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Housing

Governor Hochul Announces Construction Underway on $27 Million 70-Unit Affordable and Supportive Housing Development

Strategic Insights

— 1 min read

Governor Kathy Hochul recently announced the start of construction on South Street Apartments, a new 70-unit affordable housing development in Glens Falls, Warren County. The $27 million project is part of Governor Hochul's efforts to address the state's housing crisis and make New York more affordable and livable for all residents. The development will provide accessible and supportive units for individuals and families with household incomes between 30 to 70 percent of the Area Median Income.

Key Takeaways:

  • South Street Apartments is a $27 million, 70-unit affordable housing development in Glens Falls, Warren County.
  • The project is part of Governor Hochul's five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide.
  • The development will provide accessible and supportive units for individuals and families with household incomes between 30 to 70 percent of the Area Median Income.
  • The project includes a satellite space for SUNY Adirondack on the first floor and will serve as a hub for healthcare workforce development.
  • The development team includes Bonacio Development, the city of Glens Falls, and New York State Homes and Community Renewal.
  • The project is funded through a combination of state and local funds, including $13.8 million in equity raised through the Low-Income Housing Credit Program.
  • The development will feature a fitness center, an outdoor courtyard, and a municipal parking garage.
  • The project is part of Governor Hochul's Pro-Housing Community Program, which provides exclusive access to up to $750 million in discretionary state funding.

Statistics:

  • The project is a $27 million investment in affordable housing in Glens Falls, Warren County.
  • The development will provide 70 new affordable housing units, including units for people with developmental disabilities and homeless youth.
  • The project includes a 5-story all-electric building with a mix of one- to three-bedroom units.
  • The development will serve individuals and families with household incomes between 30 to 70 percent of the Area Median Income.
  • The project is part of a larger effort to address the state's housing crisis and provide affordable housing options for low-income residents.

Sources:

  • Governor Hochul's press release, October 15
  • New York State Homes and Community Renewal website
  • South Street Apartments press release
  • Governor Hochul's Office
  • New York State Department of Health's Healthcare Education and Life-skills Program (HELP) awards
  • SUNY Adirondack press release

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