News from the IDA Meeting

At today's meeting of the Hudson IDA (Industrial Development Agency), Dan Kent, vice president of initiatives for the Galvan Foundation, announced a change to the building proposed for 708 State Street. Originally described market rate apartments, the building is now being called "workforce housing," affordable to households with moderate and middle incomes. The changes, Kent explained, were made as a result of conversations with Tiffany Garriga and Rebecca Wolff, majority leader and minority leader respectively of the Common Council, both members of the IDA.

Kent told the IDA that 20 percent of the apartments at 708 State Street would now be affordable to households earning 80 percent of AMI (area median income) and rents would be capped at 130 percent of AMI for the rest of the apartments. He also outlined the beginning rents for the building: 

Moderate Income (80 percent of AMI)

• One bedroom  $1,120
• Two bedroom  $1,360
• Three bedroom  $1,560

Middle Income (not more than 130 percent of AMI)

• One bedroom  $1,350
• Two bedroom  $1,525
• Three bedroom  $1,725

Kent also assured the IDA that when leasing the apartments preference would be given to people for whom the apartment would be their sole residence not a pied-à-terre in Hudson. Leasing support, he indicated later in the meeting, would be provided by Galvan Asset Management.

  

When asked about the rents in the the building across the street--75 North Seventh Street--which has always been described as affordable housing, Dan Hubbell, attorney for Galvan, shared the following chart:

Kent told the IDA that the NYS Homes and Community Renewal funding application was expected to be released sometime this month, with a six to eight week deadline for submitting applications, and a PILOT agreement was needed to meet the threshold requirements. The next opportunity to apply for HCR funding would be in January 2022. It is not clear if, with the changes to the plan for 708 State Street, the financing for that building, as well as 75 North Seventh Street, would involve HCR funding.

Mike Tucker reported that a financial consultant who is the former executive director of the New York City IDA will be engaged to review the projects. Chris Chale, legal counsel to the IDA, suggested that a public hearing take place sometime in June. The IDA agreed to have a special meeting on Tuesday, May 18, at which time Galvan is expected to present its application with all the modifications that have been made since the application was initially submitted, and a public hearing on the project will be scheduled.

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