Affordable Housing Development Breaks Ground in Saratoga
From left to right: Ryan Aguam, director of community relations for Senator Tedisco; Darren Scott, upstate east director of development – New York State Homes and Community Renewal; Dara Kovel, CEO of Beacon Communities; Paul Feldman from the Housing Authority; Saratoga Springs Mayor John Safford; Todd Shimkus, president of the Saratoga County Chamber of Commerce; and Dan Bellgraph, senior development director of Beacon Communities LLC. Photo provided.
SARATOGA SPRINGS — Local officials broke ground on a $43 million affordable housing development at 36 Allen Drive in Saratoga Springs on Tuesday.
Six fourplexes on the 3.1-acre site were demolished and will be replaced with six three-story buildings featuring 98 one, two, and three-bedroom units for single adult households and small families with incomes of 50 to 80% of the area’s median income (AMI). 40% of the units will have a workforce preference.
Once completed, the new community will be owned and managed by Springs West Apartments LLC, an affiliate of the Saratoga Springs Housing Authority. Leasing is expected to begin in spring 2026 and be complete by the end of that year.
The new development will feature amenities such as laundry rooms in each building, a community room, gym, playground, and bulk storage spaces. Residents will have access to 92 off-street parking spaces at the rear of the buildings, as well as 26 on-street spaces on Allen Drive.
The Springs West project is being financed with tax exempt bonds issued by New York State Homes & Community Renewal along with an allocation of Federal Low-Income Housing Tax Credits, New York State Low-Income Housing Tax Credits, and state subsidy loans. The tax-exempt bonds are backed by a Letter of Credit from KeyBank, N.A. Both the LIHTC and SLIHC credits were purchased by Key Community Development Corp.
“Saratoga Springs has long been known as a thriving city for residents and tourists alike, but we must make sure finding a place to call home isn’t a long shot for working families,” Governor Hochul said in a news release. “The new buildings and 98 new apartments at Springs West are a perfect example of my commitment to expanding the supply of affordable, safe, and modern homes across New York. My thanks to our partners in Saratoga Springs for demonstrating what it means to be a Pro-Housing Community.”
“Affordable housing is an important issue to many New Yorkers who live on fixed incomes,” said State Senator Jim Tedisco. “I want to thank the Governor and the NYS Homes and Community Renewal for their efforts in constructing 98 new affordable apartments in Saratoga Springs and the 44th Senate District for residents who may need them to find an affordable place to call home.”
Saratoga Springs Mayor John Safford added, “I am thrilled that we are able to bring both affordable and workforce housing into Saratoga Springs.”