At its meeting on Tuesday, which ran for just short of four hours, the Planning Board granted site plan approval to Phase 2 and Phase 3 of the Galvan "Depot District" project.
During the course of the meeting, Dan Kent, vice president of initiatives for the Galvan Foundation, revealed that Phase 3 of the project, 75 North Seventh Street, had been "beat out" by other projects in the Capital Region for funding from NYS Homes and Community Renewal (HCR). He indicated they would try again in the next round.
The building proposed for 75 North Seventh Street is the building intended for households with incomes between 40 and 80 percent of the area median income (AMI). Its financing is to come primarily from HCR. The construction of this building is Phase 3.
The building to be constructed across the street, at 76 North Seventh Street, is intended for households with incomes between 80 and 130 percent of the AMI. Private financing is being sought for this building, the construction of which is Phase 2 of the project.
The situation may raise this question: Will Galvan move ahead with the building proposed for the east side of the street, described as "workforce housing," when financing for the building on the west side, described as "low-income housing," is not assured?
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