Broad Street Commons Delivers 72 Affordable and Supportive Homes with New Daycare Facility
Project is Part of the Governor's Unprecedented $20 Billion, Five-Year Affordable Housing Plan
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas, Regan Development, the Community Preservation Corporation (CPC) and partners today announced the completion of a $19 million affordable and supportive housing development in the city of Glens Falls. Broad Street Commons offers 72 affordable homes, including 11 apartments with support services and a brand-new daycare facility on the ground floor.
“Broad Street Commons brings 72 much-needed affordable homes and a new daycare facility to Glens Falls,” Commissioner Visnauskas said. “This $19 million investment is an exciting addition to the Broad Street corridor that will provide greater opportunities for families to live affordably in Glens Falls in modern homes with access to the retail, services, schools, and amenities that make the city a great place to live.”
Broad Street Commons is part of Governor Cuomo’s unprecedented $20 billion, five-year affordable housing plan. The Governor’s plan will 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, HCR has invested $490 million in the Capital Region to create or preserve nearly 5,600 affordable homes.
Broad Street Commons consists of a single four-story building with 72 apartments and commercial space on the ground floor now occupied by Fresh Beginnings Children’s Academy. Located at 186 Broad St., the building was primarily constructed on vacant land.
All apartments are affordable to households earning at or below 80 percent of the Area Median Income. There are 27 one-bedroom, 41 two-bedroom, and 4 three-bedroom apartments.
Eleven of the apartments are reserved for individuals with disabilities who will have access to on-site supportive services provided by AIM Services, Inc. The services include individual case management, financial management, recreation, and employment coordination.
Project amenities include a community room for meetings and social activities, on-site laundry room, on-site parking and a children’s playground. The certified LEED Gold building offers energy-efficient features such as Energy Star appliances and individual resident-controlled Energy Star heating and air conditioning. The project is located in a mixed-use neighborhood near schools, restaurants, a supermarket and retail space.
The development is a joint venture between Regan Development Corporation and AIM Services, Inc., with substantial investment by Regions Affordable Housing.
State support for Broad Street Commons includes the allocation of federal Low-Income Housing Tax Credits that generated approximately $13 million in equity and an additional $3.1 million in subsidy from HCR. The New York State Office for People With Developmental Disabilities provided $1.4 million in capital from the Integrated Supportive Housing Program and will provide ongoing rental subsidies and operating funds for the supportive units.
The New York State Energy Research and Development Authority provided $63,200 in support. In addition, the Community Preservation Corporation provided an $11.1 million construction loan and a $1.4 million SONYMA-insured permanent loan funded in partnership with the New York State Common Retirement Fund.
Office for People with Developmental Disabilities Commissioner Theodore Kastner MD, MS said, “Projects like Broad Street Commons provide the opportunity for integrated living, empowering people with intellectual and developmental disabilities to be participating members of their communities. These 11 units, dedicated to the people OPWDD supports, will go a long way to achieving that goal while ensuring residents receive the services they need.”
NYSERDA President and CEO Doreen M. Harris said, “The completion of the Broad Street Commons project ensures affordable housing availability that incorporates energy efficiency and high-performance building practices for a healthier, more resilient building. Projects like this help lower monthly energy costs and provide comfortable living spaces for occupants, while advancing our Climate Leadership and Community Protection Act goal to reduce emissions 85 percent by 2050.”
State Comptroller Thomas P. DiNapoli said, “Access to affordable housing is an urgent need for communities across our state. I am pleased that our state pension fund has been able to partner with the Community Preservation Corporation to make a solid investment in this development. Not only does this investment bring additional affordable housing to the community, but it also addresses the growing need for supportive housing with critical resources for residents with intellectual or developmental disabilities. Congratulations to New York Homes and Community Renewal and Regan Development on today’s ribbon cutting and this positive step forward for Glens Falls.”
Senator Dan Stec said, "A safe and secure home is central to building a promising future for oneself and one's family. These new affordable homes and the availability of on-site supportive services for some of the residents, helps meet a housing need we see here in Glens Falls and communities all across New York State. I'm pleased to join HCR Commissioner RuthAnne Visnauskas and many others in announcing the completion of this important project."
Assemblyman Matt Simpson said, “The need for workforce housing has taken on increased significance in recent years locally and throughout the North Country. Utilizing public-private partnerships to fulfill these needs in areas where demand exists and continues to grow, is a proven recipe for success. This project is going to provide the foundational stability that many families and individuals deserve to build a happy and prosperous life.”
Warren County Board of Supervisors Chairwoman Rachel E. Seeber said, “We are thankful for the efforts of our New York State partners and local partners to make this great project become a reality. Adding to our affordable housing availability has long been a priority for the Warren County Board of Supervisors, and this project will help fill a need in the City of Glens Falls and as a result help all of our community partners in Warren County.”
Mayor Dan Hall said, “We are excited for the ribbon cutting of Regan Development’s Broad Street Commons today. This project is providing much needed ‘work force’ housing in our city. Being affordable, this project reaches people who otherwise would be priced out of the market. Thank you, Regan Development, for bringing this project to our city.”
Regan Development Services President Larry Regan said, “This development represents a true grassroots effort bringing the Glens Falls community and its leadership together to provide LEEDS Gold, high quality workforce housing for Glens Falls and Warren County residents.”
Community Preservation Corporation (CPC) Senior Vice President and Regional Director, Doug Olcott said, “At CPC we believe that investments in quality, affordable housing can bring stability and opportunity to peoples’ lives. It’s an honor to work with our long-time partners at Regan Development on a project like Broad Street Commons that will provide our most vulnerable citizens with affordable homes and a caring, supportive environment. My thanks to Kenneth and Lawrence Regan, Comptroller DiNapoli and our partners at the State Pension Fund, and to HCR Commissioner Visnauskas for their commitment to this important housing project."
AIM Services, Inc., Executive Director Christopher R. Lyons, Esq. said, “This private/public collaboration will give folks with challenges a real opportunity to be a valued part of our community; we are grateful to all involved.”