A new affordable housing development, the Reserve at Saratoga Springs, has been completed in Saratoga Springs. The $78 million project includes 202 affordable and supportive apartments across 12 buildings located about one mile from the city’s downtown. This development is part of New York State’s ongoing efforts to increase access to affordable housing, with nearly 900 such homes financed in Saratoga County by New York State Homes and Community Renewal.
Governor Kathy Hochul said, “The Capital Region’s continued growth has created a high demand housing market, particularly in vibrant communities with high-performing schools like Saratoga County. This development delivers more than 200 energy-efficient, affordable homes in the heart of Saratoga Springs and will support the area’s workforce for years to come, proving that clean, affordable all-electric housing isn’t just possible, it’s happening right here in New York State.”
All apartments are available to households earning up to 60 percent of the Area Median Income. The NRP Group developed the project on a previously unused wetland site. Construction included both multifamily buildings and townhouses designed to fit into the neighborhood’s character. The city of Saratoga Springs facilitated this project by rezoning the area as an urban neighborhood.
The Reserve at Saratoga Springs was built with energy efficiency in mind. Features include ENERGY STAR appliances and lighting fixtures, insulated walls, green label flooring, and high-efficiency water heaters.
State financing for the project came from several sources: HCR’s State and Federal Low-Income Housing Tax Credit Programs generated over $28 million in equity and $23 million in subsidy; NYSERDA contributed a $400,000 grant; and the city provided a $567,000 construction refund. Operating funding for supportive apartments will come from the Empire State Supportive Housing Initiative through the Office of Temporary and Disability Assistance.
RuthAnne Visnauskas, Commissioner/CEO of New York State Homes and Community Renewal stated: “The Reserve at Saratoga Springs is a testament to New York State’s commitment to expanding access to high-quality, affordable housing. This transformative $78 million development not only provides 202 energy-efficient homes for Saratoga Springs families but also strengthens our communities by supporting Governor Hochul’s ambitious housing agenda to create and preserve 100,000 affordable homes across the state. By leveraging innovative financing and partnerships, we are ensuring that vibrant communities like Saratoga Springs remain accessible to our growing workforce.”
NYSERDA President Doreen M. Harris commented: “Projects like the Reserve at Saratoga Springs build upon New York’s efforts to expand affordable, healthy, and modern housing across the State. By incorporating clean technologies, these apartments will provide a highly efficient and comfortable living option to New Yorkers who need it most while also supporting the region’s growing workforce.”
Senator Charles Schumer said: “Every family in Saratoga Springs deserves a safe and affordable place to call home. I’m proud that the federal Low-Income Housing Tax Credit that I worked hard to protect and expand has delivered millions to help build over 200 new units at the Reserve at Saratoga Springs. These newly constructed buildings will be energy-efficient, easily accessible to the CDTA and Amtrak. High housing costs are a key driver of inflation so we must build more housing for working people to bring down those high prices. I applaud Governor Hochul’s work increasing access to affordable housing in the Capital Region, and I will continue working to deliver federal resources to deliver more affordable housing across New York.”
Senator Kirsten Gillibrand added: “Expanding access to state-of-the-art, safe, and affordable housing is critical for all New Yorkers. The completion of the Reserve at Saratoga Springs will help ensure we can meet the housing and service needs of the Capital Region. I am proud that this development will create much-needed affordable housing in Saratoga Springs, and I remain committed to removing barriers to affordable and accessible housing for all New Yorkers.”
Representative Paul Tonko noted: “The completion of this project is an important step toward ensuring that every family here in our Capital Region has a safe, affordable place to call home. Thanks to the combined contributions of local, state, and federal authorities — including over $28 million in equity from the Federal Low-Income Housing Tax Credit Programs — this new development is making more than 200 apartments available at a time when the need for affordable housing is greater than ever. These energy-efficient units, located in close proximity to convenient public transportation options, will provide an opportunity for hundreds of families to live sustainably, safely, and affordably for generations to come.”
Assemblymember Carrie Woerner remarked: “This project represents a strong collaboration between state and local governments and the private sector. I appreciate that Governor Hochul has prioritized the building of workforce housing in Saratoga Springs, a city with a significant need for housing that is affordable for the workforce that supports our small businesses.”
City Mayor John Safford stated: “The success of our affordable/workforce housing initiative is almost breathtaking. We have over 1800 units already on the books and previously built in Saratoga Springs. The cooperation between the City and the New York State Housing and Community Renewal and our excellent staff; notably Michael Dutre and Katie Tiedemann has been outstanding.”
Jonathan Gertman from NRP Group said: “The NRP Group is proud to partner with Governor Hochul HCR and Goldman Sachs to help New York achieve its ambitious housing goals The long term affordable rents and stable high quality housing enjoyed by current future residents of Reserve at Saratoga Springs would not be possible without state’s investment…We applaud Governor’s ambitious agenda…grateful opportunity improve lives many…by developing new inclusive vibrant residential neighborhood”
Governor Hochul’s recent budgets have focused on increasing funding for programs designed both to grow statewide supply—including tax incentives—and improving affordability protections through voucher pilot programs among other policies.
Currently there are more than 350 Pro-Housing certified communities across New York—including Sarasota Springs—allowing them exclusive access up-to-$750-million discretionary funding under these initiatives.
