HVPG and CB Emmanuel are in contract to acquire and rehabilitate properties in Upstate New York. This work will modernize and preserve over 200 units of affordable housing for hundreds of low-income seniors throughout the county.
The properties are within walking distance to many local amenities including a grocery store, public library, and several dining options.

The properties currently receive federal housing assistance through USDA Rural Development Section 515. Rural preservation projects have unique challenges and oftentimes scare developers /investors away.  HVPG Managing Partner Jason Bordainick adds “this exciting rural preservation project demonstrates HVPG’s commitment to preserving and modernizing the shrinking supply of affordable housing in all communities where it is needed, from big cities to quaint rural towns.”

The project will be funded through a combination of public and private funding sources, including 4% low-income housing tax credits and tax-exempt bonds through New York State Housing Finance Agency. Additional funding from NYSERDA is anticipated given the extensive energy efficiency improvements included in the rehabilitation plan.

Details on the specifics of the project will be released soon.