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Homes and Community Renewal

Van Rensselaer Village Rehab Featured in National Publication


The stunning transformation of Van Rensselaer Village in Watervliet is featured this month in the Tax Credit Advisory, a national tax credit publication. Go to this link for the full article

The extensive rehabilitation was a partnership between HCR, Omni Development, the Watervliet Housing Authority, HUD, and the City of Watervliet. The development has gone from an institutional look to a residential feel in keeping with the single and two-family homes in the surrounding neighborhood and will enable the development to function cost effectively and in good repair for the next 50 years.

HCR provided Low Income Housing Tax Credits and federal stimulus funds through the Tax Credit Assistance Program to preserve this important affordable housing resource for area families. Originally constructed in 1972, Van Rensselaer Village had become costly to maintain and was badly in need of repair. The preservation plan focused on an aggressive energy conservation strategy to insure long-term self-sustaining affordability. Renovations keep rents affordable and provide energy efficient and updated apartments.

Commissioner/CEO Towns said, "Congratulations to Omni Development, the Watervliet Housing Authority, the City of Watervliet, and all the local leaders who supported the spectacular transformation of an aging, high-maintenance complex into quality, sustainable affordable housing that will help improve the quality of life in and around Watervliet. Thanks to Low Income Housing Tax Credits, federal stimulus funds through the Tax Credit Assistance Program, and strong, dedicated partners, Van Rensselaer Village will provide families with an energy-efficient, safe, and attractive place to call home. This development will stand as a prime example of how affordable housing creates better, more livable communities. HCR is committed to investing resources in more developments like this throughout the State that make a noticeable difference in cities, neighborhoods, and in people's lives."

Last Updated: 09/12/2011