March 21, 2003  

County Executive Supports Beacon Affordable Housing Project
 

Poughkeepsie… Dutchess County Executive William R. Steinhaus has recently signed a support letter for Hudson Valley Housing Development Fund Company’s (HVHDFC) Meadow Ridge Senior Residence. HVHDFC, a local non-profit housing development company, is applying for financial assistance for the project through the NYS Division of Housing and Community Renewals’ Unified Funding Application. Demonstrated support from the local community is one of the factors the State considers when reviewing and ranking the application.

The project will contain a total of fifty-two (52) apartments for senior citizens including forty (40) one-bedrooms and twelve (12) two-bedrooms. All of the units will be handicapped accessible. The rents will be affordable to households at 60% of the County median income. The current income targets for this category would be $28,620 for a single-person household and $32,700 for a two-person household. .

The developer is requesting a $600,000 annual allocation from the NYS Low Income Housing Tax Credit Program and a $625,000 low interest loan from the Homes for Working Families Program. The State’s funding application is due on March 24, 2003. Funding decisions should be announced in July 2003. If the project is funded construction should begin in the spring of 2004 and be completed by the spring of 2005.

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