- New Construction
- Mixed Use
- Public Housing/RAD
- Schenectady, NY
- 300 units
- WRT (Wallace Roberts & Todd) and Harris A. Sanders Architects
Northside Village Phase I
The Schenectady Municipal Housing Authority (SMHA), together with D+B and developer partner Pennrose LLC, 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 development, “Northside Village Phase I”, features 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 completed and fully leased in 2021.
Northside Village Phase II
The second phase of the redevelopment of the Schenectady Municipal Housing Authority’s (“SMHA”) Yates Village public housing development, “Northside Village Phase II,” includes the demolition and new construction of the six remaining public housing multifamily rental buildings totaling 211 units with the goal of transforming the previous superblock layout into a safe, walkable community.
SMHA, D+B and Pennrose are undertaking the demolition and reconstruction of 37 new, two-story buildings with 211 units. Off-street parking with 250 parking spaces are available to residents at no cost. Residents will also benefit from the new 12,745 square foot, two-story community center constructed as part of Phase I. The community center features a fitness center and community room.
Of the total 211 residential units, approximately 146 will be set-aside for family households with incomes at or below 50% of the Area Median Income (“AMI”), 45 units will be set-aside for family households with incomes at or below 60% of AMI, and 20 units will be set-aside for family households with incomes at or below 80% of AMI. All 211 units will benefit from Section 8 Project-Based Vouchers issued by SMHA. All the apartment homes will be designed under Enterprise Green and Energy Star guidelines to promote energy efficiency, and all work is being completed in accordance with Davis-Bacon wage requirements.
Northside Village will include supportive services provided by the Schenectady Community Action Program (“SCAP”) for 43 units set aside for individuals with physical disabilities. Services will be voluntary and individualized to each tenant’s need while promoting independent living and stable tenancy.
Financing includes NYS Housing Finance Agency tax-exempt bond financing and 4% LIHTC, subordinate HCR funds, and Federal Home Loan Bank AHP funds. Citizens Bank is the bond letter of credit provider and investor, CREA is the syndicator. The project’s permanent loan will be insured through the FHA-HFA Risk Share Program.
The existing buildings on the Project site currently include 226 units. To expedite the development timeline while allowing for full relocation of current residents prior to closing on financing, HFA bond financing for the development has been structured with three separate bond issues for three separate parcels at the site. Closing on financing for the first parcel was in October 2021, with bond issuance for the remaining parcels projected for April 2022 and July 2022. Completion is scheduled for September 2023.