The Galvan Foundation announced today the completion of four units of affordable housing at 325-327 State Street: two two-bedroom apartments renting for $923 a month and two one-bedroom apartments renting for $743 a month.
About a decade ago, the property was seized by the City of Hudson for nonpayment of taxes. After a protracted legal battle with Good Samaritan Housing and Land Corporation, the owner from which the property had been seized, the City sold the building to Housing Resources of Columbia County in 2009 for $33,603 and the payment of $4,370 in legal fees. The intention of Housing Resources at the time was to rehab the building and sell it to qualified home buyers. But years passed, and no significant progress was made. There were rumors that Housing Resources had been fleeced by tradespeople who failed to complete work they had been contracted to do.
In the past year, since Housing Resources of Columbia County entered into a collaboration with the Galvan Foundation and became Galvan Housing Resources, work on the house has moved forward. The press release issued today by the Galvan Foundation comments on the project's financing:
Capital acquisition and construction funding was provided by the NYS HCR Neighborhood Stabilization Project, NYS HCR HOME Program, NYS HCR Rural Area Revitalization Project, Community Loan Fund of the Capital Region, and private funding from Galvan Foundation. The project faced long delays resulting from a shortage in funding. Galvan Foundation ensured the completion of the project by assuming project oversight and covering the shortfall using foundation funds.COPYRIGHT 2016 CAROLE OSTERINK
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