The firm is “built by agents, for agents. Our mission is to provide real estate professionals with the mentorship, tools, and culture they need to thrive.”
As we enter a new era, HGAR remains steadfast in its commitment to serve and support you—through advocacy, professional development, and programs that empower your business.
NEWBURGH—New York State, county and city officials announced on Sept. 6 the completion of the $37-million East End II affordable housing project in the City of Newburgh.
The East End II project has encompassed the renovation or construction of 24 properties and created 62 affordable homes, including 10 units with supportive services. The project also includes the adaptive reuse of a historic church to create 17,000 square feet of commercial and community space in a facility known as “Highpoint.”
“East End II is an outstanding example of New York’s commitment to investing in housing that not only improves quality of life for families, but transforms communities,” New York Gov. Kathy Hochul said. “This development increases housing supply in one of our state’s most historic cities, provides access to resources that help families thrive, and brings Newburgh into the future while preserving the rich past of this Hudson Valley gem. My administration is committed to finding solutions like this to the state’s housing crisis that will benefit residents and communities for generations to come.”
East End II complements Gov. Hochul’s $25-billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.
The renovated or newly constructed properties are clustered in a seven-block area between Newburgh’s Broadway and South Street commercial corridors. There are 13 one-bedroom, 17 two-bedroom, and 32 three-bedroom units, which are all affordable to households earning up to 70% of the Area Median Income.
The development includes 10 apartments with supportive services for individuals experiencing homelessness. Rental subsidies and services will be funded through the Empire State Supportive Housing Initiative and administered by the New York State Office of Addiction Services and Supports. The supportive service provider is Bridges of New York.
East End II’s community space, known as Highpoint, spans an entire city block. The 17,000 square feet of community and commercial space includes the former United Methodist Church, the newly restored 257 Liberty Street building, and the city-owned Audrey Carey Park. Highpoint is administered by LYNC, a local nonprofit, and will provide daycare, a co-working space for women of color, retail space, and a health center. The campus will also serve as the new home of Newburgh YouthBuild, a program that prepares local youth ages 16 to 24 for careers in carpentry, construction trades, culinary arts, and nursing.
An energy-efficient development, all newly constructed buildings at East End II meet the US Green Building Council LEED Rating System’s criteria for Gold certification. East End II is the second phase of an East End revitalization effort. The project’s first phase, completed in 2018, included the substantial rehabilitation of 15 historic properties to create 45 affordable homes. The developer of East End I and II is RUPCO, Inc.
State financing for East End II included $12.9 million in Federal Low-Income Housing Tax Credits and $15.5 million in subsidy from New York State Homes and Community Renewal. In addition, the project anticipates $5.8 million in federal and state historic rehabilitation tax credits. Orange County provided $2.4 million in HOME funding. Additional financing partners include Raymond James and Webster Bank.
Orange County Executive Steven M. Neuhaus said, “Families who live and work in the community will benefit tremendously from this latest public-private partnership. I congratulate RUPCO on the completion of this important revitalization project and appreciate its investment into the City of Newburgh and Orange County.”
Kevin O’Connor, Chief Executive Officer of RUPCO, said, “We have worked closely with New York State Homes and Community Renewal, the City of Newburgh, LYNC, Newburgh Community Land Bank, and our funding and development partners to carry out the most complex project RUPCO has ever undertaken. Our mission is to create homes, support people, and improve communities, and East End II represents that.”
The firm is “built by agents, for agents. Our mission is to provide real estate professionals with the mentorship, tools, and culture they need to thrive.”
“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
Most of the counties in the HGAR market area are considered “high-cost areas” by the FHFA.
NAR officials noted yesterday that the court heard from all parties as well as objectors and the Department of Justice. Once arguments concluded, the court quickly ruled to grant final approval.
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