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Homes and Community Renewal

State Homes and Community Renewal, Liberty Affordable Housing and Partners Announce Construction of 37 Apartments for Seniors in Gloversville

Estee Senior Homes in Gloversville

‘Estee Senior Apartments’ Complements Governor Cuomo’s Successful Mohawk Valley Revitalization Initiative to Grow Economy, Create New Opportunities

New York State Homes and Community Renewal (HCR) joined Liberty Affordable Housing, Inc., partners and community leaders to mark construction of Estee Senior Apartments, 37 energy-efficient units of affordable senior housing in the Fulton County City of Gloversville. The development complements initiatives of the Mohawk Valley Regional Economic Development Council to grow the economy and create new opportunities.

HCR Commissioner RuthAnne Visnauskas said, “Congratulations to Liberty Affordable Housing and all our partners who came together on behalf of the 37 households who will call Estee Senior Apartments home. This development not only will provide modern and affordable housing for people in the community they love, it enhances Governor Cuomo’s successful regional economic development strategies for the Mohawk Valley that are creating opportunities in Fulton County and beyond.”

The three-story building at 90 North Main Street, gets its name from the Estee School which was built in 1916 and operated for 80 years before it closed. Vacant for 20 years, deterioration was too great for the building to be renovated. It was razed and the new building, which will architecturally resemble the old one, will occupy the site. Small retailers, restaurants, medical offices, churches and homes surround the development which will generate revenue for the city. A U.S. Post Office and public library are located less than a quarter-mile away.

Estee Senior Apartments complements Governor Cuomo’s Mohawk Valley Regional Economic Development Council’s support of downtown revitalization initiatives. “The new global economy demands walkable communities, active and adaptable public spaces, appropriate architecture, concentrated development and incorporated historic building fabric,” said Council Co-Chair Dr. Dustin Swanger, who is President of Fulton-Montgomery Community College. “The Mohawk Valley REDC continues to prioritize supporting urban centers, including the City of Gloversville with their place-focused, people-led approach to downtown revitalization.”

New York State Homes and Community Renewal funding for the $9 million project includes: more than $465,000 of Low Income Housing Tax Credits, the sale of which will leverage about $4.6 million of private investor equity and a $400,000 federal grant awarded to the City of Gloversville. In addition, a $3.7 million grant was awarded by the Local Initiatives Support Corporation (LISC) through funds generated by settlements between the New York State Attorney General and banks stemming from the mortgage foreclosure crisis; a $250,000 grant from the Dormitory Authority of the State of New York’s Economic Development Assistance Program and a $38,000 grant from the New York State Energy Research and Development Authority.

Jessica Scialdo, President and Chairperson of the Liberty Affordable Housing, Inc., Board of Directors said, “Liberty is truly thrilled to mark the start of construction of Estee Senior Apartments in the heart of Gloversville. We are proud to be part of the City’s vision for the future and it is our hope these 37 units of quality affordable housing for seniors will spark continued revitalization of this Downtown Gloversville Historic District. Liberty will be committed to the quality of life of the City residents who will call Estee Senior Apartments their home.”

Denise Scott, LISC Executive Vice President said, “The development is blight-fighting at its best: replacing a long-vacant school in the central business district with high-quality, affordable housing for seniors, including veterans and people with disabilities. The work dovetails well with Governor Cuomo’s revitalization efforts in the Mohawk Valley were LISC also provided a$1.6 million grant to the Greater Mohawk Valley Land Bank. Both grants we provided were generated by the Attorney General’s settlements with banks as a result of the mortgage foreclosure crisis.”

About New York State Homes and Community Renewal
NYS Homes and Community Renewal’s (HCR) housing and community development agencies work to create, preserve and improve affordable homes and vibrant communities, in keeping with Governor Andrew M. Cuomo’s vision of a more inclusive, affordable, sustainable, and resilient New York. In 2016, HCR set a record for the third year in a row, financing the creation or preservation of more than 17,000 affordable homes and apartments, creating nearly 2,000 homeownership opportunities for first-time homebuyers, and was once again the #1 affordable housing bond issuer in the nation with $2.8 billion issued. For more information on HCR agencies, programs and initiatives, please visit: http://www.nyshcr.org/

About Liberty Affordable Housing
Liberty Affordable Housing Inc. (Liberty) is a not-for-profit developer headquartered in Rome, New York. Liberty was incorporated in 2002 and has a community-based volunteer Board of Directors with a mission to produce, protect and preserve affordable housing. Since its inception Liberty has shown the ability to complete projects it has undertaken by successfully closing on three new construction and fifteen preservation projects. In all its endeavors, Liberty seeks to positively impact communities by providing “Better Lives Through Better Housing.”

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