Four affordable housing developments in the Capital Region will receive more than $15 million in state funds as part of a statewide effort announced by Gov. Andrew M. Cuomo on Friday.
The funds are among $175.4 million being granted across the state in the effort, which targets the construction or preservation of more than 2,185 affordable apartments, 218 of them in the region. The funding includes $4.3 million for 55 homes at Renaissance Square in Schenectady. It's part of a $19 million development in the Eastern Avenue neighborhood that includes tax credits, according to Schenectady Metroplex.
The former St. Mary's School on Irving Street will be converted into 25 apartments and three vacant buildings across Eastern Avenue will be razed and replaced by 30 apartments with ground-floor retail space, Metroplex said. Construction would start late this year.
The three other Capital Region-area awards are:
$4.5 million for the 72-unit, mixed-income Broad Street Commons in Glens Falls, with commercial space
$3.9 million for the 63-unit, mixed-income Promenade Apartments in Saratoga Springs
$2.4 million for 28 homes for low-income, elderly residents at Civill Senior Housing Revitalization in Ravena.
Part a five-year, $20 billion state housing plan aimed at creating or preserving 100,000 affordable housing and 6,000 supportive housing units, the funds were made available through New York State Homes and Community Renewal's 2018 Unified Funding Application.
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