Posts Tagged ‘Rhinebeck Savings Bank’

Low-income senior housing planned

Monday, July 26th, 2010

HVBiz June 25, 2010 by  Terra Thompsen

Affordable independent living for low-income seniors is the aim of a proposed $15.4 million development slated to be built on the property of the Elant-owned nursing facility in Beacon.

The project, called The Birches of Fishkill, would provide housing for seniors age 62 and older who are at 50 percent or less of median income. The facility would offer residents the prospect of independent living outside full-time nursing homes.

“It’s a real opportunity for a chance of community and a chance of a home within the communities these seniors have lived in their whole lives,” said Steve Aaron, managing member of Kingston-based Birchez Associates LLC.

The facility is to be built on the present Elant property at 22 Robert R. Kasin Way off Route 9D in Beacon. Elant at Fishkill partnered with Birchez Associates for the development of this facility and to provide health care in the communities they already serve.

The facility would provide 62 one-bedroom and 10 two-bedroom apartments for low-income seniors. The cost of buying into the community had not yet been determined.

The main building will consist of apartments, amenities and nursing offices. Two separate cottage-style buildings will provide for more apartments. All 72 apartments will be handicapped-accessible and meet the standards set forth by the American With Disabilities Act.

Amenities will include a theater, media room, community room, game room and a library.

Registered nurses and athletic trainers on the premises will provide care weekly with no additional charge to residents.
“We continue to push the envelope to provide amenities that make this home,” Aaron said.

The facility’s design is also intended to provide energy efficiency to reduce costs. A similar design at The Birches of Esopus in Ulster County was awarded a 2010 New York State Energy Research and Development Agency’s Award for Excellence.

“There are certainly not many models of affordable independent living in the country,” Aaron said.

Currently there is demand in the Fishkill community for 1,169 units of independent senior living apartments based on the waiting lists for similar facilities. The Birches at Fishkill would ease this demand, Aaron said.

The project recently was awarded $1.4 million from the Federal Home Loan Bank of America and its member Rhinebeck Savings Bank.

The grant will help fund the construction, which is expected to begin in the fall pending final approvals.

More than just a Ribbon Cutting

Friday, July 9th, 2010

A Commitment to Partnership: Birchez Associates Gets it Done

Ulster, New York: Success is often a quality that is measured subjectively.  What one person considers success may be quite the opposite for someone else.  But when it comes to the track record for Birchez Associates, one needs to look no further than the fact that there have been five ribbon cuttings on five communities within the past five years.  By anyone’s definition, that’s getting it done!

Pictured at left: Lynn Kopka, Division of Housing & Community Renewal; Joel Brink, Town of Ulster Councilman; Alfred A. DelliBovi, CEO Federal Home Loan Bank of New York; Congressman Maurice Hinchey; State Senator John J. Bonacic; Steven L. Aaron, Founder & Managing Member of Birchez Associates; Michael Colgrove (in background), New York State Energy Research & Development; Josh Aaron; Judy Aaron; Joseph Malcarne, LEED AP & President Malcarne Contracting; Bryan Smith, Rhinebeck Savings

“This is a tremendous example of what strong public/private partnership can get done in difficult economic times,” said Chris Herrmann, an underwriter for Enterprise Community Investment.  Enterprise helps facilitate the closing of affordable housing developments, like the recently opened Birches at Chambers, with investment of development capital and funding.  He, and others, spoke to the feat achieved by Birchez Associates at the official dedication of The Birches at Chambers on July 8, 2010.  “This project managed to build in the highest-end amenities, build in all the current green amenities, and get the project done even with the economic conditions of the past two years.”

“Keep in mind that this was done during one of the worst recessions we’ve seen in our lifetime,” said Judy Calogero, CEO of the New York Housing Conference and past commissioner of the New York State Department of Housing and Community Renewal, who was master of ceremonies at the community dedication.  Despite sour economic conditions during the latter part of the past decade, Birchez Associates was able to forge affiliations with not-for-profit and government agencies to bring its plans to fruition.

The path to success hasn’t been without obstacles, however: thanks to census issues, the $15 million project almost didn’t happen.  Just as The Birches at Chambers was about to begin, Ulster County lost its entitlement based on a snafu with census tract numbers and overnight tax credits lost a 30 percent boost. Then came the economic downturn and there was another 30 percent shortfall.  To make sure that the project could get back on track, Steve Aaron, the founder and managing member of Birchez Associates, stepped up by providing a multi-million dollar loan to bridge the funding gap, while deferring the maximum amount he could in developer’s fees.

In addition, the New York State Housing Finance (nyhomes) and Division of Housing and Community Renewal (DHCR) was able to provide approximately $6 million is low interest loans, while Enterprise Community Investment supplied $3.20 million.  The Federal Home Loan Bank of New York, through their local partnership with Rhinebeck Savings Bank, kicked in $1.32 million to help get the project finished.

When all was said and done, the building now offers 66-affordable apartments tosenior residents who pay, on average, $700 a month.  That low rent is yet another success achieved by Birchez Associates because of private/public partnerships.

“When the state at its level looks to invest in someone, they look at someone with a wonderful track record,” said State Senator John J. Bonacic.   “We could do a hundred more of these projects and fill them, and we will continually strive to get the tax credits to help our good partners like Steve — a premier affordable housing builder — do more and more of these projects.”

