Governor Andrew M. Cuomo announced the completion of Promenade Apartments, a $20 million affordable and supportive housing development located in the heart of downtown Saratoga Springs.
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Financed in part with $16.5 million in low-income tax credits through New York State Homes and Community Renewal, the development is providing 63 affordable homes, including 10 apartments reserved for homeless veterans.
Promenade Apartments consist of a four-story building with 41 apartments and three two-story townhouse-style buildings with a total of 22 units. Altogether, the development features 31 one-bedroom, 26 two-bedroom, and 6 three-bedroom apartments -all affordable to households earning at or below 80 percent of the area median income.
Developed by Norstar Development USA, L.P. and the Saratoga Springs Housing Authority, the project includes 10 apartments reserved for individuals who need supportive services with a preference for veterans. Supportive services will be provided by the Veterans & Community Housing Coalition.
Amenities include Energy Star appliances, a community room with laundry facility, a fitness room, storage space for tenants and an outdoor playground area. The development is also located within a half-mile of retail stores, schools, bus transportation lines, pharmacies, banks, libraries, health centers, grocery stores and restaurants.
Promenade Apartments is part of Governor Cuomo's unprecedented $20 billion, five-year plan to provide all New Yorkers with access to safe, affordable housing by building and preserving more than 100,000 units of affordable housing and 6,000 units of supportive housing. Since 2011, New York State Homes and Community Renewal has invested $490 million in the Capital Region to create or preserve nearly 5,600 affordable homes.
State support for Promenade Apartments includes the allocation of federal and state low-income housing tax credits that generated about $16.5 million in equity from HCR. The New York State Energy Research and Development Authority provided $64,800 in grant funding to the project through its Low-Rise New Construction program. In addition, Key Community Development Corporation provided $2.9 million. ■