The state has awarded $15.2 million to four affordable housing developments in the Capital Region that it says will create or preserve 218 affordable homes. One is in Saratoga Springs and one in Glens Falls.
The funding is part of $175.4 million the state is awarding to build or preserve more than 2,185 affordable apartments and revitalize communities across New York’s 10 regions.
“These critical investments will strengthen communities in every corner of the state by creating and preserving affordable homes for families, veterans, seniors and some of our most vulnerable neighbors,” Gov. Andrew Cuomo said. “By strategically revitalizing neighborhoods throughout New York, we can breathe new life into these communities, making them more vibrant places to live for generations to come.”
The funding includes $3.9 million for Promenade Apartments in the City of Saratoga Springs, creating 63 units of mixed-income housing. The apartments are proposed to be developed on land adjacent to Stonequist Apartments, along West Circular Street, owned by Saratoga Springs Housing Authority
“This significant funding is part of our efforts to add and retain affordable housing across the state,” said Lt. Gov. Kathy Hochul. “We want to make sure that all New Yorkers have access to affordable, quality apartments while contributing to the revitalization of communities. The investment is part of our $20 billion housing plan to add affordable and supportive housing in neighborhoods to combat homelessness and enhance quality of life.”
The funds were made available through New York State Homes & Community Renewal’s 2018 Unified Funding application, a streamlined process to apply for low-income housing tax credits and low-interest loans for affordable, multifamily developments. Projects are funded in every region of the state.
Awards in the Capital Region achieve the state’s housing goal of mixed-income/mixed-use revitalization in the city of Schenectady, preserve affordable senior housing in the Village of Ravena, and expand mixed-income housing opportunities in the cities of Saratoga Springs and Glens Falls.
• Other projects include: $4.5 million for Broad Street Commons in Glens Falls, creating 72 units of affordable housing for a variety of income levels, housing with support services, and commercial space.
• $2.4 million for Civil Senior Housing Revitalization in the village of Ravena, preserving 28 affordable homes for low-income elderly residents close to the village’s commercial corridor.
• $4.3 million for Renaissance Square in Schenectady to create 55 affordable homes.
“For many individuals and families, access to affordable housing is an essential cornerstone in their ability to build better lives,” said state Sen. Betty Little. “For several years, as the chair of the Senate’s housing committee, I was pleased to work on this issue not only for the North Country but communities across New York state. Today, I am very pleased to join Governor Andrew Cuomo in making this wonderful announcement of funding for the Broad Street Commons workforce housing and retail project in Glens Falls knowing just how impactful this state investment will be.”
Assemblyman Dan Stec said, “From my time in both local and state government, I can attest to how important affordable housing is and how real the need is in our communities. I am very pleased to see this project coming to fruition in Glens Falls.”