For a video on putting the financial pieces together, click here.

Brian Rubin for Birchez Associates, birchezassociates@gmail.com

Community Dedication Ceremony at The Birches at Chambers, Town of Ulster

Thursday, July 8th, 2010

On Thursday, July 8th, 2010, Senator Bonacic attended and spoke at The Birches at Chambers Community Dedication Ceremony.  The Birches at Chambers is a state-of-the-art, affordable senior living community located in the Town of Ulster.

L-R: Joel Brink, Town of Ulster Councilman, Hon. Alfred A. DelliBovi, Congressman Maurice Hinchey, Senator John J. Bonacic, Steven L. Aaron, Michael Colgrove from NYSERDA, Josh Aaron, Judy Aaron, Joseph Malcarne and Bryan Smith from Rhinebeck Savings Bank.

Source: http://www.nysenate.gov/district/42 State Senator John J. Bonacic’s website; picture under photo and videos tab

$1.4 Million Grant towards The Birches at Fishkill Announced

Saturday, June 19th, 2010

June 19, 2010 – The Federal Home Loan Bank of New York (“FHLBNY”), along with Congressman Maurice Hinchey (NY-22) and Congressman John Hall (NY-19), have announced that Elant, Inc. has been awarded a $1,440,000 Affordable Housing Program (“AHP”) grant from the FHLBNY and its member, Rhinebeck Savings Bank. The grant will help fund construction of The Birches at Fishkill, a planned 72-unit housing community for low-income seniors, to be developed by Birchez Associates, LLC.

“This Affordable Housing Program grant will help bring much-needed senior housing to our region,” said Congressman Hinchey. “The Federal Home Loan Bank of New York, Elant and Birchez Associates have long been supporters of affordable housing across the Hudson Valley; this grant continues their commitment to the community.”

“Improving services for our seniors continues to be one of my top priorities,” said Congressman Hall. “With assistance from this Federal Home Loan Bank of New York grant, the Birches at Fishkill will not only create more than 70 affordable homes for Fishkill’s seniors, but will also provide residents with the support and care they deserve.”

“The Federal Home Loan Bank of New York is proud to partner with our member, Rhinebeck Savings Bank, to help make this affordable housing a reality for the seniors in Fishkill,” said Alfred A. DelliBovi, president and CEO of the FHLBNY. “We are grateful to Congressmen Hinchey and Hall for their leadership and support in Congress, which allows us to offer this program to the housing groups that are strengthening communities across the region.”

The Birches of Fishkill complex will consist of 62 one-bedroom and 10 two-bedroom apartments. The units will be targeted to low-income senior citizens and will provide a continuum of care.  Elant, Inc., a leading Hudson Valley not-for-profit organization providing healthcare and housing programs, will collaborate to provide rehabilitation services, adult foster family care, and long-term home health care to the residents. Birchez Associates, an award-winning developer and manager of affordable senior housing in the Hudson Valley, is again partnering with Elant, Inc., to develop The Birches at Fishkill.

“This is a significant piece of the financing for this much needed development,” said Steve Aaron, Managing Member of Birchez Associates LLC, the developer of the planned project. “We are particularly encouraged in this economic climate that both Congressman Hinchey and Congressman Hall continue to champion the need for affordable housing. And we appreciate the continued financial support of Alfred DelliBovi and his team at the Federal Home Loan Bank of New York,” said Aaron. This will be the sixth time the Federal Home Loan Bank of New York has participated in the financing of a Birchez Associates’ community in the Hudson Valley (www.Birchez.com).

The grant is part of a total of $29.7 million in AHP subsidies that the Federal Home Loan Bank of New York will award in conjunction with the approval of the first competitive application round of 2010.  In total, these grants will help to finance the creation of 54 housing projects that will generate 2,917 units of affordable housing in New Jersey, New York, Connecticut, Pennsylvania, Delaware and Maryland. Last year, the Federal Home Loan Bank System celebrated the 20th Anniversary of its Affordable Housing Program. Earlier this month, the program was recognized by the National Housing Conference as its “Housing Person of the Year”. The Federal Home Loan Banks have distributed nearly $4 billion in AHP funds since 1990.

About Birchez Associates LLC

Birchez Associates LLC, a Hudson Valley real estate development and management company, is widely recognized for providing senior citizens with homes they can afford in supportive communities where they can age in place. Birchez fosters strategic partnerships with leaders in the service provider industry such as Elant, Inc. The firm recently completed The Birches at Chambers in the town of Ulster with 66 units, of which 8 are handicapped accessible and the balance are all handicapped ready. The Birches at Esopus, completed last year with 80 units, has been voted Project of the Year – Upstate by the New York Association for Affordable Housing. At the ribbon cutting, the project was recognized by New York State Energy Research & Development Agency as an Energy $mart Building, the first new construction low-rise multifamily to receive the designation. The community is currently one of four national finalists in the Affordable Housing Finance magazine’s Readers Choice Awards. Other Birchez Associates communities include The Birches at Saugerties and Chambers Court, both affordable senior housing communities, and Birchwood Village designed for work-force housing. www.Birchez.com

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Birchez Associates LLC

K.J. McIntyre, Director of Marketing, 845-532-7528

KJMcIntyre@Birchez.com