By Paul Post
The state is providing $7.3 million to help fund a proposed $21 million, 60-unit affordable housing complex, called Riverview Apartments, in the village of Corinth.
A spring 2023 groundbreaking by Saratoga Springs-based Bonacio Construction Co. is planned.
The project is a joint venture between Corinth-based Hudson River Community Credit Union and RISE Housing and Support Services, a Saratoga Springs nonprofit organization founded in 1978, whose mission is helping people with mental health, substance use and other life challenges stay safe and healthy in the community.
Officials said 30 apartments will be reserved for homeless individuals with mental health illnesses who will have access to rental subsidies and on-site supportive services. The project will create eight jobs, including two case workers and a registered nurse to support residents.
Another 15 apartments will be strictly for seniors and there will be 15 more for community residents.
Three years ago, the credit union’s board of directors identified quality, affordable housing as the biggest challenge faced by many of its members living in Corinth.
“Corinth residents will be given priority when it comes to housing to ensure that members of the community most in need are the ones receiving the assistance the project was designed to help,” credit union CEO Sue Commanda said. “However, individuals from other communities will also be able to apply and live in the building.”
The 66,816-square-foot structure will be on a three-acre parcel, which the credit union donated. It is located near the intersection of Pine Street and Fifth Avenue.
In 2011, the credit union purchased a 10-acre parcel on Pine Street from International Paper Co. and two years later built a new 16,000-square-foot operations center on three acres of the property.
The complex will have both one- and two-bedroom apartments with rental fees ranging from $546 to $1,309, depending on size of the unit and household income.
“We certainly need affordable housing. It’s a much needed service,” said Corinth Mayor Chuck Pasquarell, who is also the credit union’s president. “People who live there have to shop and do business. The building adds to the tax base and will generate water and sewer service revenue, so it’s going to help all the way around as far as helping the village economy.”
The $7.3 million in state funds is part of a $104 million Empire State Supportive Housing Initiative grant program that Gov. Kathy Hochul recently announced to create and preserve 864 affordable housing units across New York.
The remaining cost, about $14 million, will be financed with state and federal low-income housing tax credit equity.
Lack of affordable housing has become a critical issue not just in Corinth, but throughout much of upstate New York the past couple of years as real estate market prices have skyrocketed, due largely to large numbers of Metropolitan New Yorkers moving north during the COVID-19 pandemic. Many people discovered they could work from home almost full-time, and are attracted to upstate New York’s less expensive cost of living and more relaxed lifestyle.
Also, a recent rise in interest rates is expected to prompt more people to rent, rather than make expensive mortgage payments. And seniors on fixed incomes are finding it difficult to stay in and maintain their homes, as inflation has sparked a rapid rise in the cost of many goods and services, from fuel and food to telephone and cable television fees.
“Each community has its own unique needs and while it’s difficult to speak for the needs of other local communities, some have already completed affordable housing projects,” Commanda said. “Corinth is not one of the communities that has addressed this need yet, so we felt it was important to find away to provide affordable housing to its residents.”
“We also know there is a high concentration of low-to-moderate income households and seniors in Corinth who will benefit from reduced housing costs,” she said. “When surveyed, Corinth seniors in need of affordable housing made it clear they did not want to move out of the community.”
The 2021 census says more than 20 percent of Corinth’s population is 65 or older.
“Expanding the housing supply is the cornerstone of my $25 billion, five-year housing plan, and these awards will move us one step closer toward achieving our goal of making New York a more affordable place for all,” Hochul said in a statement. “With sustainable designs, on-site supportive services, and expanded access to free or low-cost broadband internet, we’re not just building homes with these awards; we’re creating vibrant, more enduring communities.”