Intergenerational Cold Spring Apartments in Tannersville Will Include 40 Workforce Apartments, 15 Apartments Set Aside for Seniors
Revitalizes Parcel Occupied by Long-Vacant Cold Spring Hotel
July 2, 2025 – New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas along with development and funding partners today announced the start of construction on Cold Spring Apartments, an affordable housing development in the village of Tannersville, Greene County that creates 56 apartments for seniors and the local workforce. Developed by RUPCO, the $31 million project will revitalize land formerly occupied by the decades-vacant Cold Spring Hotel. Cold Spring Apartments complements Governor Hochul’s $25 billion five-year housing plan, which is on track to create or preserve 100,000 affordable homes statewide.
“Cold Spring Apartments marks a transformative step forward for Tannersville, turning a long-blighted site into a vibrant, energy-efficient community that residents will be proud to call home,” Governor Hochul said. “This investment addresses Greene County’s critical housing needs, supporting and sustaining their tourism-driven economy by increasing housing supply and improving affordability for families and seniors.”
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Cold Spring Apartments exemplifies our commitment to creating sustainable, affordable housing that revitalizes communities like Tannersville. By transforming a blighted site into 56 modern, energy-efficient homes for seniors and providing affordable homes that allow people to live and work in Tannersville, we’re addressing local housing needs while boosting Greene County’s economy. This project is the latest example of Governor Hochul’s continued focus on creating housing, improving affordability and revitalizing communities.”
Designed to appeal to families of different sizes, Cold Spring Apartments will be spread across three buildings and include studios, one, two, and three-bedroom units. Forty units will be available to households earning up to 90 percent of the Area Median Income. To help enhance the local economy, eleven apartments will be prioritized for individuals who work or reside in Greene County. There will be 15 units reserved for residents 55 and older earning up to 60 percent of the Area Median Income.
The project is part of Tannersville’s Downtown Revitalization Initiative, with the development’s workforce component creating housing that is critically needed to support and sustain businesses in the Hunter Mountain-adjacent community’s tourism-driven economy. The project included demolition of the former Cold Spring Hotel and several nearby buildings that had been vacant for decades and fallen into a state of ruin, transforming the site into a vital community asset.
Cold Spring Apartments is designed to meet Passive House certification and aims to achieve LEED for Homes Silver or Gold status. The development will include a geothermal heat pump system for heating, cooling and hot water.
Cold Spring Apartments is supported by New York State Homes and Community Renewal’s state and federal Low-Income Housing Tax Credit Programs that will generate more than $15 million in equity and $8 million in subsidy. The development also benefits from over $400,000 in Clean Energy Initiative funding, a partnership between HCR and the New York State Energy Research and Development Authority (NYSERDA). The Department of State’s Downtown Revitalization Initiative provided $2.5 million in support. Greene County is providing $175,000 in support through its general fund. The Community Preservation Corporation along with its lending partner, the Bank of Greene County are providing $21 million in construction financing.
New York Secretary of State Walter T. Mosley said, “The State’s Downtown Revitalization Initiative is not only breathing new life into communities like Tannersville, it is also playing a vital role in addressing New York’s urgent need for affordable housing. Through projects like Cold Spring Apartments, we are transforming vacant, underutilized properties into vibrant, energy efficient housing and directly supporting Governor Hochul’s bold housing agenda that is strengthening the economic and social fabric of our downtowns in the Capital Region and all across the state.”
New York State Energy Research and Development Authority (NYSERDA) President and CEO Doreen M. Harris said, “Cold Spring Apartments demonstrates how communities across New York State can take advantage of blighted, vacant lots and introduce affordable housing opportunities that incorporate the latest high-performance energy saving technologies. Investing in efficient and resilient building solutions that meet the needs of all residents will not only improve quality of life, but also support meaningful progress toward revitalization efforts underway across the state.”
Senator Kirsten Gillibrand said, “Expanding access to affordable housing is critical for New York communities. Cold Spring Apartments will create much-needed affordable housing for our workforce and seniors while revitalizing the local community. I look forward to the positive change this project will bring to Greene County and will continue to fight for federal funding to build more state-of-the-art housing developments across New York.”
Senator Michelle Hinchey said, “The housing crisis has made it harder for people of all ages and incomes to afford to live in the places they call home—from our seniors to teachers and first responders—and we’ve been pushing for solutions that help keep families in their communities, including here in Tannersville. I was proud to advocate alongside Tannersville and RUPCO for state funding for Cold Spring Apartments, a project that directly responds to the housing shortage by bringing new workforce housing into the village. Breaking ground on this project means more homes for our neighbors, support for local businesses, and a stronger local economy. I’m grateful to all of our state and local partners for helping make it happen.”
RUPCO CEO Kevin O’Connor said, “The vision for Cold Spring Apartments began when the Hunter Foundation identified an urgent need: local businesses in Tannersville couldn’t stay open more than three days a week because workers had nowhere to live. The apartments at Cold Spring directly respond to that need by providing high-quality, affordable homes for the local workforce and seniors. With the support of Governor Hochul and our many funding partners, we’re not just creating housing—we’re strengthening Main Street, boosting the local economy, and investing in a more equitable and sustainable future for the Catskills.”
The Community Preservation Corporation Assistant Vice President and Mortgage Officer Daniel Wheelen said, “The Cold Spring Apartments is a testament to how affordable housing can meet both the unique housing and economic development challenges facing our communities. From working families to senior citizens, this development will provide much-needed stability and opportunity to the residents of Greene County for years to come. Our thanks to our funding partners at the Bank of Greene County, and to RUPCO, HCR, and M&T Bank who are helping ensure that all New Yorkers have an affordable place to call home.”
Bank of Greene County Executive Vice President and Chief Lending Officer John Antalek said, “The Bank of Greene County is honored to support this affordable housing initiative, which aligns with our commitment to strengthening the communities we serve, and expanding access to safe, quality housing. By investing in projects like this, we’re helping to create opportunities for individuals and families to thrive, and neighborhoods to grow stronger.”