Among those on hand for the ceremony were: New York State Lt.Governor Mary O. Donohue; Otis Jones, deputy commissioner, HousingOffice of Housing Management within the State Division of Housingand Community Renewal; Dutchess County Executive William Steinhaus;Hyde Park Town Supervisor Yancy McArthur and Alfred Dellibovi,president and chief executive officer of the Federal Home Loan Bankof New York.

Wilder Balter officials explain that the 82-unit affordablesenior community was in fact an adaptive reuse project thatinvolved the conversion of an abandoned Hyde Park nursing home. Thefive-story elevator building, consists of 62 one-bedroomapartments, 20 two-bedroom apartments, as well as a community room,laundry facilities and outside patio/courtyard. These apartmentsare available to households earning up to 45 percent of the areamedian income, which they say translates to monthly rents of $422to $476 for one-bedroom units and $503 to $568 for two-bedroomapartments.

The senior housing project was financed through the federal LowIncome Housing Credit (LIHC) program, which is administered by theNew York State Division of Housing and Community Renewal. Thedevelopment also received a low-interest loan from the HousingTrust Fund Program, which is administered by the New York StateHousing Trust Fund Corporation (HTFC), and a Federal Home Loan BankLoan. Company officials add that Heritage Pointe also received HOMELoans from Dutchess County and equity financing through MassMutual.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.