State Funding Will Help Build Affordable Housing for Low-Income Seniors

ALBANY, NY (10/31/2007)(readMedia)-- State Funding Will Help Build Affordable Housing for Low-Income Seniors

Deborah VanAmerongen, commissioner of the State Division of Housing and Community Renewal (DHCR) today announced $4.46 million in grants and loans for the construction of new affordable housing.

A project here in the Hudson Valley -- The Birches at Esopus -- is set to receive $2.8 million in funding from the State. The project will provide 81 units of affordable housing for low-income senior citizens.

Governor Eliot Spitzer applauded the award, noting that it will allow the developers to leverage an additional $14.2 million in funding from other sources.

Spitzer said, “we are very pleased to provide resources to carry out this project, which will provide much needed housing for our most vulnerable seniors, strengthen the community and stimulate the local economy.”

Commissioner VanAmerongen said the Birches at Esopus is another step towards fulfilling two of the Governor’s most important goals. “Governor Spitzer has made it very clear from his first day in office that reviving the upstate economy and improving affordable housing opportunities across the state are two of his top priorities,” she said.

The project is also receiving a subsidy loan, tax-exempt bonds and tax credits from the New York State Housing Finance Agency. The development team consists of Birchez Associates and Elant, Inc as co-developers, Rivergate Development as general contractor, Rondout Properties, Ltd as management agent and Kurzon Architects.

Members of this development team have built more than 1,900 affordable housing units in partnership with DHCR and the HTFC.

“One of my goals is to coordinate DHCR’s efforts with other state agencies and private sector partners,” VanAmerongen said. “By working together and pooling resources, we are able to have a greater impact with the limited funding we have at our disposal.”

The funding was approved by the State’s Housing Trust Fund Corporation (HTFC), a public benefit corporation which is chaired by DHCR Commissioner VanAmerongen and receives staff and administrative support from DHCR. The HTFC was created in 1985 to help meet the critical need for decent, affordable housing opportunities in New York State.