March 21, 2003  

County Executive Supports Senior Housing Development in Hyde Park
 

Poughkeepsie… Dutchess County Executive William R. Steinhaus has recently signed a support letter for an 82-unit affordable senior citizen apartment complex to be built in the Town of Hyde Park. The support letter will be part of the application to 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 developer is Conifer, a real estate development and management company, with offices in New York and New Jersey. The project, called Stoneledge, is located off Farm Lane (just off Route 9) in the Town of Hyde Park and will contain 82 one- and two-bedroom units for senior citizens. The unit make up will include 66 one-bedroom units and 16 two-bedroom units. Eight of the units will be set-aside for the frail elderly. The proposed rents range from $630-705 for a one-bedroom unit and $765-825 for a two-bedroom unit” according to Steinhaus.

The developer is requesting $1.5 million from the NYS Housing Trust Fund and an annual allocation of $694,000 from NYS Low Income Housing Tax Credit 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 September 2003 and be completed by September 2004.
 

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