$10.5M Loan Granted for Affordable Housing in Poughkeepsie

Hudson Valley Reporter

September 22, 2013

POUGHKEEPSIE, N.Y. – A Dutchess County developer has received a $10.5 million construction loan from the Community Preservation Corp. to build a 74-unit affordable housing project in Poughkeepsie.

CPC granted the loan to developer Ken Kearney to build Highridge Gardens, a two-building complex on 4.5 acres, which will provide workforce and supportive housing. The site is on Hudson Avenue in the northeastern corner of the city, adjacent to the newly built Poughkeepsie Commons.

CPC and Kearney have worked together before.

“We are delighted to once again work with our longtime partner Ken Kearney to help to create vital workforce and supportive housing for hardworking families,” said Doug Olcott, senior vice president and Hudson Valley regional director for CPC. “Given that the need for affordable housing in Poughkeepsie and throughout New York state remains great, we will continue to partake in public-private partnerships to provide the necessary financing to create strong, stable affordable housing for all New York state’s residents.”

Highridge Gardens will feature a three-story elevator building that will house 24 one-bedroom apartments for workforce housing and restricted rents of $649 per month. The units will be affordable to households with incomes at 50 percent of the area median income.

A second three-story elevator building will have 50 studio apartments for permanent supportive housing and supportive services. Each unit will have a restricted rent of $498 and will be affordable to households with an income at 30 percent of the area median. In addition, the building will feature a commercial kitchen, dining room, offices and program space for supportive services. Amenities at Highridge

Gardens will include a community room, laundry and parking.

In addition to CPC’s loan, Highridge Gardens will be financed with $9.7 million in tax credit equity awarded by New York State Homes and Community Renewal and generated from the sale of tax credits to Raymond James Financial Inc., as well as $295,000 in City HOME funds and $148,000 from the New York State Energy Research and Development Authority.