RUPCO secures $20 million for Highland senior housing

Posted 7/12/23

RUPCO became the recipient of a $20 Million Low-Income Housing Tax Credit award from New York State Homes and Community Renewal (NYSHCR) to develop a senior, supportive and affordable campus in the …

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RUPCO secures $20 million for Highland senior housing


RUPCO became the recipient of a $20 Million Low-Income Housing Tax Credit award from New York State Homes and Community Renewal (NYSHCR) to develop a senior, supportive and affordable campus in the Hamlet of Highland.

Located on Argent Drive, Silver Gardens will house 57 affordable one-bedroom apartments for seniors age 62 and older. The $20 Million new construction project will offer 29 apartments to individuals currently or at risk of homelessness who will receive rental subsidies and will provide access to case management and other supportive services through an Empire State Supportive Housing Initiative (ESSHI) grant. The remaining 28 units will be accessible to seniors at 50 – 60% of the Area Median Income (AMI).

“Silver Gardens will soon create 57 homes for senior households, providing urgently needed relief to the Hudson Valley’s housing crisis and enabling older Ulster County residents to age in place in the community they call home,” HCR Commissioner RuthAnne Visnauskas said. “Over half of the newly constructed apartments will also provide vital supportive services for residents who are currently experiencing housing insecurity. Congratulations to our partners at RUPCO for their work bringing this much-needed development to fruition.”

The funding sources provided by NYSHCR Housing Trust Fund Corporation include up to $1,093,583 of Low-Income Housing Tax Credit (LIHTC), $1,757,520 of Federal Housing Trust Fund (FHTF), $5,000,000 of Senior Housing Program (SENR) and $427,500 of Clean Energy Initiative Program (CEI). Silver Gardens also received $600,000 in Ulster County American Rescue Plan funds and an ESSHI grant from New York State Office of Mental Health. Furthermore, the project has received local approvals and construction is scheduled to begin on November 2023.

The project is a joint venture between RUPCO and Girondini LLC, Richard Gerentine, principal. RUPCO and Gerentine have worked collaboratively on four other successful senior developments in Ulster County—Jenny’s Garden I & II in Marlboro, Milton Harvest in Milton, and Golden View Apartments in Highland, located immediately adjacent to the project site. In these past projects, Girondini has acted as developer with RUPCO serving as the managing agent.

“Home matters, especially for our most vulnerable senior population. Silver Gardens will provide affordable and supportive housing in a great location in Highland. Affordable rents and on-site services are a winning combination,” Kevin O’Connor, RUPCO CEO, said. “We are grateful to Governor Hochul for her commitment to affordable housing in New York.”

Richard Gerentine, Principal of Girondini added, “We are excited to partner with RUPCO and provide much -needed affordable housing for local seniors. Silver Gardens will be located alongside Franny Reese State Park with shopping and various amenities nearby, being a welcome addition to the Town of Lloyd!”
The news was also welcomed by State Senator Michelle Hinchey.

“At a time when Ulster County is experiencing a severe housing shortage across all income and age levels, the Silver Gardens project meets a vital local need for accessible, affordable senior housing with wrap-around supportive services that will help our neighbors live the full and independent lives they deserve. I was proud to support this project and advocate directly with the Governor to help our partners at RUPCO secure state funding to bring this new senior housing project to Highland,” Hinchey said. “I want to thank RUPCO and Richard Gerentine for their vision and leadership in delivering real solutions to fight the housing crisis here in Ulster County. I will continue to fight for the local investments we need to create more permanent housing that all of our neighbors can afford.”

Ulster County Executive Jen Metzger said, “Ulster County is facing a housing crisis, and senior citizens on fixed incomes often experience disproportionate impacts when the availability of quality housing is low and costs are high. The Silver Gardens development will create much-needed housing with wrap-around services for some of our most vulnerable seniors, and I am excited to see that RUPCO has been able to secure this critical funding to help bring this project to fruition.”