GLOVERSVILLE — Key Bank announced on Thursday that it will be providing the financing for the future Estee Senior Housing facility.
According to a news release from the company, KeyBank’s Community Development Lending & Investment team will provide a total of $7.3 million in financing to Liberty Affordable Housing, Inc. Specifically, KeyBank will provide a $2.6 million construction loan and up to $4.7 million in LIHTC equity financing.
“KeyBank values helping clients and communities thrive by providing quality affordable housing in neighborhoods across the country,” said Rob Likes, national manager of KeyBank’s CDLI team said in a news release. “We are inspired by the opportunity to serve seniors in Gloversville by partnering with Liberty Affordable Housing, Inc. to develop new and critical housing options for seniors.”
Mayor Dayton King said it was good to have a bank with local branches providing the funds.
“I think it’s cool that project is going forward,” King said. “Most of the tenure in office, it had been that project getting denied and denied. Like we’ve said before, this was a lesson in perservance.”
Liberty Affordable Housing of Rome, in Oneida County, which owns apartment complexes in Amsterdam and other places, agreed in 2013 to buy the property. Liberty closed on the property over the weekend.
The company is leveling the vacant school and build a 30- plus unit apartment building on the site catering to low-income seniors 55 and older.
Six of the units will be set aside for people with physical disabilities and those who are considered frail. Priority will be given to veterans for these six units.
This property lies next door to the Estee Commons apartment complex on Fremont Street that was converted into apartments a number of years ago.
The project has been awarded a number of grants including a $400,000 Community Development Block Grant and a $3.7 million grant from the Local Initiatives Support Corporation in 2016.
Construction on the project will begin after demolition of the former Gloversville High School is complete.
“We are committed to providing all of our neighbors with excellent affordable housing options,” said Davis G. Yohe, executive director of Liberty Affordable Housing, Inc said in a news release. “We are thrilled to bring Estee Senior Apartments to Gloversville through our partnership with KeyBank, and believe it will positively and meaningfully impact the neighborhood.”
According to KeyBank, residents with special needs will have access to supportive services through the Resource Center for Independent Living, and Northeastern Association of the Blind at Albany, Inc. and the Fulton County Office for Aging/Youth.
“Our team is dedicated to making transformational change in the communities where we live and work,” added Lynne Callis-Wilson, senior relationship manager on KeyBank’s CDLI team said in a news release. “We are passionate about this work, and committed to seeing through the development of new, green and affordable units here in Gloversville.”
The financing was made possible by an allocation of LIHTCs from New York State Housing and Community Renewal.
A 12-month construction period is expected on this project.
Kerry Minor can be reached at [email protected]
