Broadway in downtown Saratoga Springs, where Liberty at Saratoga is slated to receive $98.3 million in state housing funds. Photo: Daniel Case, CC BY-SA 3.0, via Wikimedia Commons.
Saratoga Springs will see a large affordable-housing project advance with $98.3 million in state financing for Liberty at Saratoga, a pair of connected buildings with 216 apartments, according to a Oct. 30 announcement from Gov. Kathy Hochul’s office. The apartments would be affordable to households earning at or below 80 percent of area median income, including 10 supportive apartments for youth aging out of foster care. Liberty Affordable Housing is the developer.
Liberty at Saratoga was the only Capital Region project in a statewide package of $872 million in housing bonds and subsidies for 13 developments that the state said will create or preserve 2,233 homes. The financing comes from New York State Homes and Community Renewal bond issuances that provided $460 million in housing bonds and $412 million in subsidies, the release said.
The awards are part of the governor’s $25 billion five-year housing plan, which the administration said has already created or preserved nearly 90,000 affordable homes and is on track for 100,000. Housing Commissioner RuthAnne Visnauskas said the package ranges from replacing outdated public housing to restoring a historic campus and preserving apartments at risk of losing affordability.
Saratoga Springs is already a certified Pro-Housing Community under a state program the release said now includes more than 460 localities with preferred access to discretionary funding. The announcement did not set a construction start date or say when the 216 apartments would open.
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