As posted on the NYS Homes and Community Renewal Announcement:
On July 6, 2022, Governor Kathy Hochul announced that $104 million has been awarded to create or preserve 864 affordable homes in 16 separate developments across New York. The funding will further local economic development initiatives, expand the housing supply in every region, fight homelessness with supportive services for vulnerable populations, and help close the digital divide for lower-income households. The developments will also advance the State’s ambitious goal to achieve an 85 percent reduction of greenhouse gas emissions by 2050.
The awards are part of Governor Hochul’s $25 billion, five-year comprehensive Statewide housing plan that will make housing more affordable, equitable, and stable. The Governor’s plan will increase housing supply by creating or preserving 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
As published in the The Daily Gazette Article:
RISE Housing and Support Services received $7.3 million for The Riverview Apartments in the village of Corinth, Saratoga County. The development will create 60 affordable apartments with 30 reserved for formerly homeless individuals with mental health illnesses and who will have access to rental subsidies and on-site supportive services funded through RISE as part of an Empire State Supportive Housing Initiative award.
The project is a joint effort of RISE Healthy Housing and Support Services and Hudson River Community Credit Union. The credit union was founded as IPCO Federal Credit Union in 1954 by employees of the International Paper mill that operated for decades in the village. It has long sought to develop affordable housing in Corinth and partnered with RISE to accomplish the goal. The Credit Union donated three acres on Pine Street Alley for the apartment project, near the site where the mill once stood.
While there is not an exact time frame for construction yet, RISE hopes to close on financing later this year and break ground in the following winter or spring. That apartment complex will contain 30 units of affordable housing for the general public, 18 supported living unites and 12 units of transitional housing.