RUPCO Develops Affordable Housing Community in Woodstock

Multi-Housing News

May 7, 2013

Woodstock, N.Y.—Rural Ulster Preservation Company (RUPC) has developed Woodstock Commons, a 12-building, 53-unit affordable housing community for families and seniors in Woodstock, N.Y., marking it the first new affordable housing in the area in more than 30 years.

“Woodstock Commons matters to a lot of people for a lot of different reasons. It was needed for residents, town employees, seniors and artists,” Kevin O’Connor, RUPCO’s CEO, tells MHN. “For at least the next half century, Woodstock can finally boast that it has some affordable housing.”

The affordable housing community is comprised of 32 townhouse-style family apartments in eight two-story walkup buildings; 20 senior apartments in two single-story buildings and one two-story elevator building; and a two-bedroom unit for the superintendent.

According to O’Connor, all units are affordable to households making 60 percent of the Area Median Income or less. The 24 one-bedroom apartments, available to seniors aged 55 and older, have monthly rents ranging from $325 to $650.  Monthly rents for the 17 two-bedroom family units range from $655 to $780 and monthly rents for the three-bedroom units range from $765 to $890. Eight of the units will also receive project-based Section 8 Certificates through the NYS HCR.

“The demand for affordable housing, particularly for the artist community, has been very strong,” Doug Olcott, senior vice president and Hudson Valley regional director, The Community Preservation Corporation, tells MHN. “Woodstock does have a 24-unit senior housing building that was built in the late ’80s, but the area was lacking for any other affordable housing.”

Woodstock Commons is one of the first projects in New York State registered in the LEED Neighborhood Development Pilot Program and is eligible for gold level certification in the US Green Building Council Program.

The development features several energy efficient components, including brand new geothermal heating and cooling systems. Other amenities include laundry facilities, a community room and on-site parking. It’s also walkable to the hamlet of Woodstock and connects the surrounding neighborhoods.

Woodstock Commons was financed through the collaboration of both public entities and private partners. CPC provided an $8 million first mortgage construction loan with Walden Savings, Orange County Trust, Riverside Bank, as the participants. New York State Homes & Community Renewal provided $11.5 million in Low Income Housing Tax Credits, syndicated by Raymond James Tax Credit Funds and a $1.88 million NYS Housing Trust Fund (HTF) grant.

Additional subsidies include $11.5 million in low income housing tax credits, a $1.88 million NYS Housing Trust Fund grant; a $520,000 Federal Home Loan Bank grant; a $300,000 grant from Neighborworks; a $50,000 grant from Enterprise Community Partners; and a $265,000 Infrastructure Development Demonstration Program from HTF.

“It’s an understatement to say that the homes at Woodstock Commons would not be possible without an incredible array of board members, staff, professional consultants, colleagues, elected and appointed officials, funders, lenders, supporters and residents,” O’Connor says. “Each of them played a role or otherwise engaged in a difficult process that produced the outstanding results we have now.”