ALBANY, NY - Two apartment buildings will be built for low-income senior citizens in the Albany, N.Y., region using tax credits provided by the federal economic stimulus, officials said today.
The 80-unit Van Rensselaer Village in Watervliet and the 70-unit Clifton Park Senior Apartments are both receiving federal low-income housing tax credits worth $3.7 million and $3.3 million, respectively.
Governor David Paterson said New York was the first state to be awarded funding for housing projects from the $787 billion American Recovery and Reinvestment Act, more commonly known as the stimulus package.
The legislation included $2.25 billion for the Tax Credit Assistance Program, which will help housing agencies across the country begin construction of stalled projects. The recession has hurt the value of existing housing tax credits, making it difficult to lure investors and creating funding gaps, officials said.
New York received $253 million in grants, which will provide nearly 1,400 units of affordable housing throughout the state. The apartments include new construction and renovation of existing units.
"We are very pleased that Van Rensselaer Village was one of the first housing developments projects in the state to receive federal stimulus funds," Watervliet Mayor Mike Manning said. "Watervliet Housing Authority and Omni Housing Development have developed an excellent plan for the site, reducing the number of units from 100 to 80 and improving the overall quality of the development and individual apartments."
Source: The Business Review