New York Construction Report staff writer
Construction has started on Cold Spring Apartments, a $31 million affordable housing development that will bring 56 new rental units to the village of Tannersville in Greene County. Officials say the new apartments are intended to support local businesses that have struggled to find workers due to a lack of available housing in the Catskills resort area.
The project, led by nonprofit developer RUPCO, is replacing the long-abandoned Cold Spring Hotel and several nearby derelict buildings with energy-efficient housing aimed at seniors and members of the local workforce.
The three-building complex will offer a mix of studio, one-, two- and three-bedroom apartments. Fifteen of the units will be reserved for residents 55 and older earning up to 60% of the area median income, and 11 will be prioritized for people already living or working in Greene County.
Cold Spring Apartments is part of the state’s broader Downtown Revitalization Initiative and aligns with Gov. Kathy Hochul’s $25 billion housing plan. That plan aims to create or preserve 100,000 affordable homes across New York over five years.
“This investment addresses Greene County’s critical housing needs, supporting and sustaining their tourism-driven economy,” Hochul said in a statement announcing the project.
The development is designed to meet Passive House certification and will include a geothermal system for heating, cooling and hot water. It is also targeting LEED Silver or Gold environmental standards.
Construction will be funded through a combination of public and private entities, including the New York State Homes and Community Renewal is providing more than $15 million in tax credit equity and $8 million in subsidy. The Department of State is contributing $2.5 million through its Downtown Revitalization Initiative, and the state’s energy agency has added more than $400,000 for clean energy upgrades.
Greene County is contributing $175,000, and construction financing is being provided by The Community Preservation Corporation and the Bank of Greene County.
