Work Begins on Affordable Housing Near Albany
- Aug 27, 2014
Cohoes, N.Y.—Ground has broken on Lion Heart Residences, a 72-unit affordable housing project in Cohoes, a town in Albany County, N.Y. The property will offer one-, two- and three-bedroom apartments, as well as 15 apartments for residents with developmental disabilities. Lion Heart Residence will meet Green Building and Energy Efficiency initiatives.
The Lion Heart Residences is a collaboration of Regan Development, New York State Homes and Community Renewal, Community Preservation Corp., the New York State Office for Persons with Developmental Disabilities and First Sterling Financial. Living Resources Corp., a Regan Development partner on the Lion Heart Residences project, will provide support services for the residents.
The project was one of 10 in New York State to receive part of $23.7 million worth of state funding last December to either create or preserve affordable housing to spur economic growth. According to state officials, the Cohoes project will drive nearly $16 million of local economic activity.
Community Preservation Corp. is providing a $9.6 million construction loan and a $3.1 million permanent loan to build the Lion Heart Residences. The Office for Persons with Developmental Disabilities is funding the 15 apartments for special-needs residents.
The developer, Ardsley, N.Y.-based Regan Development, has received a 30-year tax credit on the property, enabling it to offer rents ranging from $740 to $980 per month. Regan has previously worked on residential projects in downstate New York, including Dutchess County.