Workforce Housing in Tannersville Now Fully-Funded

TANNERSVILLE — Governor Kathy Hochul announced that over $260 million has been allocated through tax credits and subsidies to support creating or preserving 1,852 affordable, supportive, and sustainable homes across New York State. This substantial investment addresses the pressing need for affordable housing while bolstering communities statewide.

The announcement included $10.6 million in tax credits for the transformative project at the former Cold Spring site in the Village of Tannersville. The site is located at 55 Spruce Street.

This initiative, spearheaded by Ulster-County-based RUPCO, will demolish the former Cold Spring to create a 56-unit workforce housing development, including 15 units designated for those age 55 and older (one apartment will be for the superintendent).

One significant aspect of the Tannersville project is its commitment to sustainability. The development will receive $420,000 from the HCR's Clean Energy Initiative (CEI) funds to pursue Passive House certification, ensuring energy efficiency and environmental responsibility.

Kevin O'Connor, RUPCO’s Chief Executive Officer, expressed enthusiasm for the project's advancement, stating, "We responded several years ago to a call from The Hunter Foundation to come to Tannersville to help with Workforce Housing. We're thrilled to be funded now and to move toward construction." He further noted that construction is slated to commence in late Summer to early Fall, with an estimated completion timeline of approximately 18 months.

Furthermore, O'Connor highlighted the income diversity the project aims to accommodate, with units tailored to individuals earning below 30 percent, 50 percent, 70 percent, and 93 percent of the area's median income. “We have a real mix of incomes,” he said.

In a press release, RuthAnne Visnauskas, Commissioner of New York State Homes and Community Renewal (HCR), emphasized the broader impact of the $260 million investment, stating, "This funding will result in affordable, supportive, energy efficient homes that improve the lives of more than 1,800 individuals, families, and vulnerable New Yorkers while strengthening communities in every region of the State."

Sean Mahoney, Executive Director of The Hunter Foundation Inc., said, "The generous funding provided by the state of New York for the RUPCO project marks a significant milestone. The Hunter Foundation initiated efforts to address the housing crisis years ago, and we're grateful for RUPCO's response and the hard work they have completed so far in developing this vital project. It addresses the urgent need for affordable workforce and senior housing here in Tannersville, elevating our community's living standards and fostering economic growth across our town and the wider mountaintop region."

Village Mayor David Schneider echoed gratitude and anticipation for the project's commencement. Mayor Schneider remarked, "We are happy that RUPCO got their funding, and we can finally get to work on this project."

The development in Tannersville represents a step forward in the ongoing efforts to enhance access to affordable housing options across New York State, marking a significant stride towards fostering vibrant and inclusive communities.