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Albany, NY – A New York state pension fund investment will provide affordable housing in Saratoga and Dutchess counties. WAMC's Dave Lucas reports...
Comptroller Thomas DiNapoli says the $146.9 billion New York State Common Retirement fund has partnered with the not-for-profit Community Preservation Corporation to invest millions of dollars in affordable housing rehabilitation projects in Saratoga Springs and Poughkeepsie...
"Given what's happening in so many of our neighborhoods, where many families are losing their homes or in danger of losing their homes, we want people to know that New York is using the strength of our pension fund to help keep people in their homes," says DiNapoli. "And this investment will help to revitalize neighborhoods and provide a very healthy return on our investment."
A 192-unit property in Saratoga Springs is located at the Embury Apartments independent living center, and a 139-unit property in Poughkeepsie is located at 26 Cooper Road.
The fund has committed $700 million to the CPC program and has invested in affordable housing in several counties, including Albany, Onondoga and Westchester.
Dave Lucas, WAMC News.