Construction of Crannell Square, a $23 million 75-unit affordable housing project at 35 Catharine St. in Poughkeepsie, has been completed and applications to rent apartments were made available online at the project”™s website crannellsquareny.com.
The developers are Kearney Realty and Development Group Inc., which is based in Somers and Hudson River Housing, a nonprofit headquartered in Poughkeepsie that works throughout Dutchess County to provide affordable housing.
Crannell Square received financing from New York state that included a $1.7 million subsidy from New York State Homes and Community Renewal. The Community Preservation Corp. provided $12 million in construction financing, as well as $5.5 million in permanent financing through its partnership with the New York State Common Retirement Fund. Dutchess County awarded the project $500,000 in HOME funds. The project received federal and state low-income housing tax credits that generated $11.5 million in equity. The project also received $2.9 million in brownfield site cleanup tax credits. The New York State Energy Research and Development Authority provided $65,000 in support.
The four-story building is in Poughkeepsie”™s Upper Mill Street Historic District. The development includes a new pedestrian plaza with benches and landscaping.
The building”™s 75 apartments include a mix of one-bedroom, two-bedroom and three-bedroom units. There are 26 apartments for which artists will be given preference provided they meet income eligibility requirements. The artist units start at $716 per month for a one-bedroom unit and $851 for a two-bedroom apartment. The nonartist units start at $1,099 per month for a one-bedroom unit and $1,395 for a two-bedroom apartment.
The building”™s lobby, which fronts on Main Street, provides a gallery space for the resident artists to display their works at no cost. The LEED certified building features 10-foot ceilings in the loft-style apartments, a community room and laundry facilities. There are two studios, one designed as a performance practice space and the other for use by artists.
In announcing completion of the building”™s construction on June 17, Gov. Kathy Hochul said, “This investment in Crannell Square will facilitate a more vibrant, safe and attractive downtown while providing 75 energy-efficient and modern homes for individuals and families.”
Ken Kearney, president of Kearney Realty and Development Group, pointed out that the site had formerly been an underutilized parking lot.
Christa Hines, executive director of Hudson River Housing, said, “Hudson River Housing believes in affordable housing as the critical foundation of thriving communities that provide opportunity for all. Our home is the foundation from which we all can achieve our full potential. Yet too many residents in Poughkeepsie are struggling to maintain this foundation, especially as the cost of housing continues to rise.”
Poughkeepsie”™s Mayor Rob Rolison said, “The city is so pleased this project has come to fruition. We have a tremendous need for affordable housing in the city, and Crannell Square features an excellent mix of housing units that are infusing this area with activity and will be a boost to nearby business as well.”
