Four housing projects in the Hudson Valley will receive state funding as part of $260 million in tax credits and subsidies to help fund 29 developments across the state. The money will come through the agency New York State Homes and Community Renewal (HCR), which is distributing federal and state low-income housing tax credits as well as subsidies.
Gov. Kathy Hochul made a March 18 announcement that the $260 million will be used to create or preserve 1,852 units of affordable, supportive and sustainable housing.
“The only way to address New York’s housing crisis and bring down costs for families is to keep building and preserving homes in every region of our state,” Hochul said. “With this funding, we are pushing forward with our agenda to unlock New York’s housing potential, and we will keep working closely with the Legislature to ensure that all New Yorkers have access to safe, stable, and affordable homes.”
According to HCR Commissioner RuthAnne Visnauskas, “The $260 million announced today is part of our $25 billion housing plan. New York’s historic housing shortage has made finding quality homes like these in vibrant communities more difficult than ever.”
In the Dutchess County community of Rhinebeck, a workforce housing development by the Kearney Realty & Development Group, Inc., known as Locust Hill is receiving $5.4 million. Plans call for four buildings that will have a total of 80 apartments. The one-, two- and three-bedroom units are priced for households earning up to 90% of the Area Median Income (AMI). Estimated rents range from $1,265 to $2,630. Onsite amenities include a large patio area with picnic benches, gazebo, playground, interior bike storage, fitness room, laundry facilities, and common rooms for social events.
Reservoir Place, a development in Carmel in Putnam County, is receiving $4.6 million in state funding. The five-building, 75-unit development will be built on vacant land adjacent to the Hamlet at Carmel project currently under construction. The complex also is being developed by Kearney Realty & Development Group, Inc., along with the Housing Action Council.
$6.6 million has been awarded to the Harmony Hall development in New Paltz in Ulster County. The 51-unit project is being developed by Rockabill Development, LLC, and Affordable Housing Conservancy. Located at 52-54 South Manheim Boulevard in New Paltz, Harmony Hall will provide 50 units of affordable housing for seniors 62 years and older. There will be one unit for a supervisor. Eight apartments will be set aside for seniors with incomes of 30% of Ulster County’s AMI. Three units will be for those earning 50% or below of the AMI, and 39 units will be for seniors below 60% AMI. Six of the units will be designed to be fully accessible and three units will be designed for seniors with vision or hearing needs.
In Dutchess County, the Admiral Halsey Senior Village II is receiving $8.6 million in state funding. It will have 72 apartments designed to house seniors who also need supportive services. The project is due to be constructed on vacant land next to Admiral Halsey Phase I. The developers are Paths Development, LLC, and Hudson River Housing.
