Federal Government and New York State Provides Funding For Senior Housing Solution In Ostego County

The State Division of Housing and Community Renewal (DHCR) and the US Department of Agriculture (USDA) recently announced they would be jointly funding an affordable housing residence for low-income senior citizens in the Village of Unadilla in Otsego County. The new construction of 24 units will include two units that are fully accessible and adapted for persons with mobility impairments and 4 units that are fully accessible and adapted for persons with hearing or vision impairments. DHCR Commissioner Deborah VanAmerongen said she is “pleased that our agency and the US Department of Agriculture Rural Development worked together so effectively. Collaborations like this allow us to combine our limited resources and make a bigger and more positive impact in the lives of people who need our help.”

Patrick H. Brennan, State Director for USDA Rural Development in New York, said, “USDA Rural Development and DHCR’s rural rental housing programs have served as a model of federal-state cooperation for more than a decade. Our combined efforts ensure that taxpayers’ dollars are used in the most efficient and effective manner, while providing quality, affordable housing for our state’s rural residents.”

The USDA Rural Development 515 Rural Rental Housing Loan program is providing a $1.3 million loan for the project, and DHCR is providing federal tax credits expected to produce an equity contribution of $3.6 million. The recently enacted federal Housing and Economic Recovery Act provided DHCR with additional Low Income Housing Tax Credits, which prompted Commissioner VanAmerongen to review affordable housing projects that had merit, but were not awarded tax credits during the 2008 funding round because of limited resources. DHCR acted quickly to use the federal credits to help develop Unadilla Senior Housing.

SHN Awards Ad
Advertisement

The development team for the project includes 3d Development Group, LLC and Kinderhook Development, LLC as the developers; Two Plus Four Management as managing agent; Celia Construction Co. Inc. as general contractor. The architects for the project are Zausmer, Frisch, Scruton & Aggrawal, and upon completion, the residence will be owned by Unadilla Senior Group, LP.

SHN Awards Ad
Advertisement