How to resolve AdBlock issue? BALLSTON — Construction is underway of an affordable and supporting housing development in the town of Ballston. The $21 million project at Dominic Hollow Apartments will create 60 homes, half of which will be reserved for adults in need of supportive services.
“Saratoga County is one of the fastest-growing counties in New York, and the Dominic Hollow Apartments will help fulfill the rising need for affordable housing,” NY Gov. Kathy Hochul said, in a prepared statement released Nov. 30. “As we continue to emerge from the pandemic, my administration will continue to prioritize investments that allow New Yorkers to find safe, secure, and sustainable housing so they can live healthy and successful lives in the communities they love.”
Dominic Hollow Apartments will be affordable to households earning at or below 60 percent of the Area Median Income, or AMI. The town of Ballston is home to nearly residents – up from just under 10,000 a decade ago, according to recent census data. The median household income in 2019 dollars is $95,000, according to the U.S. Census Bureau. Sixty percent or below of that annual household income is $57,000 and under.
State financing for Dominic Hollow Apartments includes Federal Low-Income Housing Tax Credits that will generate $11.5 million in equity and $4.6 million in subsidy from New York State Homes and Community Renewal. OMH is providing debt service on Community Preservation Corporation’s bank loan of $3.9 million and a $106,500 Program Development Grant. NYSERDA will provide $56,000 in support. JP Morgan Chase provided $9.6 million in construction financing and the Richman Group is the tax credit syndicator.
Thirty apartments will be reserved for adults who will receive on-site services provided by RISE Housing and Support Services. RISE is also the project’s developer with CSD Housing in a consulting role.
Services and rental subsidies for 18 supportive units will be funded by the Empire State Supportive Housing Initiative and 12 supportive units will be funded by the New York State Office of Mental Health. OMH is providing $416,000 annually in operating expenses for the 18 ESSHI units, as well as $477,000 annually for the 12 supportive units.
Dominic Hollow Apartments is part of the state’s unprecedented $20 billion, five-year Housing Plan to make housing accessible and to combat homelessness by building or preserving more than 100,000 affordable homes and 6,000 homes with supportive services. Since 2011, New York State Homes and Community Renewal has invested more than $490 million in the Capital Region, which has created or preserved over 5,500 affordable homes.
