Ashfield Apartments

Ashfield Apartments, formerly known as Our Lady of Hope Residence and St. Joseph's Apartments, is located in the Town of Colonie. This six-story building, originally constructed in 1976, previously served as both a skilled nursing facility and a 51-unit senior complex, both previously owned by the Sisters of the Poor.

The extensive rehabilitation and redevelopment project, which began in September 2016 and concluded in October 2017, transformed the property into a 122-unit affordable senior housing complex, including the addition of 70 new units within the existing structure. The renovation focused on updating the existing units with new kitchens, flooring, and bathrooms, as well as replacing the roof, windows, and modernizing the elevators. All units were equipped with ENERGY STAR appliances, and common areas and laundry rooms were upgraded to enhance resident amenities.

The project was financed through a combination of Tax-Exempt Bonds, 4% Low-Income Housing Tax Credits, and New Construction Program Loan funding provided by NYS HFA. Chase Bank contributed construction credit enhancement, while First Sterling served as the syndicator for the Federal Tax Credits. Additional funding sources included the existing Reserve for Replacement Reserves, interim income, and other developer equity.