CORINTH, N.Y. (NEWS10) – Plans to build a 60-family affordable housing complex in Corinth are moving forward after the State announced Wednesday, July 6 that it has awarded $7.3 million to RISE Housing and Support Services toward the construction of the building.
The Riverview at Corinth Affordable Housing Project, which will be located on Pine Street in Corinth, will provide 30 supportive housing apartments, 15 affordable senior housing apartments, and 15 affordable community apartments. Bonacio Construction, Inc. will oversee the construction of the apartment building, which is expected to break ground by the Spring of 2023. The total cost of the project is projected at $21 million.
“As an active community partner since 1978, RISE is proud to serve as a leader in meeting the housing and recovery needs of our neighbors through the Riverview Apartments project. These 60 new units will make distinct progress in closing the affordable housing gap in Saratoga County, while simultaneously enabling people living with mental health and other life challenges to remain safe and healthy in the community through housing and supportive services,” said RISE Executive Director Sybil Newell.
In addition to providing affordable housing for Corinth residents, the project will also create eight jobs for the community including two case workers and one registered nurse to help provide support for the residents. The project is expected to bring in an additional $1.4 million in annual revenue to the village.
The project is a joint effort between RISE and Corinth-based Hudson River Community Credit Union (HRCCU) whose Board of Directors determined three years ago that the single greatest challenge for many of its members living in the community is their ability to afford quality housing. HRCCU found a partner in RISE to build and operate the 60-unit apartment building, which will consist of both one-and-two-bedroom apartments for Corinth seniors and residents. The three-acre parcel of land on which the apartment building will be constructed was donated by HRCCU.
“At HRCCU, we believe safe affordable housing has a positive impact on the community and the members we serve by reducing stress and freeing up funds within families’ tight budgets to spend on other important household necessities like food and health care,” said HRCCU CEO Sue Commanda. “HRCCU is proud to have found a partner in RISE that aligns with our values and has a proven track record in the affordable housing arena. This project is just one more way that HRCCU is working to make life better for our members and the communities we serve.”
The funds awarded to the project are part of $104 million in state grants announced by Governor Kathy Hochul to create and preserve 864 affordable housing units across New York State.