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3D Development Group Completes Renovations at 116-Unit Affordable Community in Amsterdam, New York

AMSTERDAM, N.Y. —  A public-private partnership between the State of New York and 3D Development Group has completed renovations to New Amsterdam Apartments, an affordable seniors housing community in Amsterdam, approximately 35 miles northwest of Albany.

The New Amsterdam Apartments consist of 116 units in a 12-story building. All apartments are affordable for households with incomes at or below 80 percent of the area median income and with at least one household member aged 55 or older.

The scope of renovations included asbestos abatement, the modernization of elevators, replacement of fire alarms, installation of new common doors, energy-efficient hot water boilers, LED light fixtures throughout and the replacement of cast iron sanitary lines. All apartment kitchens and bathrooms were upgraded with Energy Star-rated appliances and fixtures. 

The renovations were completed through the federal Rental Assistance Demonstration program, which enables public housing authorities to protect the long-term affordability of public housing units in need of rehabilitation and financial support.

The completed renovation of New Amsterdam Apartments marks the conclusion of a two-phase, $47.4 million project to preserve nearly 200 units of public senior housing in Amsterdam. Phase I, Stratton Apartments, was completed in January 2022 and consisted of a seven-story building.

The developers are the Amsterdam Housing Authority and 3D Development Group LLC. State financing for the two-phase development includes $9.3 million in permanent tax-exempt bonds, Federal Low-Income Housing Tax Credits that generated $15.9 million in equity and $15.6 million in subsidy from New York State Homes and Community Renewal. Committed funding support from the New York State Energy Research and Development Authority (NYSERDA) is $55,300 for Stratton Apartments and $81,200 for New Amsterdam Apartments.

The post 3D Development Group Completes Renovations at 116-Unit Affordable Community in Amsterdam, New York appeared first on Seniors Housing Business.

Source: Senior Housing Business

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