YMCA housing at Broadway gets financed
The renovation of a historic industrial building next to the Schenectady County Department of Social Services on Broadway has finally got its financing.
KeyBank recently closed a transaction to provide Low-Income Housing Tax Credit (LIHTC) equity to the $26 million renovation, which will provide 155 units of affordable housing at 845 Broadway to very low-income families, homeless people, veterans and others who require support services.
“We are extremely proud to have a hand in a development that will positively impact so many of the most at-risk populations in Schenectady,” said Lynne Callis-Wilson, vice president with KeyBank Community Development Lending in a news release. “The property will provide better housing options and support to those who have little prospect of improving their conditions otherwise.”
In total, KeyBank will provide nearly $15 million in LIHTC equity and a $9 million construction loan to the development, which will replace existing housing at 13 State St. that the Capital District YMCA currently manages.
The renovation project was made possible by more than $11 million in tax credits approved by New York State Homes and Community Renewal, the state’s housing agency. The project also has incorporated other funding sources, including federal and state historic tax credits. The Broadway building is on the federal Register of Historic Buildings, which made it eligible for the credits.
At four stories and 96,060 square feet, 30 units will be allocated to the homeless or those struggling with substance abuse, 57 units will go to the developmentally disabled and mentally ill, 41 units will go to those receiving project-based Section 8 subsidies, and 10 units will be offered to those who receive a rental subsidy from Schenectady DSS. The remaining 17 units are for those who income-qualify at 30 percent or less of area median income.
“This development represents an opportunity to repurpose a blighted vacant property into quality affordable apartments while also restoring an important historical building,” said Callis-Wilson in the release. “More than that, it is a way for KeyBank to fulfill its commitment to enhancing communities through better housing options for groups who need them the most.”
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