Three HV housing projects to get $37.9M in state funding

Three Hudson Valley housing developments are due to share in $37.9 million in state funding as part of a larger state plan to provide $412 million in bonds and subsidies to expand the housing supply. The goal is to create or preserve nearly 1,100 affordable housing units in the Hudson Valley, New York City and the Finger Lakes Region.

The newly-announced awards are part of Gov. Hochul’s $25 billion Housing Plan that ultimately is expected to create or preserve 100,000 affordable housing units throughout the state along with 10,000 units where supportive services for vulnerable populations will be available. The overall plan also envisions converting 50,000 homes to be all-electric.

The financing is allocated through bonds floated by New York State Homes and Community Renewal (HCR).

Benefitting from the financing in Ulster County in the Hudson Valley are three properties known as the Ulster Portfolio. They have a total of 212 units that are priced as affordable housing.

The Ulster Portfolio consists of the 80-unit Birchwood Village in the City of Kingston, The Birches at Saugerties in the Town of Saugerties with 60 apartments, and the 72-unit Chambers Senior Housing in the Town of Ulster. The three properties will undergo extensive capital improvements and interior renovations, including sustainability improvements. The developer is Beacon Communities LLC. The company has offices in Albany, Buffalo, New York City, Boston and Pittsburgh. The company says is has completed construction, financial restructuring, or substantial rehabilitation on over 10,000 apartments, both as sole developer and in partnership with others

HCR Commissioner RuthAnne Visnauskas said, “Today’s $412 million announcement is another significant investment to bring more affordable housing to New York City, the Finger Lakes, and the Hudson Valley.”