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Homes and Community Renewal

State and Local Officials Attend Ribbon Cutting Ceremony at Highridge Gardens

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CPC High Ridge Gardens

N E W S   R E L E A S E
For Immediate Release
Contact: Stephanie Ramirez
212-784-5704

State and Local Officials Attend Ribbon Cutting Ceremony at Highridge Gardens

Newly completed housing development in Poughkeepsie to provide workforce and supportive housing 

Poughkeepsie, NY, April 17, 2015 – State and local officials, Rehabilitation Support Services Inc. (RSS), local developer Ken Kearney, and The Community Preservation Corporation (CPC) gathered today to celebrate the grand opening of Highridge Gardens, a new housing development located at 150 Hudson Avenue Extension in Poughkeepsie. The development features 74 units of workforce and supportive housing.

“Highridge Gardens builds on the successes of Poughkeepsie Commons, another great supportive and affordable housing initiative for vulnerable New Yorkers,” said New York State Homes and Community Renewal Commissioner/CEO Darryl C. Towns. “By encouraging personal growth and sustained social interactions, these developments are intrinsic to strengthening and revitalizing communities. With these public and private partnerships, we can foster the innovation that drives stability and regional economic activity.”

“The Kearney Realty & Development Group is proud to partner with RSS in the development of Highridge Gardens. Supportive Housing, like Highridge Gardens, is an asset not only to the local community but also to society as a whole. This unique development took years of planning and numerous collaborations with the both private and public sector partners. I anticipate Highridge Gardens to be a model of success of how to meet a growing demand for supportive housing throughout New York State,” said Sean Kearney, Vice President at Kearney Realty & Development Group.

“Affordable housing, coupled with the availability of on-site support services, is an essential need in every community,” said William DeVita, Executive Director for RSS. “Everyone deserves the opportunity to lead an independent and productive life. That’s what projects like Highridge Gardens provide. Projects like this enrich a community and empower people. We hope this serves as an inspiration for other communities.”

“For over 20 years, CPC has been investing in Poughkeepsie by partnering with long time borrowers such as Ken and Sean Kearney to meet the profound need for affordable and supportive housing,” said Doug Olcott, Senior Vice President and Hudson Valley Regional Director, CPC. “The $10.5 million we’ve invested in Highridge Gardens, along with the support from our partners such as HCR, the City of Poughkeepsie, OMH, and RSS, will provide much-needed quality homes and supportive services. It’s a great example of what can be achieved through public-private partnerships that will have a ripple effect reaching far beyond the 74 families at Highridge Gardens.”

One of Highridge Gardens’ two three-story elevator buildings has 24 one-bedroom apartments for workforce housing, which are $649 per month and available for families with incomes at 50% of the area median income (AMI). The other building has 50 studio apartments for permanent supportive housing, which are $564 per month including utilities and available for special needs tenants with incomes at 30% AMI. Supportive services for the studio apartment tenants are provided by Rehabilitation Support Services Inc. (RSS), a not-for-profit agency providing various services for people who have behavioral health challenges. Other amenities include community rooms, laundry facilities, and on-site parking.

Critical funding came from a number of public and private partners. CPC provided a $10.5 million construction loan, with $8.9 million converting to a 30-year fixed rate permanent loan. In addition to CPC’s loan, New York State Homes and Community Renewal (HCR) allocated Low Income Housing Tax Credits which generated more than $9.6 million in equity for the project and was provided by Raymond James Financial, Inc. The City of Poughkeepsie also contributed $295,000 in HOME funds and the New York State Energy Research and Development Authority (NYSERDA) awarded the development with $148,000. Supportive services are sponsored by New York State Office of Mental Health (OMH).

“Safe and affordable housing is the bedrock from which individuals can begin their journeys to recovery,” said Office of Mental Health Executive Deputy Commissioner Martha Schaefer. “Highridge Gardens will empower its residents with a sense of independence, dignity, and pride that adds to the impact of supportive services funded by the Office of Mental Health. I applaud Rehabilitation Support Services for bringing such a wide coalition together for this valuable project and wish their residents success in the pursuit of recovery!”

Darryl Seavey, Managing Director Northeast Region for Raymond James stated, “Raymond James is thrilled to once again partner with Kearney Realty & Development Group on Highridge Gardens, an exceptional Hudson Valley property. Through careful design and meticulous project oversight, the Kearney team has once again raised the bar in providing quality affordable housing for deserving residents of the community. Raymond James would like to congratulate Ken and Shawn Kearney, RSS, and all of the project partners who made this project a reality, especially The Community Preservation Corporation and TD Bank, both of whom worked with Raymond James on project financing.”

About CPC
The Community Preservation Corporation, Inc. (CPC) is a non-profit lender providing reliable capital to underserved neighborhoods throughout New York State since 1974. A nationally recognized leader in affordable housing finance, CPC is committed to delivering financing and technical expertise, and to working with community partners to create and preserve affordable housing. To date, CPC has invested more than $8.8 billion in over 157,000 units of housing. For more information, please visit www.communityp.com.

About New York State Homes and Community Renewal
New York State Homes and Community Renewal (HCR) consists of all the State's major housing and community renewal agencies, including the Affordable Housing Corporation, the Division of Housing and Community Renewal, the Housing Finance Agency, State of New York Mortgage Agency, Housing Trust Fund Corporation and others. In 2014, HCR set an agency record by financing the creation or preservation of 9,363 affordable housing units, including affordable homeownership opportunities for more than one thousand families.

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Last Updated: 04/17/15