2022 Development that Best Preserves Family Housing
Developer: The Community Builders, Inc.
Location: Schenectady, New York
Hillside Crossing in Schenectady, New York, is the latest development in an ongoing, decades-long effort by The Community Builders Inc. (TCB) to revitalize neighborhoods in that city. The development provides 85 mixed-income apartments on 39 parcels of land that are merged into three target areas. The development also includes 1,000 square feet of commercial space.
Working with the city, TCB removed 19 blighted structures during construction and created the quality affordable housing. The redevelopment of the target areas helped stabilize a distressed neighborhood and continue economic development investments that are ongoing.
The properties are all within a quarter mile of public transportation, meaning residents have access to employment opportunities, pharmacies, shopping and banks, as well as many supportive services. Of the 85 apartments, 26 are set aside for families and individuals who have experienced homelessness. The property received $13.1 million in LIHTC equity from RBC Bank, syndicated by M&T Bank.
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