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January 4, 2013
Last week the New York State Housing Trust Fund Corporation and the New York State Office of Community Renewal (OCR) awarded Habitat for Humanity Capital District $750,000 in HOME Local Program Administrator funds. OCR awarded more than $10 million to assist communities all across New York State in addressing their affordable housing needs. These awards will fund a wide array of revitalization projects that will improve the quality of life working families in Albany and communities like it.
With $750,000 Habitat will fund the new construction of ten units for first-time, lower-income homebuyers as part of a transformational community development project called Sheridan Hollow Village, located in downtown Albany’s Sheridan Hollow neighborhood. This project will be a world-class revitalization project born of community collaboration and vision. Sheridan Hollow Village will include the creation of affordable homeownership units targeted to households earning a range of incomes, the development of quality, affordable rentals, investment in commercial and retail space, the redevelopment of a public park and various streetscape and infrastructure improvements.
Sheridan Hollow has been identified by the City of Albany as a key priority in its Quality of Life initiative under the City of Albany, NY Local Advisory Report: October 2011. The neighborhood’s strategic placement between the downtown residential district, vibrant Center Square neighborhood and historic Arbor Hill neighborhood makes it one of the City’s most important geographical areas. Sheridan Hollow serves as the gateway to the City’s downtown core and an entrance to New York State offices. The Sheridan Hollow Village project will remove blight, increase the tax base, protect public safety and attract new investment to the area.