A new housing development in Saratoga Springs has been completed, adding 202 affordable and supportive apartments to the city. The Reserve at Saratoga Springs, a $78 million project consisting of 12 buildings, is located about one mile from the downtown area. This initiative is part of New York State’s ongoing efforts to address housing needs under Governor Kathy Hochul’s leadership.
According to the announcement, all units in the development are reserved for households earning up to 60 percent of the Area Median Income. The NRP Group served as developer for the project, which was built on previously unused wetland space. The city facilitated construction by rezoning the area as an urban neighborhood to promote additional housing.
The Reserve at Saratoga Springs was designed with energy efficiency in mind. The apartments feature ENERGY STAR appliances and lighting fixtures, insulated walls, green label flooring, and high-efficiency water heaters. All buildings are fully electric.
State financing included over $28 million in equity generated from State and Federal Low-Income Housing Tax Credit Programs and $23 million in subsidy from New York State Homes and Community Renewal (HCR). Additional funding came from a $400,000 grant by the New York State Energy Research and Development Authority (NYSERDA) and a $567,000 construction refund provided by Saratoga Springs. Operating support for some units will be provided through the Empire State Supportive Housing Initiative administered by the Office of Temporary and Disability Assistance.
Since Governor Hochul took office, HCR has financed nearly 900 affordable homes in Saratoga County as part of a broader statewide plan that aims to create or preserve 100,000 affordable homes across New York.
Governor 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.”
RuthAnne Visnauskas, Commissioner/CEO of NYS Homes and Community Renewal added: “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.”
Doreen M. Harris of NYSERDA stated: “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 commented: “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 said: “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 stated: “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 Federal Low-Income Housing Tax Credit Programs — this new development is making more than 200 apartments available at a time when need for affordable housing is greater than ever.These energy-efficient units located close proximity convenient public transportation options provide opportunity hundreds families live sustainably safely affordably generations come.”
Assemblymember Carrie Woerner said: “This project represents strong collaboration between state local governments private sector appreciate Governor Hochul prioritized building workforce housing city significant need supports small businesses.”
City Mayor John Safford remarked: “The success of our affordable/workforce housing initiative is almost breathtaking.We have over1800 units already on books previously built cooperation City NewYorkStateHousingCommunityRenewal excellent staff notably Michael Dutre Katie Tiedemann outstanding.”
Jonathan Gertman Senior Vice President Development NRP Group noted:”The NRP Group proud partner Governor Hochul,HCR Goldman Sachs help achieve ambitious goals long term rents stable quality enjoyed current future residents would not possible without investment applaud ambitious grateful opportunity improve lives many developing inclusive vibrant residential neighborhood.”
Governor Hochul’s broader approach includes measures such as new tax incentives,captial funding,renter protections pilot programs aimed improving affordability statewide.According official statements recent budgets have strengthened Pro-Housing Community Program providing certified localities with exclusive access discretionary funding;350 communities including Saratoga Springs have received certification.This complements ongoing five-year plan aiming creation preservation thousands additional homes throughout state.
