A new development is providing 74 affordable apartments, including units for residents with special needs, in Poughkeepsie, N.Y.
Developed by Kearney Realty & Development Group along with Rehabilitation Support Services (RSS), Highridge Gardens recently celebrated its ribbon-cutting ceremony.
One of Highridge Gardens’ two three-story elevator buildings has 24 one-bedroom apartments for workforce housing, which are $649 per month and available for families with incomes at 50% of the area median income (AMI). The other building has 50 permanent supportive housing apartments. These studio units are $564 per month including utilities and are available for special-needs tenants with incomes at 30% of the AMI. Supportive services for the studio apartment residents are provided by RSS, a nonprofit agency providing various services for people who have behavioral health challenges. Other amenities include community rooms, laundry facilities, and on-site parking.
Funding for the $19.1 million development came from a number of public and private partners:
· The Community Preservation Corp. provided a $10.5 million construction loan, with $8.9 million converting to a 30-year fixed rate permanent loan;
· New York State Homes and Community Renewal allocated low-income housing tax credits, which generated more than $9.6 million in equity provided by Raymond James Tax Credit Funds;
· The city of Poughkeepsie contributed $295,000 in HOME funds;
· New York State Energy Research and Development Authority awarded the development with $148,000; and
· Supportive services are sponsored by the New York State Office of Mental Health.
“Supportive housing, like Highridge Gardens, is an asset not only to the local community but also to society as a whole,” said Sean Kearney, vice president at Kearney Realty. “This unique development took years of planning and numerous collaborations with the both private and public sector partners. I anticipate Highridge Gardens to be a model of success of how to meet a growing demand for supportive housing throughout New York State.”