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Pennrose Announces Yates Village I Redevelopment in Schenectady, NY
November 4, 2019
Pennrose and co-developers Schenectady Municipal Housing Authority (SMHA) and Duvernay + Brooks, LLC announced the start of construction of Phase I of the Yates Village redevelopment. The multi-phase initiative will bring both substantially rehabilitated and newly constructed units to the aging 297-unit public housing development at 2450 Van Vranken Avenue.
The first phase of redevelopment includes 89 high-quality rental apartments, including 64 newly constructed units and 25 substantially rehabilitated units. The one- to three-bedroom units are townhouse and garden-style, with apartments set aside for households with special needs, mobility, hearing and vision impairments. The project will also feature a community service facility comprising 3,020 square feet of residential amenities for the residents of Yates Village, including a community room on the ground floor and a fitness center on the second floor. The community service facility will also include approximately 9,725 square feet of space that is designed for, and intended to be leased to, three existing onsite not-for-profit service providers that have been providing social services to the neighborhood for over 30 years.
“The first phase of redevelopment at Yates Village is a critical project for the City’s ongoing revitalization efforts in the Northside neighborhood in order to provide quality affordable housing for families in need,” said Schenectady Mayor Gary McCarthy. “We are grateful for the partnership that has made these housing improvements possible.”
Built in 1948, Yates Village is one of seven properties managed by the housing authority and is considered one of the largest housing projects in the city. All residents were relocated in accordance with applicable state and federal guidelines and will be given first priority to return to Yates Village upon the project’s completion.
HCR Commissioner RuthAnne Visnauskas said, “Across the state, Governor Cuomo is investing in the modernization of public housing developments to ensure that these buildings can provide safe and decent homes for years to come. The redevelopment of Yates Village in Schenectady is a much-needed improvement for the 70-year-old, 297-apartment complex. Phase I will create 89 new or rehabilitated apartments and a community center that will offer space for residents to gather as well as nonprofit services for the entire neighborhood.”
The mixed-income community will include a range of affordability to ensure housing opportunities are available to fit the needs of existing residents as well as the affordable housing needs of the community. Of the 89 total units, 39 will be supported by SMHA Section 8 Project-Based Vouchers for households earning up to 30% of AMI; 18 will be supported by SMHA Section 8 Project-Based Vouchers for households earning up to 50% of AMI; 17 units for families with incomes between 50 and 60 percent AMI; and 15 units will serve households with incomes between 60% and 80% of AMI. Additionally, 18 of the units will be reserved for households with physical disabilities, with priority to those having served in the armed services.
“Federal funding cannot keep pace with the capital needs of our Public Housing inventory,” said Richard Homenick, SMHA’s Executive Director. “This redevelopment project will reposition Yates Village into a financially sustainable model that will preserve an important affordable housing asset in Schenectady. It is extremely significant and meaningful that Governor Cuomo and HCR Commissioner Visnauskas recognized the Public Housing crisis that is impacting thousands of low-income families in New York State, and have made it a priority to invest in projects like Yates Village."
Funding for Yates Village Phase I was provided by the New York State Homes and Community Renewal’s NYS Housing Trust Fund and Community Investment Fund, Low-Income Housing Tax Credit and State Low-Income Housing Tax Credit programs, reinvested sales proceeds through the Schenectady Municipal Housing Authority, tax credit equity through Hunt Capital Partners, a permanent mortgage through Hunt Real Estate Capital, a construction loan through JP Morgan Chase, and the project tax abatement provided by the local IDA, Schenectady Metroplex Development Authority.
“Duvernay + Brooks is excited about partnering with SMHA, Pennrose, the City of Schenectady and the State to begin the revitalization of this community and preserve this vital affordable housing resource for generations to come,” said Brian Heeger, Managing Director of Duvernay + Brooks LLC.
The project was designed by WRT in partnership with Harris Sanders Architects, and DiMarco Constructors is the general contractor. Once completed, the property will be co-managed by Pennrose Management Company and the Schenectady Municipal Housing Authority.
“The rehabilitation of Yates Village will provide affordable, high-quality housing to the residents of Schenectady who need it most,” said Dylan Salmons, Senior Developer at Pennrose. “This is a powerful example of the power behind public-private partnerships. We deeply value the financial and programmatic investment made to the project by NYS Homes and Community Renewal, and are looking forward to our continued work together alongside the city, housing authority and our development partners as we take the first step to bring this transformative redevelopment to life.”
Pennrose is currently developing a number of affordable housing communities in New York, including 50 Penn, a 218-unit intergenerational affordable rental project with over 24,000 square feet of retail spaces in East New York, Brooklyn, and Haven Green, a 123-unit deeply affordable, LQBTQ-friendly rental complex for seniors with 8,000 square feet of publicly accessible green space in Little Italy, Manhattan. Pennrose is also working with the New York City Housing Authority (NYCHA) to repair and upgrade 1,315 family and senior affordable housing units across 60 buildings in New York City.