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Housing

Governor Hochul Announces Construction of South Street Apartments in Glens Falls

Strategic Insights

— 2 min read

Governor Kathy Hochul announced the commencement of construction on the South Street Apartments, a 70-unit affordable housing development in Glens Falls, Warren County. This project is part of the state's effort to create 100,000 affordable units across the state, as outlined in Governor Hochul's five-year, $25 billion Housing Plan. The development will provide accessible and supportive units, as well as a satellite space for SUNY Adirondack, highlighting Governor Hochul's commitment to mixed-income, workforce housing opportunities.

Key Takeaways:

  • The South Street Apartments will provide 70 units of affordable housing, including 5 units for people with developmental disabilities and 6 units for homeless youth, with service funding provided by the New York State Office of Temporary and Disability Assistance.
  • The development will include a fitness center, outdoor courtyard, and fenced-in playground, as well as ample parking and units accessible for people with mobility impairments.
  • The construction is led by Bonacio Development and is supported by the New York State Homes and Community Renewal (HCR) with $13.8 million in equity raised through the Low-Income Housing Credit Program.
  • The project complements the city's Downtown Revitalization Initiative (DRI) award and will be leased by SUNY Adirondack for healthcare workforce development, with equipment and instruction costs provided through the New York State Department of Health's Healthcare Education and Life-skills Program (HELP) awards.
  • The development will serve individuals and families with household incomes between 30 to 70 percent of the Area Median Income.
  • The construction is part of Governor Hochul's effort to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations.
  • The state has financed more than 5,400 affordable homes in the Capital Region through the HCR.

Statistics:

  • $27 million allocated for the project construction
  • 70 units of affordable housing will be provided
  • 5 units for people with developmental disabilities
  • 6 units for homeless youth
  • 13.8 million dollars in equity raised through the Low-Income Housing Credit Program
  • 3.1 million dollars in equity raised through the New York State Low-Income Housing Tax Credit Program
  • 3.6 million dollars from the Low-Income Housing Trust Fund
  • 689,489 dollars from the Rural and Urban Community Investment Fund
  • 385,000 dollars from the Clean Energy Initiative Program

Sources:

  • [New York State Homes and Community Renewal Agency (HCR) press release]
  • [Governor Kathy Hochul's office]
  • [New York State Department of Health]
  • [SUNY Adirondack]
  • [Bonacio Development]
  • [Glens Falls Housing Authority]
  • [Office for People With Developmental Disabilities]
  • [New York State Office of Temporary and Disability Assistance]
  • [Senator Charles Schumer]
  • [Senator Kirsten Gillibrand]
  • [Assemblymember Carrie Woerner]
  • [Glens Falls Mayor William Collins]
  • [Bonacio Family of Companies]
  • [Community, Work and Independence, Inc.]
  • [WAIT House]

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