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Homes and Community Renewal

State HCR, Liberty Affordable Housing and Partners Mark Completion of Major Rehab of 246 Affordable Homes In Albany’s Pastures Historic District

 

September 27, 2016: New York State Homes and Community Renewal joined Albany Mayor Kathy Sheehan, Liberty Affordable Housing Housing, Inc., CRM Rental Management at the dedication to celebrate successful, on-time, completion of the total rehab of 246 units of housing for low- and moderate-income families that maintained historic and design integrity in the Pastures Historic District.

Ninety-one buildings, containing 246 units and three commercial spaces, originally were constructed in the mid-19th century as row houses and converted to apartments in the 1980s. The buildings which comprised three developments were acquired by the borrower, Historic Pastures Mansions, LLC in December 2014 and are now called Historic Pastures Mansions. Liberty Affordable Housing, Inc., is the developer/sponsor of Historic Pastures Mansions. The scope of work included new kitchens with energy efficient lighting and appliances; renovations of bathrooms; new windows, flooring, siding, roofs and rain gutters; sidewalk replacement and parking space repaving. Through logistical coordination, residents were not displaced during the renovation work on their units.

“Historic Pastures Mansions provide both modern, energy efficient-efficient homes where about 500 people can live with dignity, and it is a major part of the revitalization of one of Albany’s historic neighborhoods,” said HCR Commissioner James S. Rubin. “These homes complement Governor Andrew Cuomo’s aggressive $20 billion agenda to combat homelessness and expand access to affordable and supportive housing all across the State.”

Total development cost was approximately $40.3 million. Funding includes financing from NYS Housing Finance Agency tax-exempt tax exempt bonds; HCR subordinate funding of $4,375,000 from HFA, $2 million through the Homes for Working Families program, $250,000 through the Community Investment Fund;  $10 million Low Income Housing Tax Credit equity;  $2.5 million State Low Income Housing Tax Credit equity; $2.2 million of subordinate funding from Citibank; existing reserves and rental income.

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