Kearney Realty’s Poughkeepsie Commons Development Opens for Seniors, Homeless, Veterans
- Oct 21, 2013
Poughkeepsie, N.Y.—There are 71 more affordable housing units available to Poughkeepsie, N.Y., seniors, homeless people and disabled veterans thanks to the completion of Poughkeepsie Commons, a three-story community developed by The Kearney Realty & Development Group.
“Poughkeepsie Commons helps answer a profound need for veterans housing in our region,” says Kearny Realty’s Sean Kearney. “In addition to providing much needed affordable housing for the most vulnerable veterans, Poughkeepsie Commons will provide access to counseling, transportation and other supportive services.”
The community, located at 130 Hudson Street in the city’s northeast corner, came to fruition through a set of partnerships with city and state housing officials.
The Community Preservation Corporation (CPC), a not-for-profit lender that finances residential multifamily development throughout New York State, delivered a $7 million construction loan with Provident Bank as a 90 percent participant. That loan was taken out by a New York State Pension Fund with a 30-year, fixed-rate mortgage and 100 percent SONYMA insurance. Additionally, New York State Homes and Community Renewal (HCR) was able to allocate $12.29 million in Low Income Housing Tax Credits, while Raymond James Tax Credit Funds Inc. provided the tax credit equity. An additional $745,000 in HOME funds was provided by the City of Poughkeepsie.
“Poughkeepsie Commons is a wonderful example of partners coming together at every level—public and private—to meet a community’s needs,” says HCR Commissioner and CEO, Darryl C. Towns. “Under Governor Andrew Cuomo’s leadership, we are seeing more and more initiatives that provide not only safe, affordable homes for New Yorkers, but also easy access to all a community has to offer.”
The community’s two buildings feature elevators, and amenities include a community room, laundry facilities and on-site parking. Seniors, homeless people and disabled veterans who make up to 60 percent of the area’s median income are eligible to live at the community.