Governor George Pataki reported the latest round of state housing aid in the region on Wednesday. The largest aid allocation will go to the 400 Main Street development, which will receive $1.8 million in Housing Trust Fund money and Federal Low Income Housing Tax Credits that will produce approximately $8 million of private equity.
The 400 Main St. project will feature 54 new rental units, a community center for tenants and ground floor retail commercial space. The total project cost is approximately $11.4 million, according to state officials. The development team for the 400 Main St. project consists of Pennrose Properties Inc. and Duvernay & Brooks LLC as co-developers, Lasberg Construction Associates and Architects Unlimited.
The $3.5 million in state housing aid will help create a total of 91 new affordable housing units in Dutchess and Columbia counties. Funding for the new housing initiatives was approved under the Low Income Housing Trust Fund program, the HOME program and the Federal Low Income Housing Credit program.
Other organizations receiving state funding include the Dutchess County Community Housing Agency, which will receive $1.01 million in Federal Low Income Housing Tax Credits and another $360,000 in the state HOME LPA program. The funding will help create 12 affordable housing units in Dutchess County. In addition, Human Resources of Columbia County Inc., is receiving $400,000 in HOME LPA financing, which will help produce 25 new housing units in Columbia County.
Commenting on the housing aid packages, New York State senator Stephen Saland says, "Each of these projects helps address a vital need in our community -- none more so than the 400 Block project in the City of Poughkeepsie which will provide a major contribution to the city's ongoing revitalization efforts."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.