REDC Priority Project Includes 57 Affordable Apartments and Commercial Space as Part of Major Neighborhood Revitalization
Albany, NY (June 9, 2014)
Governor Andrew M. Cuomo today announced the groundbreaking of construction for Sheridan Hollow Village, 57 units of quality affordable housing and more than 7,000 square feet of commercial space that is part of a major neighborhood revitalization project in Albany. The project is moving forward with $3.5 million in housing tax credits and low-interest financing through New York State Homes and Community Renewal (HCR), including a $200,000 award for the commercial portion of the project as part of the Governor’s Regional Economic Development Council (REDC) initiative.
“Sheridan Hollow Village is a terrific example of how the State is using public-private partnerships to change the face of our neighborhoods and enhance the vibrancy of local communities,” Governor Cuomo said. “This project will create new venues for affordable homeownership, quality rental housing and new retail and commercial investments. The Capital Region Economic Development Council showed true vision in recognizing this opportunity for sustainable neighborhood revitalization, and I am pleased that the State is moving this project forward.”
Sheridan Hollow Village is part of a five-year effort to transform the Sheridan Hollow neighborhood into a mixed-income, mixed-use sustainable community with commercial investments, streetscape improvements, enhanced public safety, and public park restoration. The project will include an on-site management office, community space, a computer lab, and laundry facilities. A rendering of part of the completed project can be found here.
Sheridan Hollow Village is located in central Albany at South Swan Street and Sheridan Avenue.
The project has been designed to meet HCR's Energy Efficiency and Green Building standards. In conjunction with the $200,000 CREDC award, the project qualified for an early award through HCR in December because it was shovel-ready and met the goals of mixed-used, mixed-income revitalization.
Darryl C. Towns, Commissioner/CEO of HCR, said, “Under Governor Cuomo’s leadership, the state’s Regional Councils have spearheaded a new spirit of development where the state now makes investments in projects evaluated at the local level, ensuring that they will have the greatest impact. Housing Visions, Habitat and all of our other partners on this critical Capital District project will create Sheridan Hollow Village from the ground up, bringing a brighter, greener future to Albany with affordable new homes for dozens of families.”
In addition to the CREDC, HCR is collaborating on the project with Housing Visions, Inc., Habitat for Humanity of the Capital District, and the Touhey Home Ownership Foundation. Habitat for Humanity of the Capital District is currently constructing 10 single family homes, and will build an additional 10 homes as part of this project. The $200,000 CREDC grant was awarded to Housing Visions, Inc. to support the project.
Housing Visions President Kenyon Craig said, "Housing Visions is excited to break ground on our portion of the Sheridan Hollow Village neighborhood redevelopment project. The 57 units of quality affordable housing and the addition of brand new commercial spaces will go a long way in helping to transform the Sheridan Hollow neighborhood and to further our mission of sustainable neighborhood revitalization."
Mike Jacobson, Executive Director of Habitat for Humanity Capital District said, “Habitat is proud to partner with Housing Visions to build affordable, quality housing in Sheridan Hollow. The development of rental, commercial and retail space alongside the homeownership units being built by Habitat and the Touhey Homeownership Foundation is key to a holistic approach to community development. With major support from NYS Homes and Community Renewal, our development team will transform Sheridan Hollow into a diverse, vibrant, mixed-income community. We are excited to see even more development activity take place in Sheridan Hollow—and excited for Habitat’s headquarters to eventually move into one of these mixed-use buildings.”
Senator Neil Breslin said, "Today's groundbreaking for the Sheridan Hollow Village is great news for the City of Albany and will have a tremendous impact on the larger Capital Region economy. Providing affordable housing and commercial space is a common sense way to build stronger communities and help put New Yorkers back to work. I applaud Governor Cuomo, the Capital Region Economic Development Council and New York State Homes and Community Renewal for working together to achieve results for the residents of Albany."
Assembly Member John T. McDonald III said, "Today's announcement is a critical step forward in the revitalization of Sheridan Hollow. This historic district is another example of the many neighborhoods that make the Capital City of Albany strong and it is encouraging to see the collaborations come together to lift up this neighborhood after decades of decline. Through the leadership of Housing Visions and partnerships with many entities under the leadership of Governor Cuomo, more than $15 million is being invested in this neighborhood to provide safe, affordable housing and business opportunities.”
Albany County Executive Daniel P. McCoy said, “Projects like Sheridan Hollow are critical to renewing neighborhoods and addressing abandoned buildings and blight. I have been working closely with New York State, the City of Albany, and community stakeholders to cultivate the partnerships that make a difference in our communities. Sheridan Hollow is an excellent example of what we can do when we work together, and I look forward to seeing the final result.”
Albany Mayor Kathy Sheehan said, "By revitalizing the Sheridan Hollow neighborhood, we can make our city a more affordable, attractive, and safer place to live and work. I want to thank Governor Cuomo, Housing Visions, Habitat for Humanity, and all of the partners whose commitment to Albany is making the transformation of the Sheridan Hollow neighborhood possible."
The REDC initiative is a key component of Governor Cuomo's transformative approach to State investment and economic development. In 2011, Governor Cuomo established ten Regional Councils to develop long-term strategic plans for economic growth in their respective regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. After three rounds of the REDC process, more than $2 billion has been awarded to job creation and community development projects consistent with each region's strategic plans, supporting the creation or retention of more than 100,000 jobs. For more information on the Regional Councils, visit www.regionalcouncils.ny.gov.
About Housing Visions: The mission of Housing Visions is to revitalize and sustain neighborhoods through a comprehensive approach that improves quality of life. The organization was born out of a community-based effort in 1990 to rehabilitate and stabilize a declining neighborhood on the east side of Syracuse, NY. Since then, the development, construction, and property management company has expanded its scope of work to include 12 cities and more than 1,000 units of affordable housing across Upstate New York. Our diverse group of residents includes families, special populations, and senior citizens.