? Accessibility is our goal, please contact or email us with site improvements.