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Recent
Real Estate News |
| Archived News Details for 12/13/2002 |
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A row of 19th century brownstones has been restored to its
former architectural splendor as much-needed affordable housing,
thanks in part to a construction loan by The Community
Preservation Corporation (CPC). State, local and county
officials gathered here on October 24 for a ribbon-cutting
ceremony to officially open Harlow Row, a string of four
attached brownstones on Little Market St. The $1.66 million
renovation project, which is being developed by Hudson River
Housing, is comprised of eight completely restored residential
apartments ranging from studios to three bedrooms, plus four
commercial office suites ranging from 570 to 1,015 s/f. Rents
range from $370 to $535 per month. Apartments will be rented to
those whose annual incomes fall within certain guidelines, which
currently range from $23,850 for a single person to $39,500 for
a family of six. The commercial space will be rented at market
rates. CPC, a leading provider of multifamily financing in New
York State, provided a $530,000 construction loan for the
project. The development of Harlow Row is a model of cooperation
among local, state and federal government and administrative
entities, as well as public and private funding sources. In
addition to CPC’s construction loan, additional financing was
provided by the Dyson Foundation ($110,000), Dutchess County
HOME funds ($210,000), Fleet Bank ($7,500) and $400,228 in gap
funding from the Housing Trust Fund. In addition, the City of
Poughkeepsie acquired the property and transferred it to Hudson
River Housing at no cost. The city also committed $60,000 in
UDAG funds to the project. Because the project is already listed
on the National Historic Register it qualified for $260,000 in
historic tax credits. The project also qualified for an annual
allocation of $83,200 in low income housing credits. The
restoration of Harlow Row is helping to revitalize a
neighborhood in the Poughkeepsie’s southern gateway. Architect,
builder and former Poughkeepsie mayor William Harlow originally
built the buildings in 1874. Under the direction of Lou Fiorese
of Architecture & Design Group of Poughkeepsie, the buildings
have been carefully restored. Jon Behrends of Poughkeepsie was
the general contractor for the project. |
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For More Information Contact:
Precision Contractor of Dutchess, Inc
35 High St, Poughkeepsie, New York, 12601
Tel: 845.485.7273
FAX: 845.473.5085
Internet:
Precision.Contractor@verizon.net
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