New Development Features Workforce and Supportive Housing
- Apr 21, 2015
Poughkeepsie, N.Y.—Highridge Gardens, a new housing development at 150 Hudson Ave. in Poughkeepsie, N.Y., has opened. The locally based Kearney Realty & Development Group, along with Rehabilitation Support Services Inc., developed the property.
The development features 74 units of workforce and supportive housing. One of Highridge Gardens’ two three-story elevator buildings has 24 one-bedroom apartments for workforce housing, which rent for $649 per month and are available for families with incomes at 50 percent of area median income. The other building has 50 studio apartments for permanent supportive housing, which rent for $564 per month including utilities, and are available for special-needs residents with incomes at 30 percent of area median income.
Rehabilitation Support Services Inc., a not-for-profit agency providing services for people with behavioral health challenges, will provide supportive services for the studio apartment residents. Common amenities at the property include community rooms, laundry facilities and on-site parking.
Funding for the project was from a complex mix of sources. The Community Preservation Corp. provided a $10.5 million construction loan, with $8.9 million converting to a 30-year fixed rate permanent loan. In addition to that loan, New York State Homes and Community Renewal allocated Low Income Housing Tax Credits which generated more than $9.6 million in equity for the project, provided by Raymond James Financial Inc.
The City of Poughkeepsie also contributed $295,000 in HOME funds and the New York State Energy Research and Development Authority awarded the development $148,000. Supportive services are sponsored by New York State Office of Mental Health.