Highland senior project gets state grant

Posted 5/9/23

A proposed Town of Lloyd senior citizen housing project has been awarded a funding boost under a statewide plan announced Thursday by Gov. Kathy Hochul.

The grant is part of a larger, $875 …

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Highland senior project gets state grant

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A proposed Town of Lloyd senior citizen housing project has been awarded a funding boost under a statewide plan announced Thursday by Gov. Kathy Hochul.

The grant is part of a larger, $875 million statewide aid packaged awarded through bonds, tax credits and subsidies to create or preserve 3,100 affordable, sustainable and supportive homes in 27 developments across New York State.

Silver Gardens in the hamlet of Highland is a $20 million 57-unit new construction supportive housing development for low-income seniors. The project will be constructed on vacant land and include 29 units for homeless households including ESSHI-eligible seniors and those living with HIV/AIDS. RUPCO, Inc. is the developer and services provider.

A statewide grant package also includes a project in the City of Newburgh.

“I’m fighting every day to make housing more affordable in the Hudson Valley and this investment of more than $40M is a game-changer for hardworking families in Newburgh and Highland,” said Representative Pat Ryan (D-Gardiner). This financing means hundreds more seniors and veterans will be able to live independently, and with additional funding for free broadband, they will be active members of the community as well. I look forward to continuing to work with Governor Hochul, RUPCO and The Kearney Realty & Development Group Inc. to bring down housing costs across the region.”

When coupled with additional private funding and resources, the 27 projects receiving funding are expected to create more than $1.5 billion in overall investment. The awards will increase housing supply in every region, assist local economic development efforts, fight homelessness with onsite services that keep vulnerable populations safely housed, include sustainable features that advance the State’s climate goals, and offer free broadband to help close the digital divide.

“My administration is committed to ensuring that every New Yorker has access to housing that is affordable, sustainable, and offers critical services that improve lives,” Governor Hochul said in a prepared statement. “This funding will ultimately create more places for seniors and vulnerable residents to live independently, apartments that young people can afford, and revitalized communities where businesses can succeed and grow their workforce. These innovative developments are central to our strategic efforts to increase the supply of housing and create a more affordable, more livable New York for all.”
The awards announced are part of Hochul’s $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York State, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.

Funding is provided through New York State Homes and Community Renewal’s Low Income Housing Tax Credit Program and Tax-Exempt Bond financing. Seven projects were awarded $684 million subsidies and tax-exempt housing bonds in the Agency’s March 2023 bond issuance. Twenty developments were awarded more than $191 million through HCR’s Multifamily Finance RFP, a competitive process that awards Federal and State Low-Income Housing Tax Credits and subsidy financing for affordable and supportive multifamily housing developments.

All projects meet the new sustainability standards established by HCR in 2022 which promote healthier living environments and highly efficient buildings and support the goals set by the New York State Climate Leadership and Community Protection Act.

More than half of the awarded projects will use a total of $9 million from the New York State Energy Research and Development Authority’s Clean Energy Initiative to achieve even higher levels of sustainability and carbon reduction.

In addition, the developments offer free broadband services to residents, building on the Governor’s ConnectALL initiative, which has made historic investments to deliver highspeed internet in underserved communities and close the digital divide for lower-income New Yorkers.