Village Green Apartments
The construction of Village Green Apartments (Formally Henry Hudson Townhouses) was be completed in 2009. Evergreen Partners purchased Henry Hudson Townhouses in 2007. At the time the site was acquired, the property was in such a dilapidated state that a renovation of the existing buildings would not be viable. Evergreen and its joint venture partner, Marathon Development Group, determined that the solution would was to completely demolish the old Henry Hudson Townhouses and construct brand new buildings in their place. this was done building by building over an 18 month period while continuing to accommodate all existing residents at the property. 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 that was transferred from the old buildings to the new ones. The former Henry Hudson Townhouses was a center for crime and drug activity and its preservation was hotly contested by the community. Village Green is now an attractive and vibrant part of the community, serving as a polling station, hosting day camp programs in the summer as well as a community garden.
Village Green Apartments
35 Hudson Avenue
Glens Falls, New York
Phone: (518) 792-6771
Office Hours: M-F 9 am-4:30 pm
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, $200,000 NYSERDA Multifamily Performance Program funding.
Section 8 Contract Renewal: yes, transferred to new buildings with Mark up to Budget increase.
Property Rehabilitation Scope
Henry Hudson Town Houses was built using modular construction in 1970-71, and had served the residents and the broader community poorly. The pre-existing buildings were demolished and twenty new townhouse style buildings and one new mid-rise style building were 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 were 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, community garden, basketball court.
