New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas today announced the completion of Windsor Terrace Apartments, a new $1.4 million four-unit housing development in Schenectady that is helping to revitalize the city’s Eastern Avenue corridor.
HCR Commissioner RuthAnne Visnauskas said “Developments like Windsor Terrace Apartments not only improve circumstances for the families who call them home but enhance neighborhoods for all residents while relieving the affordable housing crisis by provided a much-needed increase in housing supply. As a result of the work completed today, four more families will enjoy a stable home in the heart of a revitalized Schenectady, in close proximity to educational opportunities, a beautiful, historic park, and necessities like a grocery store. Thank you to our partners at Better Community Neighborhoods for their work making this development a reality, and for their continued commitment to building a better Electric City for all.”
Windsor Terrace Apartments is part of Governor Hochul’s $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
Located at 719 & 721 Windsor Terrace, the newly constructed development features two buildings on adjacent lots, containing two apartments each. Three apartments are targeted to households at or below sixty percent of the AMI, in addition to one market rate unit that was financed by non-public funds.
State financing for Windsor Terrace includes $586,000 from the New York State HOME Program, which uses federally allocated HOME Investment Partnership Program funds to expand the supply of decent, safe, and affordable housing within the State.
In the last five years, New York State Homes and Community Renewal has invested over $50 million to create or preserve nearly 450 affordable apartments in multifamily buildings in the city of Schenectady including Renaissance Square, Elmer Gardens, Hillside View, Hillside Crossing, and the Boys & Girls Club of Schenectady.
Windsor Terrace Apartments was developed in partnership with the Capital Region Land Bank, which purchased the property in 2017 and donated it to Better Community Neighborhoods, Inc., a Schenectady-based non-profit. In the past two years BCNI has deployed $1.7 million across 70 properties in owner occupied rehabilitation and counseled over 1,000 clients towards the purchase of their first homes.
Mayor Gary McCarthy said, “Schenectady continues to move forward and make progress with more housing throughout the city. The partnership with BCNI is becoming a force that brings opportunity for safe, affordable housing to residents.”
Senator Jim Tedisco said, “The new Windsor Terrace Apartments will provide much-needed affordable housing options for Schenectady residents so they can have a place to call home. Thanks to the Governor, New York State Homes and Community Renewal, and Better Community Neighborhoods, Inc. for making this possible.”
Assemblyman Angelo Santabarbara said, “Completion of the Windsor Terrace Apartment project in the City of Schenectady is another step towards our goal of providing our community with more affordable housing options. This newest addition, which converts vacant property near the city’s Eastern Avenue corridor into new apartments, not only helps address a tremendous need, but also continues our revitalization efforts in Schenectady. Affordable housing is a lifeline for families and it’s now important more than ever that we continue working to ensure every family has a safe place to call home. By expanding affordable housing in our state, we can make that a reality for more New Yorkers.”
Richard Ruzzo, Chairman of the Capital Region Land Bank and member of the Schenectady County Legislature, said, “The Land Bank is pleased to have removed the blighted structures that allowed Better Community Neighborhoods Inc. to create high quality new housing for our residents. We thank Governor Hochul and New York State Homes and Community Renewal for the continued investment in Schenectady’s neighborhoods”
Jennica Huff, CEO of BCNI, said, “We are proud to partner with Schenectady stakeholders and housing advocates to provide quality housing opportunities for both renters and homeowners in Schenectady. Windsor Terrace represents four (4) rental opportunities as a part of a larger, comprehensive neighborhood revitalization effort along Eastern Avenue in Schenectady. This effort includes the development of 106 additional rental opportunities for seniors and families, city investment in blight removal and recreational spaces, and deployment of homeowner grants for both existing and first time homebuyers.”
Tracy Conley, Vice President and Mortgage Officer at the Community Preservation Corporation said, “Small projects can have a big impact in communities. Windsor Terrace and its four new affordable apartments turn that idea into a bricks and mortar reality for the Schenectady community. Good, affordable housing provides opportunity, stability and a place to put down roots for tenants, and it adds to the fabric and vitality of the neighborhood. We’re proud to partner with BCNI to help them achieve their vision for the Windsor Terrace project, and we thank Enterprise and Commissioner Visnauskas and her team at HCR for their continued commitment to creating a more affordable New York for everyone.”
Baaba Halm, vice president and New York market leader, Enterprise, said, “Quality affordable housing and local ownership are the backbone of a stable community. Enterprise is proud to support Better Community Neighborhoods, Inc. to create opportunities for long-term affordable homeownership through community land trusts, which will empower local residents to have a say in the future of their neighborhood.”