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February 27th, 2013

CPC closes $2.4 million loan for housing rehab

LAGRANGE – The Community Preservation Corporation (CPC) has closed a $2.4 million permanent loan to renovate 116 units of supportive housing at Hudson River Lodge. Operated by Hudson River Housing, a not-for-profit created in 1982 to provide housing for homeless and low income individuals, the Hudson River Lodge is the primary emergency homeless and transitional housing facility for Dutchess County.

"Hudson River Lodge is an essential part of the Dutchess County community, helping to stabilize families and ultimately enabling them to seek more permanent housing options and end the cycle of homelessness," said Doug Olcott, Senior Vice President and Hudson Valley Regional Director, CPC. "This project is an excellent example of CPC’s commitment to financing supportive housing that will help families to get back on their feet, and we remain invested in both their future and the future of Dutchess County."

Located at 389 Manchester Road in LaGrange, Hudson River Lodge is divided into two parts: a 100-unit, single-room occupancy building, and a 16-unit townhouse complex. Since 2005, the building, Gannett House, has served as the primary emergency homeless and transitional housing facility for Dutchess County and is sponsored by the Dutchess County Department of Social Services (DSS), the New York State office of Temporary and Disability Assistance (OTDA) and the New York State Department of Health (DOH). It provides meals, transportation, 24-hour security, and other immediate assistance a family or individual may need as they adjust to their temporary living situation. Once immediate needs are addressed, case managers work with participants by accessing needed community resources and to working toward their goals, including transitioning to more stable housing. The 16 townhouse units are permanent housing units.

Improvements to the facility include a new boiler, hot water heater, new water main and connections to municipal water supply, new doors and weather strips, new toilets, energy efficient plumbing and lighting fixtures, new stairs and rails, new bathroom ventilation, new bathroom vanities, upgraded carbon monoxide detectors and security alarms, insulation air sealing, new floor coverings, new generator, partial window replacement, and a number of other miscellaneous repairs.

CPC’s loan is a first mortgage New York State Pension Fund permanent loan. The Pension Fund loan will be a 15-year fixed rate loan with 100% The State of New York Mortgage Agency (SONYMA) insurance.

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