Ashfield Apartments is a former skilled nursing complex known as Our Lady of Hope Residence and a 51 unit senior complex known as St Joseph’s Apartments. Both entities were owned by the Sisters of the Poor and operated in the six story building built in 1976 and located at 1 Jeanne Jugan Lane in the Town of Colonie. The rehabilitation and construction of Ashfield Apartments includes the construction of an additional 70 new units within the existing building. The existing units will receive new kitchens, flooring and baths as needed. All units will receive ENERGY STAR appliances.
The roof and windows will be replaced and the elevators modernized. All common areas and laundry rooms will be upgraded.
The financing was provided by Tax‐Exempt Bond, 4% Low Income Housing Tax Credits and New Construction Program Loan funding through NYS HFA. Chase Bank provided the construction credit enhancement and First Sterling is the syndicator for the Federal Tax Credits. Also used as sources are the existing Reserve for Replacement Reserves, interim income and other developer equity .
The rehabilitation at Ashfield Apartments started in September 2016 and will be completed in September 2017.
Elizabeth Square is 75 units of senior housing located at 430 Fulton Street in the City of Waverly. This preservation project was funded through the HFA tax exempt bond program with 4% Low Income Housing Tax Credits, HFA Subsidy Loan and Community Investment Fund Loan.
The existing M2M Debt was partial paid down and the remainder assumed, the existing project reserves, and income from operations are other sources. The substantial rehabilitation includes masonry repointing, new windows, doors, and roof. All Apartments are receiving new ENERGY STAR appliances, flooring, kitchens and baths.
The rehabilitation at Elizabeth Square started in November 2016 and will be completed in November 2017.
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