RISE Opens Upstate New York Affordable Community

RISE Housing and Support Services has opened Riverview Apartments, a 60-unit affordable housing community in Corinth, N.Y. Development costs totaled $24 million.

Bonacio Construction served as general contractor while Re4orm Architecture and Lansing Engineering provided design and landscaping services, respectively.

The crew constructed the community in accordance with the regulations stipulated by the New York State Energy Research and Development Authority New Construction Housing Tier IV program, as well as LEED for Homes V4 program.

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Riverview Apartments features zero emissions, with the property’s cooling and heating handled through a geothermal system that absorbs or deposits heat. A community solar facility provides electricity.

Units cater to households earning up to 50 and 60 percent of the area median income. Additionally, 30 units are reserved for individuals struggling with homelessness or mental illness, while 15 units are set aside for seniors aged 55 and up. RISE will provide such services as mental health support, independent living skills training and crisis intervention.

The three-story property has one- and two-bedroom units. Apartments feature Energy Star appliances, as well as light and water-conserving fixtures. Amenities comprise a community room, gym, bike storage and on-site transportation services.

Located at 1 Pine St. on land donated by the Hudson River Community Credit Union, Riverview Apartments is some 14 miles from both Glens Falls, N.Y., and Saratoga Springs, N.Y. Hudson River flows nearby and multiple parks are within 2 miles of the community.  

Funding for Riverview Apartments included:

• $11.8 million in equity from New York State Homes and Community Renewal’s Federal LIHTC Program
• $3.6 million in equity from HCR’s state LIHTC Program
• $2.3 million loan issued by HCR’s Supportive Housing Opportunity Program
• $2 million note originated by HCR’s HOME Program
• $1.1 million loan from HCR’s Federal Housing Trust Program
• $257,000 project development grant from The New York State Office of Mental Health
• $240,000 incentive from NYSERDA’s New Construction – Housing program
• $203,000 grant from National Grid’s Clean Heat energy incentive
• $750,000 in operating funds for the supportive units, provided by OMH’s Empire State Supportive Housing Initiative

Creating affordable housing in Upstate New York

New York Gov. Kathy Hochul’s FY25 Enacted Budget aims to boost the state’s housing inventory through new tax incentives for Upstate communities. In Saratoga County alone, HCR has created or preserved more than 900 affordable units in the past five years.

Last August, Gov. Hochul introduced the Pro-Housing Communities Program. New York localities may access up to $650 million in state funding, provided that they are certified. More than 160 communities received certification, including the town of Corinth.

Another Upstate affordable housing community opened this month. Liberty Affordable Housing debuted Olbiston Apartments, a 153-unit affordable property in Utica, N.Y., after a $67 million renovation effort. HCR also funded the rehabilitation with $16.3 million in subsidies.