GLOVERSVILLE, N.Y. (NEWS10) — The Glove City Loft project has received $7M in tax credits and other state funding from New York State. Glove City Lofts will remove a vacant commercial building from the property to build a new $21.2M 75-unit loft-style, affordable housing unit building.
The housing unit building will be at 52 Church Street for mixed-income tenants, including units that will be dedicated to income-eligible artists and a 2,00 square foot art gallery run by the Golev Cities Arts Alliance, according to the City of Gloversville.
“This project will be a major breakthrough in our efforts to re-establish a vibrant walkable downtown. It is by far the largest project in terms of monetary investment we have seen in Gloversville in many decades,” said Vincent DeSantis, Mayor of Gloversville. “It will not only provide beautiful, state-of-the-art housing but will all but erase the devastating effects of suburbanization our downtown suffered in the 1960s. We are thrilled to welcome Kearney Development Group to our city.”
“This is great news for not only Ken Kearney and the Glove City Lofts project, but for Downtown Gloversville. This project is a great example of a public-private investment partnership that works for the common goal of redeveloping the Gloversville community,” said Jennifer Donovan, Gloversville Downtown Development Specialist at CRG, who is on the Local DRI Administrative Team.
The breakdown of the new funding is as follows:
- Low-Income Housing Tax Credit (LIHTC) – $1,298,000
- State Low Income Housing Credit (SLIHC) – $450,125
- Housing Trust Fund (HTF) – $2,000,000
- Clean Energy Initiative (CEI) – $412,500
- Middle Income Housing Program (MIHP) – $2,550,000
- Rural & Urban Community Investment Fund (CIF) – $300,000