AMSTERDAM, N.Y. (NEWS10) – Phase one was completed Friday of a $47 million renovation project for a public housing development for seniors in the City of Amsterdam. Renovations are now complete at Stratton Apartments, housing 75 energy-efficient and affordable living accommodations for seniors. Construction is also underway to begin phase two of the project, which includes upgrades to the 116-unit New Amsterdam Apartments.
“Affordable housing is a key factor in growing and developing thriving communities,” Governor Kathy Hochul said. “The rehabilitation of the Stratton Apartments is critical to ensuring that seniors throughout Amsterdam can not only live with dignity and security, but also be provided with the opportunity to play a role in the city’s revitalization.”
Built in the 1970s, Stratton Apartments consists of a seven-story building located at 95 Division Street. All apartments are affordable for households with incomes at or below 80% of the Area Median Income and with at least one household member aged 62 or older.
New Amsterdam Apartments is a 12-story building with 116 apartments for seniors located at 26 Wall Street. Renovations at this building will be completed in 2023, and have begun following the recent completion of Stratton Apartments.
New York State Homes and Community Renewal (HCR) Commissioner RuthAnne Visnauskas said, “The COVID pandemic has exacerbated the shortage of decent housing options for seniors living on fixed incomes. This $47 million investment will preserve affordability for 191 households, enhance quality of life with upgraded and energy-efficient amenities, and protect the health of vulnerable New Yorkers. Thanks to our partnership with the Amsterdam Housing Authority and 3D Development, this critical housing resource will continue to serve Amsterdam’s seniors and allow residents to live with dignity and security in homes they can afford.”
The developers are the Amsterdam Housing Authority and 3D Development Group LLC. State financing for the two-phase development includes $9.3 million in permanent tax-exempt bonds, Federal Low-Income Housing Tax Credits that generated $15.9 million in equity and $15.6 million in subsidy from the HCR. The New York State Energy Research and Development Authority is providing $136,500 in support.