Last month, the board of the New York State Housing Finance Agency (HFA) approved $10.3 million in financing for the construction of Birches at Chambers, a 67-unit affordable senior citizen housing development in the Town of Ulster in Ulster County. The Ulster approval was included in a total package of $64.2 million in funds approved by HFA and its subsidiary, the New York State Affordable Housing Corporation, which will create or preserve 426 affordable housing units across the state. The apartments will be set aside for tenants with household incomes of $32,040 for a family of two. The total cost of the project is estimated at $15.5 million dollars and the project will receive a $335,000 HFA Infrastructure Development Demonstration Program Grant, a $3.75 million loan from the NYS Housing Trust Fund, and a payment in lieu of taxes from the Town of Ulster.
For the full press release, click here.