- New Construction
- Mixed Use
- Public Housing/RAD
- Schenectady, NY
- 89 units (Phase 1)
- WRT (Wallace Roberts & Todd) and Harris A. Sanders Architects
The Schenectady Municipal Housing Authority (SMHA), together with D+B and developer partner Pennrose Properties, is embarking on a revitalization of Yates Village, an aging 300-unit public housing development located in the Goose Hill/Northside neighborhood of the city of Schenectady. Configured as a multiphase, multi-year effort to redevelop a community that serves as a gateway to Schenectady’s downtown, the transformation of Yates Village will contribute to the ongoing revitalization of the city and ensures that Yates Village remains a vital affordable-housing resource for generations to come.
The new and substantially rehabilitated townhouse and garden apartments meet the needs of existing Yates Village residents as well as the broader neighborhood. Apartments will be affordable to residents with a range of incomes; they include project-based voucher units, Low Income Housing Tax Credit (LIHTC) units, and State Low Income Housing Tax Credit (SLIHC) units that are reserved for households with incomes between 60% and 80% AMI. Twenty percent of total units will be reserved as special needs units for those with physical disabilities, who will have access to social service programming from the Schenectady Community Action Program (SCAP) and SMHA. All residents will have access to a planned 12,000 sf community center housing resident amenities, including a fitness room, as well as facilities for three nonprofit organizations that have long served the Yates and larger Northside neighborhood: a branch of the Schenectady Boys & Girls Club, a Head Start early childhood learning center operated by SCAP, and a food pantry operated by Bethesda House.
The development’s hybrid scope of substantial rehabilitation and new construction fully leverages scarce financial resources. Financing for the 89-unit Phase 1 includes 9% LIHTC, SLIHC, HOME, HTF, and CIF funds from HCR, as well as a Freddie Mac permanent loan through Hunt Real Estate Capital. JPMorgan Chase is the LIHTC investor and construction lender; Hunt Capital Partners is the syndicator. Closing was in August 2019, and completion is scheduled for November 2020. Planning is underway for Phase 2.