Evergreen Partners Housing

Village Green Apartments

The construction of Village Green Apartments (Formally Henry Hudson Townhouses) will be complete in 2009. Evergreen Partners purchased Henry Hudson Townhouses in 2007. At the time the site was acquired, the property was in a dilapidated state that a renovation of the site would not be viable given the condition of the property. Evergreen determined the solution would be to completely demolish the old Henry Hudson Townhouses and construct brand new apartments in their place. The community includes 136 one, two, three and four-bedroom apartments, 21 of which are reserved for frail elderly residents with the remaining units serving families. All of the apartments are covered by Section 8 project-based subsidy.

Preservation Transaction Description
First Mortgage Financing: Financed through NYSHFA's Taxable Mortgage Initiative.
Equity Financing: Equity raised through $2 million allocation of 9% low income housing tax credits.
Ancillary Financing: $2.2 million in Home funds, $1.8 million NYSHFA Subsidy Loan.
Section 8 Contract Renewal: yes, with Mark up to Budget increase.

Property Rehabilitation Scope
Henry Hudson Town Houses was built using modular construction in 1970-71, and has serviced the residents and the broader community poorly. The existing buildings will be demolished and twenty new townhouse style buildings and one new mid-rise style building will be built. The comprehensive redesign of the property features a community center, playground and new site layout, and will greatly enhance security and a sense of community for the residents. Demolition and rebuild will be phased in order to accommodate all existing residents on site during the construction process.

Other Benefits for Residents and the Community
Facility Improvements: Community building, computer center, playground, through street emergency vehicle access, security patrols.

Village Green Apartments
35 Hudson Avenue
Glens Falls, New York