{"id":38641,"date":"2023-05-08T13:43:18","date_gmt":"2023-05-08T17:43:18","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=38641"},"modified":"2023-05-09T13:00:32","modified_gmt":"2023-05-09T17:00:32","slug":"investors-still-being-sought-for-affordable-housing-project-on-putnam-st-in-saratoga","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/05\/investors-still-being-sought-for-affordable-housing-project-on-putnam-st-in-saratoga\/","title":{"rendered":"Investors Still Being Sought For Affordable Housing Project On Putnam St. In Saratoga"},"content":{"rendered":"
\"\"
This vacant lot on Putnam Street in Saratoga Springs will be the site of an affordable housing apartment complex funded by a local investment group.
\u00a92023 Saratoga Photographer.com<\/figcaption><\/figure>\n

The owner of Putnam Resources LLC is continuing to accept proposals from\u00a0 <\/span>private investors\u00a0 <\/span>to move the project along.<\/p>\n

The group has partnered with Habitat for Humanity, Rebuilding Together Saratoga County, and the city of Saratoga Springs to take advantage of state and private funding sources and other initiatives geared toward increasing the amount of workforce and affordable housing available in the state.\u00a0<\/span><\/p>\n

The project\u2014Putnam Commons, at 53 Putnam St., Saratoga Springs\u2014is a private-public endeavor that will transform a cleaned-up brownfield in the heart of downtown Saratoga Springs into residential condominiums offering homeownership opportunities for members of the local workforce. The property is across the street from the Saratoga Springs Public Library.<\/p>\n

The developers have guaranteed that at a minimum 30 percent of the units in the building will be offered at a price affordable for buyers earning 80 percent of the average median income of the area. Driving the project is a collaboration of entities with common goals of ameliorating the prevailing shortage of workforce housing in the Spa City.<\/p>\n

<\/span><\/span><\/b><\/span>In addition to the slate of invested partners, Putnam Resources\u2019s team includes First Fairfield Associates LLC, Saratoga City Center, Roohan Realty, BBL Construction Services, Witt Construction, HBT Architects, Sustainable Comfort- Jeffery Love, Fusion Systems Engineering, DPC – Mark Cambria, 260 Structural Engineering- Dale Meszler, Principal, Environmental Design Partnership,Brian Osterhout, P.E., Young\/Sommer LLC, Sterling Environmental Engineering PC, and Yepsen & Pikulski, Public Affairs.<\/p>\n

\u201cThanks to the extraordinary talent of our team, this once environmental hazard and eyesore will be a model for attractive environmentally sustainable, all-electric, mixed economic level housing,\u201d said Jason Letts, a principal of Putnam Resources. \u201cWe are particularly excited by how it will advance social equality through affordable home ownership.\u201d<\/p>\n

\u201cWe are extremely grateful to the local and state government officials who have shown unwavering support,\u201d added Letts.<\/p>\n

\u201cThe shortage of affordable and workforce housing is especially noticeable in a city like ours with such a vibrant economy,\u201d said Saratoga Springs Mayor Ronald Kim. \u201cThis project checks all of the boxes. It is a green building, offers affordable home ownership and it is located right downtown close to public transportation. We feel confident about the upcoming requests for approvals.\u201d<\/p>\n

In total, the project is expected to cost close to $ 12 million to complete. Grants from the Empire State Development Fund, Housing and Community Resources, NYSERDA, as well as tax credits for the brownfield cleanup, will aid the investors in fulfilling their goal to build an environmentally friendly building with affordable housing in downtown Saratoga Springs.<\/p>\n

\u201cThis is one of the first projects of its type in upstate New York and a step towards the governor\u2019s goal of having every upstate community increase its housing stock by 1 percent,\u201d said Adam Feldman, executive director of Habitat for Humanity of Northern Saratoga, Warren, and Washington Counties, one of two nonprofit partners in the Putnam Resources project. \u201cIt\u2019s great to be part of such a cohesive and competent team.\u201d<\/p>\n

Putnam Resources LLC is New York-based LLC focused on revitalizing distressed properties utilizing development strategies with a positive social purpose.<\/p>\n","protected":false},"excerpt":{"rendered":"

The owner of Putnam Resources LLC is continuing to accept proposals from\u00a0 private investors\u00a0 to move the project along. The group has partnered with Habitat for Humanity, Rebuilding Together Saratoga County, and the city of Saratoga Springs to take advantage of state and private funding sources and other initiatives geared toward increasing the amount of […]<\/p>\n","protected":false},"author":89,"featured_media":38642,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"yoast_head":"\r\nInvestors Still Being Sought For Affordable Housing Project On Putnam St. In Saratoga - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/05\/investors-still-being-sought-for-affordable-housing-project-on-putnam-st-in-saratoga\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Investors Still Being Sought For Affordable Housing Project On Putnam St. In Saratoga - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"The owner of Putnam Resources LLC is continuing to accept proposals from\u00a0 private investors\u00a0 to move the project along. 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