Pennrose Properties Opens Phase I of Affordable Community Redevelopment
The two-phase project totaling 300 units is the largest public housing development in Schenectady, N.Y.
Northside Village Grand Opening. Image courtesy of Pennrose Properties
Pennrose Properties has celebrated the grand opening of Northside Village, the first phase of the Yates Village public housing redevelopment in Schenectady, N.Y.
The developer partnered with The Schenectady Municipal Housing Authority and Duvernay + Brooks for the $29.3 million project in Schenectady’s Goose Hill/Northside neighborhood.
Originally built in 1948, the 300-unit Yates Village is the city’s largest public housing development. Phase I has added 64 new apartments and rehabilitated 25 existing ones. Phase II of the project is slated to begin in the fall and calls for the redevelopment of 211 affordable units.
The first phase
Phase I has also added a 12,000-square-foot community building to the project. One-third of the space will be dedicated to community amenities, such as a fitness center, playground and management suite. The remaining space will be rented out to three local non-profits.
Located at 2450 Van Vranken Ave., the property provides one-, two-, and three-bedroom units with floorplans ranging from 896 to 1,257 square feet.
The apartments are available for residents earning between 30 to 80 percent of the area’ median income. While 57 apartments are supported by the SMHA’s Section 8 Project-Based Vouchers, 18 are reserved for veterans and individuals with special needs.
Project financing
The New York State Homes and Community Renewal has allocated 9 percent Low Income Housing Tax Credits that generated $15.7 million in equity for the redevelopment, with Hunt Capital Partners serving as the tax credit syndicator. HCR has also funded $3.8 million through HCR’s Housing Trust Fund, while its Community Investment Fund program has provided $1.4 million.
Recently HCR has partnered with Empire State Development Corp. to bring 900 affordable units to Brooklyn. The $400 million project will revitalize the borough’s East Flatbush neighborhood.
According to public records, additional financing includes an $11.3 million building loan funded by JPMorgan Chase, a Freddie Mac loan provided by Lument, as well as an SMHA-funded acquisition loan. The fully affordable project has also received PILOT and tax exemptions from Metroplex.
