New York Construction Report staff writer
Construction is underway on the $43 million Springs West Apartments, a 98-unit affordable housing development set to become a Saratoga Springs Housing Authority community upon completion. Located along Allen Drive in the city of Saratoga Springs, the project will replace outdated structures with six new, energy-efficient buildings aimed at serving working families and individuals.
Developed by Beacon Communities in partnership with the Saratoga Springs Housing Authority, Springs West Apartments is designed to offer high-quality, workforce housing for households earning up to 80 percent of the Area Median Income. Nearly half of the apartments will feature two- and three-bedroom layouts to accommodate families.
Springs West Apartments continues New York State’s momentum in expanding housing options through Governor Hochul’s $25 billion, five-year housing plan, which is on track to create or preserve 100,000 affordable homes statewide. Over the past five years, New York State Homes and Community Renewal (HCR) has financed nearly 6,000 affordable homes in the Capital Region alone.
HCR is supporting the project through a combination of Federal and State Low-Income Housing Tax Credits, which are expected to generate $21.8 million in equity. Additional financing includes $20.8 million in tax-exempt bonds, $10.9 million in subsidies, and a $7.5 million first mortgage. Local support includes a Payment in Lieu of Taxes (PILOT) agreement from the city and waived permitting and recreation fees.
The development will include modern amenities such as a new playground and energy-saving features like electric heating and cooling, LED lighting, thermal insulation, and efficient plumbing. Its location provides convenient access to schools, grocery stores, healthcare, retail, I-87, and public transportation.
Officials and local leaders applauded the project’s start, calling it a crucial step forward in addressing the region’s housing shortage.
“This $43 million project is a much-needed workforce housing investment for downtown Saratoga Springs,” said HCR Commissioner RuthAnne Visnauskas. “Springs West is a prime example of Governor Hochul’s commitment to increasing housing opportunities throughout New York.”
Construction is expected to be completed in 2026.
